9 Jun - 3 min read
Standard Chartered Bank has announced that it will be revising the bonus interest rates for its Privilege$aver campaign, reducing the total rate that can be earned from its current 4.75% p.a. to 4.30% p.a. The changes are set to take place starting from 1 July 2021.
Specifically, the bonus rate for the Save category will be lowered by 0.15% p.a., bringing it down from the existing 0.90% p.a. to 0.75% p.a.. Similarly, the rates for the Spend category will also be reduced from 0.90% p.a. to 0.75% p.a. for both credit and debit card spend.
Meanwhile, the base interest rate and the bonus rate for the Invest/Insure categories will see no changes in this round of revision. Here’s a table to better showcase how the new rates will look like, in comparison to the previous rates:
|Category||Requirement||Previous interest rate (Before 1 July)||New interest rate|
(Starting from 1 July)
|Base interest||–||0.05% p.a.||0.05% p.a.|
|Save||Single deposit of minimum RM3,000 in fresh funds||0.90% p.a.||0.75% p.a.|
(i) Credit card
Minimum spend of RM1,000
|0.90% p.a.||0.75% p.a.|
|(ii) Debit card||Minimum 5 transactions per month||0.90% p.a.||0.75% p.a.|
|Invest/Insure||(i) Minimum RM30,000 investment in unit trust, or |
(ii) RM30,000 annual premium in insurance products
|2.00% p.a.||2.00% p.a.|
|Total||4.75% p.a.||4.30% p.a.|
This latest round of revision is the second update to be rolled out for the Standard Chartered Privilege$aver campaign this year. The previous revision was carried out in February 2021, which saw several sweeping changes being made. Some key adjustments that were implemented then included the introduction of separate bonus interests for credit and debit card spend under the Spend category, as well as the standardisation of the caps on monthly amounts that you can earn interest on.
Despite this latest revision, Standard Chartered Privilege$aver continues to reign as one of best high-interest savings accounts, with its rates that exceed 4% p.a.. It also offers several other perks, such as an unlimited fee waiver on withdrawals at all MEPS ATMs as well as unlimited free instant interbank fund transfers.
You can find out more about the Standard Chartered Privilege$aver campaign here.
(Source: Standard Chartered)
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