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)