SINGAPORE: Standard Chartered Bank unveiled a major revamp of its MyWay savings account on Monday (March 17) to enhance security and offer greater financial rewards. According to the latest Channel News Asia report, the new features include a digital scam insurance policy and an overhaul of its tiered interest rates.
Designed specifically for individuals aged 55 and above, the MyWay savings account now comes with the added benefit of Digital Scam Protection Insurance. Underwritten by MSIG, this insurance safeguards account holders’ funds up to S$50,000 (approximately US$37,474) from unauthorised electronic transfers resulting from phishing and malware scams. However, the coverage does not extend to authorised payment scams, such as love, investment, or impersonation fraud.
The insurance goes a step further by covering reasonable costs that account holders may incur if they decide to take legal action against scammers. According to the bank’s FAQ, customers are expected to take essential precautions, including maintaining their personal and smart home devices as per the manufacturer’s recommendations, updating device operating systems within 14 days of security patches, and using security measures like anti-malware solutions.
To make a claim, customers must demonstrate that they’ve taken “all reasonable and necessary measures to minimize the duration and effect” of the scam. A prompt report to the bank, along with filing a police report within 7 days of discovering the fraud, is key to ensuring that claims are processed smoothly.
Usman Khalid, Standard Chartered’s global and Singapore head for deposits, mortgages, and payments, explained that the new initiative targets the growing vulnerability of seniors to increasingly sophisticated digital scams. By combining protection against fraud with an opportunity for financial growth, the revamped MyWay account is designed to provide customers with peace of mind.
For the first year, digital scam insurance will be offered free of charge, marking MyWay as the first retail savings product in Singapore to include complimentary protection against digital scams. The bank has yet to confirm whether the insurance premium will remain free after the first year, but it has indicated that it will continue to assess customer needs and may adjust or expand coverage based on demand.
In addition to security improvements, Standard Chartered has raised the MyWay account’s interest rates. While the rate for the first S$50,000 remains at 0.05% per annum, customers will now earn 0.5% for the next S$200,000 and 1% for balances up to S$1.25 million. For larger balances, the maximum interest rate increases to 3% for amounts up to S$3.5 million. This brings the total effective interest rate for those with S$5 million in their accounts to 2.37%, a significant increase from the previous rate of 0.26%.
A promotional bonus interest rate of 0.5% for three months will be available to account holders who deposit at least S$200,000 in fresh funds, further incentivising new deposits.
Looking ahead, Standard Chartered may extend scam insurance to other savings products, reinforcing its commitment to security and customer value. With enhanced protection and higher interest rates, the MyWay savings account offers a safer and more rewarding option in an increasingly digital world.