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Updates to MyWay Savings Account effective 1 September 2026

Please note that the complimentary Digital Scam Protection Insurance on your MyWay Savings Account, effective 1 September 2026, will be provided and underwritten by Allianz Insurance Singapore.

The new Allianz Digital Scam  Protection Insurance# will offer enhanced protection against digital theft of funds on your MyWay Savings Account up to a cap of S$50,000, providing you with greater protection and support. Please refer to the table below for a summary of changes.

Digital Scam Protection Insurance features CURRENT (From 17 March 2026 to 31 August 2026) NEW (From 1 September 2026 to 31 August 2027)
Insured Person MyWay Savings Account holders aged 55 and above All MyWay Savings Account holders (which includes joint account holders)
Coverage Limit S$50,000 per Insured Person or per joint MyWay account, whichever is lower.
Insured Event Digital theft of funds from your MyWay Savings Account arising from unauthorised access due to:

  • • phishing; or
  • • email spoofing

 

 

 

 Fraudulent transactions made on your MyWay Savings Account arising from:

  • • phishing;
  • • smishing;
  • • Theft of MyWay Debit CardNEW! ; or
  • • Identity TheftNEW!
Examples of digital theft of funds Unauthorised access to your MyWay Savings Account and/or linked debit card by a third party through your personal device or smart home device due to phishing scam or email spoofing
  • • Both authorised and unauthorised transaction(s) resulting from phishing or smishing
  • • Unauthorised transaction(s) made on your stolen MyWay Debit Card
  • • Unauthorised transaction(s) made fraudulently due to Identity Theft

# This insurance is provided and underwritten by Allianz Insurance Singapore. It only covers loss of funds from a MyWay Savings Account arising from digital theft of funds. Excluded transactions include (but are not exhaustive) scams which arise from a channel other than phishing or smishing, business or employment-related losses or bodily injury, emotional distress, or mental health conditions.

Please refer to the Frequently Asked Questions for more information.

 

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.