Important Information
Updates to MyWay Savings Account effective 17 March 2025
With effect from 17 March 2025, please note that there will be revisions made to the MyWay Savings Account. The MyWay Savings Account Product Terms will also be updated accordingly.
1) Interest Rates
There will be changes to the MyWay Savings Account interest rates. Please refer to the table below for a summary of changes.
Before 17 March 2025
| ACCOUNT BALANCE IN YOUR MYWAY SAVINGS ACCOUNT | PREVAILING INTEREST RATE^ |
|---|---|
| First S$50,000 | 0.05% p.a. |
| Next S$950,000 | 0.10% p.a. |
| Next S$4,000,000 | 0.30% p.a |
| Balances above S$5,000,000 | 0.05% p.a. |
^The maximum effective interest rate (EIR) on the MyWay Savings Account is 0.26% p.a. for a deposit balance of S$5,000,000.
From 17 March 2025 onwards
| ACCOUNT BALANCE IN YOUR MYWAY SAVINGS ACCOUNT | PREVAILING INTEREST RATE* |
|---|---|
| First S$50,000 | 0.05% p.a. |
| Next S$200,000 | 0.50% p.a. |
| Next S$1,250,000 | 1.00% p.a |
| Next S$3,500,000 | 3.00% p.a. |
| Balances above S$5,000,000 | 0.05% p.a. |
*The maximum effective interest rate (EIR) on the MyWay Savings Account is 2.37% p.a. for a deposit balance of S$5,000,000.
2) Digital Scam Protection Insurance
From 17 March 2025 onwards, complimentary Digital Scam Protection Insurance # is offered to all existing and new MyWay Savings Account holders aged 55 years old and above.
Digital Scam Protection Insurance protects MyWay Savings Account holders from digital theft of funds from the MyWay Savings Account, capped at S$50,000.
| Insured Person | MyWay Savings Account holders aged 55 and above |
| Coverage Limit | S$50,000 per Insured Person/Joint Account |
| Insured Event | Digital theft of funds |
| Insured Account | MyWay Savings Account |
| Policy Period | 17 March 2025 to 16 March 2026 |
# This insurance is provided and underwritten by MSIG Insurance (Singapore) Pte. Ltd.. It only covers loss of funds from a MyWay Savings Account arising from unauthorised digital payment scams. Authorised payment scams including love scams, investment scams and impersonation scams are not covered. Please refer to the Digital Scam Protection Insurance Certificate of Insurance for more details on the policy coverage and other terms.
3) Termination of MyWay Programme and Parkway Medical Privileges
The MyWay Programme, including the Parkway Medical Privileges on the MyWay Savings Account, have been terminated. You can continue to enjoy attractive lifestyle privileges such as preferential rates for health screening at AsiaMedic Wellness Assessment Centre Pte Ltd and many more offers from dining to shopping, travel and lifestyle under The Good Life® programme with your MyWay Debit Card. Visit www.sc.com/sg/promotions/the-good-life-privileges for the full offer details and the terms and conditions that apply.
Terms and Conditions
Please note that there will be revisions to the MyWay Savings Account Product Terms effective 17 March 2025. Please refer to www.sc.com/sg/myway for a copy of the new Terms from 17 March 2025 onwards.
Standard Chartered The Good Life Programme General Terms and Conditions apply. Visit sc.com/sg/tgl-tnc for full Standard Chartered The Good Life Programme General Terms and Conditions.
Deposit Insurance Scheme
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.