StanChart offers up to $50,000 coverage against digital scams as part of a revamped savings account

Standard Chartered Bank is offering free insurance coverage for digital theft of funds under a revamped savings account for its older customers.

Holders of the MyWay savings account, which is for customers aged 55 and above, will get covered for up to $50,000 on their deposit balances if their account suffers losses due to unauthorised electronic transfer of money arising from phishing and malware scams. Authorised payment scams, like love scams, investment scams and impersonation scams, are not covered.

The free insurance coverage will be effective from March 17, 2025, to March 16, 2026, the bank said.

"We continually assess the needs of our customers and may extend or enhance coverage based on its impact and reception," said Mr Usman Khalid, global and Singapore head for deposits, mortgages and payments at Standard Chartered.

On why the offering is specifically for those aged 55 and above, the bank told The Straits Times: "We have a range of deposits and wealth solutions to support our clients at different life stages. MyWay is tailored for clients 55 years and above looking to grow and safeguard their retirement savings."

Standard Chartered also revised its interest rates for balances beyond the first $50,000 for MyWay account holders.

The interest rate for the first $50,000 of account balances is unchanged at 0.05 per cent per annum. From March 17 onwards, the next $200,000 of account balances will get a 0.5 per cent interest rate, the next $1.25 million at 1 per cent, and the next $3.5 million at 3 per cent.

Balances above $5 million will earn 0.05 per cent interest per annum. The maximum effective interest rate on the MyWay savings account is 2.37 per cent per annum for a deposit balance of $5 million.

Mr Khalid said: "Beyond offering clients competitive returns on their deposits as they plan for retirement, we wanted to also provide peace of mind and help our clients safeguard those later years."

From March 17 to April 30, 2025, clients can earn an additional 0.5 per cent bonus interest per annum for three months on their incremental average daily balance, if they deposit at least $200,000 in fresh funds to the MyWay savings account.

Fresh funds refer to funds that do not originate from any existing account with the bank, or funds that are not withdrawn and redeposited within 30 days of the promotion period.

In 2024, the bank launched First$aver, a savings account for young people. It also offers Wealth $aver for wealth accumulation.

On the reception of both products, Standard Chartered said it has received positive response from clients.

"Since the launch of First$aver in October 2024, we have seen a growth of 72 per cent in number of clients from end-December 2024 to March 15, 2025. Wealth $aver continues to be of high relevance in attracting affluent clients with strong year-on-year growth of 103 per cent in number of clients," it said.

The bank said it partnered the Infocomm Media Development Authority to equip nearly 300 seniors with knowledge and skills to navigate the online space confidently and safely through monthly digital clinics in the past six months.

The bank also participates in anti-scam road shows to raise awareness and remind clients to remain vigilant.

Scam victims in Singapore lost $1.1 billion in 2024, 70 per cent higher than what scammers took in 2023. The most common type of scam in 2024 was e-commerce scams, with 11,665 reported cases and victims losing at least $17.5 million in total.