Tailored for those 55 years old and above, the all-new MyWay Savings Account offers full flexibility and peace of mind to strengthen your financial future with attractive interest rates and complimentary Digital Scam Protection Insurance.
  
Now’s your time for wealth.

Maximise your savings with attractive interest rates

From 17 March 2025 to 30 April 2025, enjoy up to 3.50% p.a. interest*^ on the all-new MyWay Savings Account.

Simply deposit at least S$200,000 in fresh funds# to unlock 0.50% p.a. Bonus Interest for 3 months^ on your incremental Average Daily Balance (ADB).

Account balance in MyWay*
Prevailing interest rate (p.a.)
MyWay Bonus Interest Promotion^
(17 March 2025 to 30 April 2025)
First S$50,000 0.05%
Next S$200,000 0.50% 0.50% p.a. Bonus Interest for 3 months^ on your incremental Average Daily Balance.
Next S$1,250,000 1.00%
Next S$3,500,000 3.00%
info MyWay Bonus Interest Promotion^

How to qualify?

To qualify for the MyWay Bonus Interest Promotion, simply deposit fresh funds# into MyWay Savings Account during the Promotion Period such that the month-end balance in the participating month is at least S$200,000 higher than the month-end balance in the previous month.

How is Bonus Interest calculated and awarded?

Bonus Interest is calculated and awarded on the incremental Average Daily Balance (ADB) comparing the ADB of the participating month to the ADB of the previous month.

 

For illustration:

You are an existing MyWay client and have maintained S$50,000 in your account throughout February such that the month-end balance is S$50,000. You deposited S$200,000 fresh funds on 17 March 2025 and maintained the S$250,000 until the end of the month such that your March month-end balance increased to S$250,000.

In this instance, March is considered the participating month and when compared to the previous month’s ADB in February, you met the criteria of at least S$200,000 fresh funds#.

Your ADB in February is S$50,000

Your ADB in March is S$146,774.20

Your incremental ADB would be S$146,774.20 – $50,000 = S$96,774.20

In the subsequent Bonus Interest earning period, you will receive Bonus Interest on the incremental ADB comparing the ADB in the respective months with the ADB in February.

 

Important notes:

*Account balances exceeding S$5,000,000 shall earn prevailing interest of 0.05% p.a. The maximum effective interest rate (EIR) on the MyWay Savings Account is 2.37% p.a. for deposit balance of S$5,000,000.

^MyWay Bonus Interest Promotion Terms apply. Bonus Interest is awarded on incremental Average Daily Balance, capped at S$5,000,000.

#Fresh Funds refers to funds that do not originate from any existing account with the Bank or funds that are not withdrawn and re-deposited within 30 days of the Promotion Period.

Get peace of mind with complimentary Digital Scam Protection Insurance

Protection

Get protected with complimentary Digital Scam Protection Insurance, offered to MyWay Savings Account holders aged 55 years old and above.

  • Find Out More Find Out More

    Digital Scam Protection Insurance

    What is Digital Scam Protection Insurance

    Digital Scam Protection Insurance (DSPI) is a complimentary insurance offered to MyWay Savings Account holders who are aged 55 years old and above. DSPI protects MyWay Savings Account holders from digital theft of funds from the MyWay Savings Account.

    Insured Person MyWay Savings Account holders aged 55 and above
    Coverage Limit S$50,000 per Insured Person or per joint MyWay account, whichever is lower.
    Insured Event Theft of funds
    Insured Account MyWay Savings Account
    Policy Period  17 March 2025 to 16 March 2026

    What is covered under Digital Scam Protection Insurance

    Loss of funds up to S$50,000 from MyWay Savings Account due to unauthorised electronic transfer of money arising from phishing and malware scams.
     

    What is not covered under the Digital Scam Protection Insurance

    1. Pre-existing Events: Known events or circumstances prior to this policy inception.
    2. Intentional Misconduct: Your actions or omissions that are intentional, malicious, dishonest, deliberate, or reckless.
    3. Scams: Authorised Push Payments or authorised digital transfer of money arising from any impersonation scam, investment scam, job scam, loan scam, and love scam etc
    4. Third Party Claims: Claims made by one insured person against another and any third party claim against you.
    5. Cryptocurrencies: Loss or damage to cryptocurrencies and ransom payments.
    6. Gambling: Losses related to gambling.

     

    When to make a claim

    As soon as you become aware during the policy period of the theft of funds, you must report in writing to the Bank and lodge a police report detailing the theft of funds within 7 days from your discovery. You must also notify MSIG as soon as possible, but no later than thirty (30) days after discovery.

     

    How to make a claim

    Provide all the necessary information and submit the Insurance Claim Form along with the required supporting documents by mail to the following address or by email to – PersonalCyberClaims@sg.msig-asia.com

    The Claims Manager
    MSIG Insurance (Singapore) Pte Ltd,
    4 Shenton Way, #21-01 SGX Centre 2,
    Singapore 068807

    Click here for the more Digital Scam Protection Insurance Frequently Asked Questions.

Coverage

Rest easy with up to S$50,000 coverage, guarding you from digital theft of funds from your MyWay Savings Account.

Assurance

Feel a sense of assurance with the Digital Scam Protection Insurance provided and underwritten by MSIG Insurance (Singapore) Pte Ltd.

Digital Scam Protection Insurance Frequently Asked Questions

Ways to protect your MyWay Savings Account

In addition, safeguard your MyWay Savings Account with security features such as Kill Switch and Money Lock, which helps you to protect the funds in your account.

Kill Switch

Kill Switch is a self-service function that allows you to quickly suspend your account(s), if you suspect that your account has been compromised.

To activate this function, please contact us immediately at +65 6747 7000, and press option 9.

Money Lock

Money Lock is an anti-scam security feature available on SC Mobile, that helps protect your funds from scams and unauthorised transfers or withdrawals. By locking money from your current / savings accounts that you don’t need everyday access to, you can bank with us securely while you continue to earn interest at current rates.

Fraud Awareness

Learn more about the latest types of fraud and scams and how you can protect your monies

Other Benefits of a MyWay Savings Account

Priority Banking upgrade

Sign up for Priority Banking and get exclusive rewards with a minimum funding of S$200,000 in your MyWay Savings Account

Health & lifestyle privileges

Enjoy preferential rates for health screening at AsiaMedic Wellness Assessment Centre Pte Ltd and other The Good Life offers with the MyWay Debit Card.

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MyWay Savings Account offers attractive interest rate up to 3.50% p.a. on your first S$5 million balances and a complimentary Digital Scam Protection Insurance which protects against digital theft of funds from your MyWay Savings Account, capped at S$50,000.

MyWay Savings Account is exclusively for clients who are at least 55 years old at time of account opening. For joint applications, the main applicant must be at least 55 years old while the joint application must be at least 18 years old.

The Digital Scam Protection Insurance covers only MyWay Savings account holders who are aged 55 and above.

The coverage is capped at S$50,000 per Insured Person or per joint Account, whichever is lower.

For illustration:

Scenario 1:

Client A and Client B are both aged 55 years old and jointly hold a MyWay Savings Account. Client A and B each suffered a loss of S$30,000 from the joint MyWay Savings Account that met the conditions covered under the Digital Scam Protection Insurance respectively on 1 March 2025 and 30 April 2025.

Client A will be able to claim the full S$30,000 while Client B will only be able to claim up to S$20,000 due to the cap of S$50,000 per joint MyWay Savings Account.

Scenario 2:

Client A is aged 55 years old and holds two MyWay Savings Account , one individually owned (Account 1) and another joint with Client B (Account 2).

Client A suffered a loss of S$30,000 from both the MyWay Savings Accounts that met the conditions covered under the Digital Scam Protection Insurance respectively on 1 March 2025 from Account 1 and 30 April 2025 from Account 2.

Client A will be able to claim the full S$30,000 loss from Account 1 and up to S$20,000 on Account 2 due to the cap of S$50,000 per Insured Person.

ELIGIBILITY

  • Nationality: Singapore citizen / Singapore permanent resident / foreigner
  • Age requirement: at least 55 years old
  • Employment Pass Holders:
    • Foreigners must be holders of P1, P2 or Q type Singapore Employment Passes.
    • Q Pass holders must have a minimum of one year validity remaining on their passes.

DOCUMENTS

  • Mandatory supporting documents for Singapore and permanent residents.
    • NRIC (front and back)
  • Mandatory supporting documents for foreigners:
    • Passport
    • Employment Pass
    • Any of the following documents:- Utility bill within the last 3 months
      – Letter from the human resource department of current employer stating address, Bank statement within the last 3 months
      – Government‐issued documents stating address (e.g. IRAS, CPF, ICA)
      – Telecommunications bill within the last 3 months
      – Tenancy agreement

Key Charges

SERVICE
CHARGES
Minimum initial deposit
S$0
Fall-below fee
S$10 per month if average daily balance for the month falls below S$50,000
Monthly service charge
S$0
Early account closure fee (within 6 months)
S$0
Debit Card Annual Fee
S$0

The MyWay Savings Account Bonus Interest Promotion is valid from 17 March 2025 till 30 April 2025, with a minimum Fresh Funds deposit of S$200,000 during the Promotion Period, such that the month-end deposit balance on the month you make such deposit (“Participating Month”) is at least S$200,000 higher than the month-end deposit balance of the previous month (the “Previous Month”) . “Fresh Funds” means funds that do not originate from any existing account with the Bank or funds that are not withdrawn and re-deposited within 30 days of the Promotion Period. Click here for full MyWay Bonus Interest Promotion Terms and Conditions that apply.

Digital Scam Protection Insurance is a complimentary insurance offered for MyWay Savings Accounts. It protects you from digital theft of funds from your MyWay Savings Account, up to a cap of S$50,000. This insurance is provided by and underwritten by MSIG Insurance (Singapore) Pte. Ltd., not the Bank. Please refer to the Digital Scam Protection Insurance Policy Wordings for full details on the coverage and other terms. The Bank is not responsible for the handling, processing, assessment or settlement of any claims submitted under this insurance. We may withdraw the complimentary Digital Scam Protection Insurance as a feature of the MyWay Savings Account at any time with prior notice to you. Click here for the Digital Scam Protection Insurance Policy Wordings.

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.

Limited time offer: Up to 3.50% p.a. interest Limited time offer: Up to 3.50% p.a. interest

Disclaimer

This is to inform that by clicking on the hyperlink, you will be leaving www.sc.com/sg and entering a website operated by other parties:

Such links are only provided on our website for the convenience of the Client and Standard Chartered Bank does not control or endorse such websites, and is not responsible for their contents.

The use of such website is also subject to the terms of use and other terms and guidelines, if any, contained within each such website. In the event that any of the terms contained herein conflict with the terms of use or other terms and guidelines contained within any such website, then the terms of use and other terms and guidelines for such website shall prevail.

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