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.
Please note that the complimentary Digital Scam Protection Insurance will be extended till 16 March 2027.
Maximise your savings with attractive interest rates
| Account balance in MyWay* | Prevailing interest rate (p.a.) |
|---|---|
| First S$50,000 | 0.05% |
| Next S$200,000 | 0.30% |
| Next S$1,250,000 | 0.50% |
| Next S$3,500,000 | 1.50% |
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 1.19% p.a. for deposit balance of S$5,000,000.
How much interest can I earn with MyWay Savings Account?
What is your estimated daily balance?
The interest calculation is solely for illustration only and the estimated total monthly interest shown should not be taken as the actual interest payable due to possible variance from rounding in computation. Rates quoted are subject to change without prior notice.
Get peace of mind with complimentary Digital Scam Protection Insurance
Digital Scam Protection Insurance is a complimentary insurance offered for MyWay Savings Account holders aged 55 years old and above. It protects you from digital theft of funds from your MyWay Savings Account, up to a cap of S$50,000.
Coverage
Loss of funds up to S$50,000 from MyWay Savings Account due to unauthorized electronic transfer of money arising from phishing or email spoofing.
Exclusions
Exclusions apply including but not limited to losses from authorised payment scams like impersonation scams, love scams or investment scams
Assurance
The Digital Scam Protection is provided and underwritten by MSIG Insurance (Singapore) Pte. Ltd
Please refer to the Policy Wordings for full details on the coverage, exclusions and all the other terms and conditions and FAQs for more information
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.
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.
SC Shop and Earn
Priority clients enjoy higher Cashback at over 250+ online merchants, on top of your banking rewards.
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MyWay Savings Account – Frequently Asked Questions
The MyWay Savings Account Bonus Interest Promotion is opened to all primary account holders of MyWay Savings Account, with a minimum of S$200,000 of Fresh Funds into your MyWay Savings Account 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”).
MyWay Savings Account offers attractive interest rate up to 2.00% 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 interest on your MyWay Savings Account will be calculated at the end of each day and credited to your MyWay Savings Account at the end of each month.
The prevailing interest rates for your MyWay Savings Account are as follows:
a) Before 1 Dec 2025:
| 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. |
| 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 deposit balance of S$5,000,000.
b) Effective from 1 Dec 2025:
| Account balance in your MyWay Savings Account | Prevailing Interest Rate^ |
| First S$50,000 | 0.05% p.a. |
| Next S$200,000 | 0.30% p.a. |
| Next S$1,250,000 | 0.60% p.a. |
| Next S$3,500,000 | 2.00% p.a. |
| Above S$5,000,000 | 0.05% p.a. |
^ The maximum effective interest rate (EIR) on the MyWay Savings Account is 1.56% p.a. for deposit balance of S$5,000,000.
The Digital Scam Protection Insurance is provided and underwritten by MSIG Insurance (Singapore) Pte. Ltd.
Once you discover any digital theft of funds, you must notify us and lodge a police report within 7 days from your discovery of theft of funds. You must then file a claim form with MSIG within 30 days from discovery of theft of funds. For more information on the claim process, please refer to the Digital Scam Protection Insurance FAQs here.
ELIGIBILITY
- 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
- NRIC (front and back)
- 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 Bank is not responsible for the 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.
Please refer to the Digital Scam Protection Insurance Policy Wordings for full details on the coverage and other terms. Click here for the Digital Scam Protection Insurance Policy Wordings.
