StanChart unveils first-of-its-kind affluent deposit account in Singapore
The new product is only available to its Priority Banking segment.
Standard Chartered Bank Singapore has launched Wealth $aver, the first deposit account in Singapore that accords interest based on total existing Asset Under Management (AUM), which includes total deposit, investment and insurance products held with the bank.
Exclusive to its Priority Banking segment, clients can earn up to 3.50% p.a. interest on the first $500k of deposit balance with no lock-in period and no spend criteria.
StanChart said that Wealth $aver was developed on the back of a series of qualitative and quantitative research with over 200 affluent individuals in Singapore across various demographics, occupations, and wealth distribution.
According to the research, it was revealed that 83% are attracted by high-interest rates and prefer a straightforward proposition that offers more value, and 67% said that they are willing to move their investments to another bank if it helps them earn a higher interest.
As part of the Wealth Booster promotion, clients will get an additional 1.50% bonus interest for 12 months when they either invest a minimum of $120k in eligible unit trusts, bonds or structured notes or purchase an insurance product with a total annual premium of at least $20k within a calendar month during the promotion period.
Other key benefits include accessing up to 14 currencies with its multi-currency feature and earning an unlimited 1% cashback on debit card spends via the exclusive metal Wealth Saver debit card.
The promotion ends on 31 December 2022.
“Since its launch three weeks ago, we have over $300m in balances in Wealth $aver accounts opened, and this is a great indication that we are moving in the right direction of what our clients are after. This is a win-win situation for affluent clients who value the flexibility of instant access to their capital whilst looking for higher interest in an inflationary environment,” Usman Khalid, StanChart’s Global Head of Deposits, Mortgages & Payments, said.