Standard Chartered Will Revise Privilege$aver Account Total Interest From September 2020

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In line with the OPR revision in July, Standard Chartered will be revising the bonus interest rates for its Privilege$aver campaign. Specifically, the Save and Spend bonus interest rates have been reduced by 0.5% p.a. each, which means that the maximum total interest that account holders can earn is 4.6% p.a.

The revision will start from 1 September 2020. Aside from the revision to the Save and Spend requirements, there are no changes to the base interest rate and the bonus rate for the Invest/Insure requirement. Here are how the revised rates look like in comparison to the previous rates:

Category Requirement Previous Interest Rate New Interest Rate
Base interest 0.1% p.a. 0.1% p.a.
Save Single deposit of minimum RM3,000 in fresh funds 2.0% p.a. 1.5% p.a.
Spend Spend a minimum of RM1,000 on Standard Chartered credit cards 1.5% p.a. 1.0% p.a.
Invest/Insure Invest minimum RM1,000 on regular monthly investments or insurance/takaful 2.0% p.a. 2.0% p.a.
Total 5.60% p.a. 4.6% p.a.

This is the second time that Standard Chartered is revising the rates of its Privilege$aver campaign this year, having previously reduced the base interest rate from 0.5% p.a. to 0.1% p.a. in early May. With Bank Negara already reducing its OPR four times this year to the current rate of 1.75%, Standard Chartered is actually one of the last banks to revise its rates to reflect the current OPR.

Even with the dip in interest rate, the Standard Chartered Privilege$aver remains one of the best high-interest savings accounts available – other popular options such as the OCBC 360 have also seen their total interest rates fall in line with current OPR rates.

(Source: Standard Chartered)

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