Standard Chartered Bank unveiled a significant update to its MyWay savings account on Monday, March 17, offering digital scam insurance and higher interest rates for senior account holders. The MyWay account, which is available to individuals aged 55 and above, now includes a complimentary digital scam insurance policy for the first year.
The new Digital Scam Protection Insurance, underwritten by MSIG, provides coverage of up to S$50,000 (US$37,474) for unauthorized electronic transactions resulting from phishing and malware scams. However, the policy does not cover authorized scams, such as love, investment, or impersonation scams. Additionally, MSIG will reimburse reasonable costs for account holders pursuing legal action against scammers.
Recognizing that seniors may be more vulnerable to digital scams, Standard Chartered aims to provide customers with “peace of mind alongside financial growth” through these enhanced features. The bank’s initiative makes the MyWay account the first retail savings product in Singapore to offer complimentary digital scam insurance.
“We continuously assess the needs of our customers and may extend or enhance coverage based on its impact and reception,” said Usman Khalid, Standard Chartered’s Global and Singapore Head for Deposits, Mortgages, and Payments.
In addition to the digital scam insurance, MyWay account holders will continue to benefit from existing anti-scam features, including a kill switch and “money lock.” Activating these features will not affect the account’s tiered interest rates.
Looking ahead, Khalid stated that the bank is considering expanding scam insurance coverage to other savings products in the future.
The bank also revised the interest rates for MyWay account holders with balances exceeding S$50,000. While the interest rate for the first S$50,000 remains at 0.05% per annum, new tiered rates are as follows:
- 0.5% for balances between S$50,000 and S$250,000
- 1% for balances between S$250,000 and S$1.5 million
- 3% for balances between S$1.5 million and S$5 million
As a result, the maximum effective interest rate for those with account balances of S$5 million increases to 2.37% per annum, a substantial rise from the previous 0.26%.
Additionally, Standard Chartered is offering a promotional bonus interest rate of 0.5% for three months on the incremental average daily balance for account holders who deposit fresh funds of at least S$200,000.
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