Standard Chartered is revising the base interest rate of its Privilege Savings Account from 0.5% p.a. to 0.1% p.a.. Effective 1 May 2020, the Standard Chartered Privilege$aver campaign will be offering a total interest of up to 5.6% p.a. – instead of its previous 6.0% per annum.
The bonus rates for the Save, Spend, and Invest/Insure requirements remain unchanged, as can be seen below. However, the decrease in base interest rate means that all account holders will see a drop in their total interest rates.
|Category||Requirement||Previous Interest Rate||New Interest Rate|
|Base interest||None||0.5% p.a.||0.1% p.a.|
|Save||Single deposit of min RM3,000 in fresh funds||2.0% p.a.||2.0% p.a.|
|Spend||Min spend of RM1,000 on Standard Chartered credit cards||1.5%p.a.||1.5%p.a.|
|Invest/Insure||Purchase of regular monthly investment or insurance (min RM1,000)||2.0% p.a.||2.0% p.a.|
That said, even with the revision to its base interest rate, the Standard Chartered Privilege$aver still retains a spot on our list of best high-interest savings accounts thanks to it having the highest conditional interest rates. However, do note that since 1 February 2020, there are also caps on the amount of bonus interest you can earn for the Spend and Invest/Insure categories.
In fact, StanChart isn’t the only bank revising its high-interest account; OCBC also recently revised its popular OCBC 360 and OCBC Booster accounts. The revision was in line with the two consecutive OPR cuts by Bank Negara Malaysia in January and March this year. These OPR cuts are also likely the reason why StanChart is revising the rates of not only the Privilege Savings Account, but the interest rates and profit sharing ratio for its savings products across the board, including the Super Salary Account, Saadiq$aver-i, and others from 1 May 2020.
(Source: Standard Chartered)