29 September 2022, Singapore – Standard Chartered Bank Singapore (the Bank) has launched a new Wealth $aver account, the first deposit account in Singapore that accords interest based on total existing Asset Under Management (AUM), which includes total deposit, investment and insurance products held with the Bank1. Exclusive to its Priority Banking2 segment, clients can earn up to 3.50% p.a. interest on the first S$500,0000 of deposit balance with no lock-in period and no spend criteria.
Wealth $aver was developed on the back of a series of qualitative and quantitative research with over 200 affluent individuals in Singapore across various demographics, occupation, and wealth distribution. According to the research, it was revealed that 83% are attracted by high interest rates and prefer a straightforward proposition that offers more value, and 67% said that they are willing to move their investments to another bank if it helps them earn a higher interest.
Wealth $aver seeks to take the hassle and complexity out of the rewards programme and enable clients to achieve high interest rates without having to fulfil different tiered-rate criteria. The base interest rate is essentially calculated based on their total AUM with the Bank.
As part of the Wealth Booster promotion, clients will get an additional 1.50% bonus interest for 12 months when they either invest a minimum of S$120,000 in eligible unit trusts, bonds or structured notes, or purchase an insurance product with a total annual premium of at least S$20,000 within a calendar month during the promotion period. The promotion ends 31 December 2022.
Usman Khalid, Global Head of Deposits, Mortgages & Payments, said, “Given the current interest-rate environment and market, we recognise that investors have lowered their risk tolerance levels and have shown a greater preference for liquidity. With Wealth $aver, not only will clients be able to earn high interest based on their AUM, there is also no lock-in period which allows them to activate their funds anytime with a peace of mind. Since its launch three weeks ago, we have over $300 million in balances in Wealth $aver accounts opened, and this is a great indication that we are moving in the right direction of what our clients are after. This is a win-win situation for affluent clients who value the flexibility of instant access to their capital, while looking for higher interest in an inflationary environment.”
The Wealth $aver account is available to Singapore citizens, permanent residents and foreigners. Applicants must be at least 18 years of age and have a Priority Banking or Priority Private Banking account with the Bank. Clients who are interested to start a Priority Banking relationship can visit https://www.sc.com/sg/priority/ for more information.
Re-disseminated by The Asian Banker