Come 1 February 2022, Standard Chartered is revising the bonus interest rates that can be earned via the Save and Spend categories in its Privilege$aver campaign, bringing the total interest that can be earned down from 4.30% p.a. to 4.15% p.a.. This is on top of a separate amendment to the earning requirements of the Invest/Insure category, and the introduction of a special offer for new Privilege$aver customers.

Firstly, Standard Chartered is reducing the bonus interest rates for its Save and Spend categories from 0.75% p.a. to 0.70% p.a. This means you’ll now earn 0.05% p.a. less under the Save category, and 0.10% p.a. less under the Spend category (0.05% for both debit and credit card spend, respectively).

Additionally, the bank is also increasing the minimum amount that you must invest in unit trust, or the minimum annual premium/contribution value insurance that must be purchased in order to be eligible for the 2.00% bonus interest earned under Invest/Insure. Currently, it is set at a minimum of RM30,000, but from February onwards the minimum amount will increase to RM40,000.

Here’s a table to better capture the breakdown of the changes, in comparison with the current rate and requirements:

Category	Existing earning requirement	Earning requirement after 1 February	Existing interest rate	Interest rate after 1 February
Base interest	–	–	0.05% p.a.	0.05% p.a.
Save	Single deposit of minimum RM3,000 in fresh funds	Single deposit of minimum RM3,000 in fresh funds	0.75% p.a.	0.70% p.a.
Spend (i) Credit card	Minimum spend of RM1,000	Minimum spend of RM1,000	0.75% p.a.	0.70% p.a.
(ii) Debit card	Minimum 5 transactions per month	Minimum 5 transactions per month	0.75% p.a.	0.70% p.a.
Invest/Insure	(i) Minimum RM30,000 investment in unit trust, or   (ii) RM30,000 annual premium in insurance products	(i) Minimum RM40,000 investment in unit trust, or   (ii) RM40,000 annual premium in insurance products	2.00% p.a.	2.00% p.a.
Total			4.30% p.a.	4.15% p.a.

Aside from these changes, Standard Chartered is also introducing an additional offer for new current and savings account customers, including those who sign up for the Privilege$aver campaign. Under this special offer, new-to-bank customers who maintain a monthly average of RM10,000 in their accounts will enjoy another bonus rate of 0.70% p.a. (capped at a maximum of RM100,000) – applicable for three months upon the opening of the account.

In other words, if you’re a new Privilege$aver customer who ticks all of the eligibility criteria mentioned above starting from 1 February, you will be entitled to earn 4.85% p.a. for the first three months. After that, the interest earned will lessen to the revised 4.15% p.a..

Over the last two years, Standard Chartered’s Privilege$aver campaign has seen several revisions that brought its once-high rate of 6% p.a. to the current 4.30% p.a.. Despite the reduced interest rates, however, it is expected to remain as one of the best high-interest savings accounts in Malaysia, given that it continues to offer rates that exceed 4.00% p.a..

Standard Chartered’s Privilege$aver also provides perks such as unlimited fee waivers for withdrawals at all MEPS automated teller machines (ATMs) nationwide (subject to a minimum deposit of RM1,500 in fresh fund during the month), and unlimited free instant interbank fund transfers.

(Source: Standard Chartered)

• TAGS:
• High-Interest Savings Accounts
• Standard Chartered
• Standard Chartered Bank
• Standard Chartered Privilege$aver