Standard Chartered unveils savings account for clients 55+ and above

It offers a 3% interest rate, and up to $50,000 protection from digital theft.

Standard Chartered has introduced the MyWay Savings account, a retail savings accounts for clients aged 55 years old and above.

It has an interest rate of up to 3% and has no lock-in period, according to a press release. It will adapt a daily interest accumulation system.

Funds up to S$50,000 in the account are protected in the event of digital theft due to unauthorised electronic transfer arising from malware and phishing scams.

Account holders are also offered wealth solutions for clients with higher risk appetite. It will also offer health and lifestyle privileges, and exclusive invitations to events discussing retirement and legacy planning.