Standard Chartered Bank is offering free insurance coverage for digital theft of funds under a revamped savings account for its older customers. Holders of the MyWay savings account, which is for customers aged 55 and above, will get covered for up to $50,000 on their deposit balances if their account suffers losses due to unauthorised electronic transfer of money arising from phishing and malware scams.
Authorised payment scams, such as love, investment, and impersonation scams, are not covered. The bank saideImage may be NSFW.
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the free insurance coverage will be effective from March 17, 2025, to March 16, 2026.
“We continually assess the needs of our customers and may extend or enhance coverage based on its impact and reception,” said Mr Usman Khalid, global and Singapore head for deposits, mortgages and payments at Standard Chartered. On why the offering is specifically for those aged 55 and above, the bank told The Straits Times: “We have a range of deposits and wealth solutions to support our clients at different life stages. MyWay is tailored for clients 55 years and above looking to grow and safeguard their retirement sav.
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Additionally, Standard Chartered updated its interest rates for MyWay account members with balances beyond the first $50,000.
The interest rate remains constant at 0.05 per cent annually for the first $50,000 in account balances. Starting on March 17, it will be 0.5% for the next $200,000 in account balances, 1% for the following $1.25 million, and 3% for the next $3.5 million.
On balances over $5 million, the interest of 0.05 per cent will be paid annually. For a $5 million deposit sum, the highest annual effective interest rate on the MyWay savings account is 2.37 cents.
“We wanted to provide our clients piece of mind and assist them protect those latter years, in addition to delivering them competitive returns on their deposits as they plan for retirement,” Mr. Khalid stated.
Customers who deposit at least $200,000 in new money into their MyWay savings account between March 17 and April 30, 2025, will be eligible to receive an extra 0.5% bonus interest annually for three months on their incremental average daily amount.
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Money that does not come from any existing bank account or that is not taken out and redeposited within 30 days of the promotion period is referred to as fresh money.
The bank introduced First$aver, a youth savings account, in 2024. Additionally, it provides money $aver for accumulating money.
According to Standard Chartered, customers have responded well to both items.
Since First$aver’s launch in October 2024, our clientele increased by 72% between the end of December 2024 and March 15, 2025. With a robust year-over-year growth of 103% in the number of consumers, the report stated that the wealth average remains highly relevant in luring wealthy customers.
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