Standard Chartered S'pore offers up to S$50,000 coverage against scams for seniors as part of revamped savings account

Standard Chartered Bank in Singapore announced a revamp of its saving accounts for seniors from Mar. 17.

According to its website, higher interest rates of up to 3.50 per cent per cent have been introduced for the bank's MyWay account.

The savings account is catered to those aged 55 and above in Singapore.

It also includes a complimentary digital scam insurance policy for the first year.

New digital scam insurance

To address the growing threat of digital scams, updates to the savings account also comes with a complimentary Digital Scam Protection Insurance.

This insurance, underwritten by MSIG Insurance (Singapore), protects account holders against unauthorised digital fund transfers resulting from phishing and malware scams, with coverage of up to S$50,000.

The policy is free for one year, effective from Mar. 17, 2025 to Mar. 16, 2026.

Revised interest rates

With its revamp, the bank has revised its tiered interest rates beyond the first S$50,000.

This means that rates for the initial S$50,000 will remain at 0.05 per cent per annum.

Account holders will also earn one per cent of interest for the next S$1.25 million in their accounts.

The maximum interest rate of three per cent per annum applies for the next S$3.5 million, while balances above S$5,000,000 will earn an interest of 0.05 per cent.

These adjustments raise the maximum effective interest rate to 2.37 per cent per annum for deposits totalling S$5,000,000, an increase from the previous 0.26 per cent. 

As part of the account's refresh, the MyWay Programme, including the Parkway Medical Privileges, has also been terminated.

You can read more about the changes here.

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