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.

ALSO READ: Grab, Singtel-led digital-only bank GXS debuts in Singapore

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.

Follow the link for more news on

Standard Chartered

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia

Top News

Specialty chemicals manufacturing facility on Jurong Island for sale

The fully equipped facility is clean and ready to be recommissioned.

Commercial Property

1 hour ago

September surge masks looming export slowdown to 6% in 2027

Maybank raised its 2026 forecast to 27% from 18% in the same report.Non-oil domestic exports (NODX) growth could slow to 6% in 2027 as supply chain pressures and higher financing costs weigh on shipment momentum, Maybank Research Pte Ltd said.

Economy

5 hours ago

Nearly half of workers report six or more unpaid hours a week, report says