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Standard Chartered Wealth $aver Account Review 2024: Multi-Currency Access and Attractive Lifestyle Perks

Yen Joon

Yen Joon

Last updated 15 December, 2023

With the latest promotion offering up to 5% p.a. interest rate for the first six months of deposit, Standard Chartered’s Wealth $aver Account could be an attractive option for Priority Banking members looking to make their cash work harder. Learn more about its other features to decide if this savings account is the one for you. 

With the volatility of the stock market, you may be looking to park your money in low-risk investments where your money can grow safely. One such investment is the Standard Chartered Wealth $aver priority banking account, which offers an interest rate of up to 5% p.a. (for new account holders who sign up by 31 January 2024). 

On top of that, you’ll also earn 1% cashback on all debit card spends and receive up to S$13,000 cash rewards or 650,000 KrisFlyer miles when you join as a Priority Banking customer with Standard Chartered.

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SingSaver's Exclusive Offer: Be one of the 3 winners to win an Apple iPad Pro 11" Wifi 128GB (worth S$1,272.30) when you open a Standard Chartered Wealth $aver account and start a Priority Banking relationship with a minimum S$200,000 in Eligible Deposits or Eligible Investments & maintain it for 3 months, complete a Financial Needs Analysis (FNA) and upgrade to Priority Banking. Valid till 30 April 2024. T&Cs apply.

 

How the Wealth $aver Account works

The Standard Chartered Wealth $aver Account is the first deposit account in Singapore where you’ll earn interest based on the total asset under management (AUM) you have with the bank, which includes cash deposits and insurance and investment products. 

To open a Wealth $aver Account, you must be a priority banking or private banking customer with Standard Chartered and have at least S$200,000 worth of AUM with the bank.

Read also: Priority Banking In Singapore: How Does It Help To Grow Your Wealth? 

SingSaver's Exclusive Offer: Be one of the 3 winners to win an Apple iPad Pro 11" Wifi 128GB (worth S$1,272.30) when you open a Standard Chartered Wealth $aver account and start a Priority Banking relationship with a minimum S$200,000 in Eligible Deposits or Eligible Investments & maintain it for 3 months, complete a Financial Needs Analysis (FNA) and upgrade to Priority Banking. Valid till 30 April 2024. T&Cs apply.

Below is the base interest rate you can earn based on your total AUM:

Total AUM

Wealth $aver Account balance

Interest rate (p.a.)

Less than S$200,000

>S$0

0.05%

S$200,000 to <S$1.5m

First S$500,000

1.50% 

Balances above S$500,000

0.05%

S$1.5m or more 

First $500,000

3.00% 

Balances above S$500,000

0.05%

However, as part of its Wealth Booster promo, you can earn an additional interest of 2.00% p.a. and up to 5.00% p.a. for six months when you invest a minimum of S$200,000 or insure S$20,000 in one of the eligible products within a calendar month. 

AUM 

Interest rate p.a.

Interest rate from the Wealth Booster promo (with purchase of eligible investment products/insurance)

Total interest earned p.a. (on the first S$500,000)

Less than S$200,000

0.05%

0%

0.05%

S$200,000 to below S$1.5m

1.50%

2.00%

3.50%

S$1.5m or more 

3.00%

2.00%

5.00%

The additional 2.00% interest for a year is only available to you provided that your AUM is at least S$200,000 and you purchase either S$200,000 worth of investment products (bonds, structured notes, unit trusts) or an insurance product worth at least S$20,000 within a calendar month.

For new account holders, you will earn an additional 2.00% p.a. on your average daily balance on your Wealth $aver Account for six calendar months starting from your Wealth $aver Account opening month if you qualify for the sign-up promotion.

Note that the 5.00% interest per year is capped for the first S$500,000; if you have more than S$500,000 or if you don’t meet the relevant criteria, the interest rate is 0.05% per annum. 

SingSaver's Exclusive Offer: Be one of the 3 winners to win an Apple iPad Pro 11" Wifi 128GB (worth S$1,272.30) when you open a Standard Chartered Wealth $aver account and start a Priority Banking relationship with a minimum S$200,000 in Eligible Deposits or Eligible Investments & maintain it for 3 months, complete a Financial Needs Analysis (FNA) and upgrade to Priority Banking. Valid till 30 April 2024. T&Cs apply.

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What are the benefits of the Standard Chartered Wealth $aver Account?

1. Earn a high interest rate of up to 5.00% p.a. in a straightforward manner

The main draw of the Wealth $aver Account is that you can earn up to 5.00% p.a. based on your total AUM held and the amount of investment you make with Standard Chartered. 

So unlike most other priority banking accounts out there, which require you to hit several eligibility criteria, the premise of Wealth $aver is much simpler; you don’t have to spend a certain amount, take a home loan with the bank, or credit your monthly salary to unlock additional interest rates. 

2. Get unlimited 1% cashback on debit card spend

You’ll also get your own debit card that’s linked to your Wealth $aver account. The card earns you unlimited 1% cashback on your transactions. But note that some transactions, such as payments of insurance premiums, income tax payments, and online bill payments, are excluded. 

3. Enjoy the financial and lifestyle benefits of a priority banking customer

Being a priority banking customer will allow you to enjoy financial and lifestyle perks, such as having your own dedicated relationship manager, priority queues at banks, and better interest rates for loans, among other things.

 

4. Access to a multi-currency account 

You can transact up to 14 currencies with your Wealth $aver Account, including USD, GBP, EUR, HKD, AUD, NZD, SGD, CHF, JPY, CAD, NOK, SEK, DKK, and ZAR. Not only do you get competitive FX rates for international transactions, but you can also pay for foreign transactions without incurring overseas transaction fees. 

 

5. Get up to S$13,000 cash reward or 650,000 KrisFlyer miles when you join priority banking

As part of the priority banking and Priority Banking & Priority Private sign-up promotion, you can earn up to S$13,000 cash reward or 650,000 KrisFlyer miles provided that you:

  • You’re at least 21 years old 
  • Open a Wealth $aver Account by 31 December 2023
  • Place a minimum of S$200,000 of fresh funds within three months of opening the account
  • Be an accredited investor with an annual income of at least S$300,000 in the last 12 months, or have financial assets more than S$1 mil, or personal assets more than S$2 mil

Depending on the total value of the fresh funds you have within three months of opening your Wealth $aver account, below is the amount of cash reward you’re eligible to receive:

Total value of funds

*Cash reward

KrisFlyer miles reward

S$200,000 to <S$500,000

S$500

30,000 miles

S$500,000 to S$1 million

S$1,500

75,000 miles

S$1 million to S$1.5 million

S$4,000

200,000 miles

S$1.5 million and above also sign up as a Priority Private client and consents to be treated as an Accredited Investor (where applicable and as determined by the Bank in its sole and absolute discretion)

S$7,000

350,000 miles


When you invest through Standard Chartered:

Criterion

Cash reward/miles earned

For every S$100,000 (or equivalent foreign currencies) investment purchased in eligible unit trust, bonds, and structured products offered by the bank in a single day

S$200 or 10,000 miles (capped at S$6,000 or 300,000 Miles)

 


When you consolidate your investments with Standard Chartered:

Criteria

Cash reward

For every S$50,000 (or equivalent in foreign currencies) in eligible unit trusts successfully transferred in

S$50 (capped at S$1,000)

For every S$50,000 (or equivalent in foreign currencies) eligible equities successfully transferred in

S$50 (capped at S$1,000)

*The funds need to be maintained for six months to qualify for the cash reward. You can refer to the full T&Cs here. 

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On top of this, you'll also enjoy preferential rates for time deposits, with a minimum deposit of S$25,000

Special fresh funds time deposit promotion, with minimum deposit of S$25,000

Promotional interest rate

Priority Banking clients

3.20% p.a. (8 months)

Priority Private clients

3.30% p.a. (8 months)

SingSaver's Exclusive Offer: Be one of the 3 winners to win an Apple iPad Pro 11" Wifi 128GB (worth S$1,272.30) when you open a Standard Chartered Wealth $aver account and start a Priority Banking relationship with a minimum S$200,000 in Eligible Deposits or Eligible Investments & maintain it for 3 months, complete a Financial Needs Analysis (FNA) and upgrade to Priority Banking. Valid till 30 April 2024. T&Cs apply.


Also read: 14 Best Fixed Deposit Rates in Singapore to Lock in Your Savings

Wealth $aver Account vs other priority banking accounts

How does the Wealth $aver Account fare against other priority banking accounts out there in terms of interest rate earned? Here's a quick comparison. 

Bank

Interest rate p.a.

Standard Chartered Wealth $aver

Up to 5.00%

OCBC Premier Banking

Up to 3.70% 

UOB Privilege Banking

Up to 3.40%

HSBC Premier

Up to 4.50%

Citi Wealth First Account

Up to 7.51%

Maybank Premier

0.40%

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Standard Chartered Wealth $aver Account eligibility

The Wealth $aver account is available to Singapore Citizens, Singapore Permanent Residents, and foreigners who are at least 18 years old and are a priority banking or private banking customer with Standard Chartered. 

SCB_SIMPLY_BLOGARTICLE_800x250 (1)

SingSaver's Exclusive Offer: Enjoy the following rewards when you sign up for a Standard Chartered credit card. Eligible for new Standard Chartered cardholders only.

Standard Chartered Simply Cash Credit Card Only: Receive a Dyson SuperSonic (worth S$699) or Nintendo Switch OLED (worth S$549) or Apple iPad 9th Gen 10.2 Wifi 64GB (worth S$508.30) or up to S$330 cash upon activating and spending min. S$500 spend within 30 days of card approval. Also, get an additional S$70 e-Capitaland voucher when you make a min. spending of S$1,000 in your 2nd month. Valid till 14 April 2024. T&Cs apply.

Plus, get an additional S$20 e-Capitaland Voucher when you split the payment for your purchases with SCB Easy Pay, pay your bills with SCB Easybill or put any of your purchases on instalment in SCB Savings Account or Current Account within 60 days of approval. Valid till 14 April 2024. T&C applies.


Standard Chartered Smart and Rewards+ Credit Cards Only: Receive a Dyson AM07 (worth S$459) or Apple AirPods Pro 2nd Generation (worth $365.70) or Apple iPad 9th Gen 10.2 Wifi 64GB (worth S$508.30) or up to S$300 cash upon activating and spending min. S$250 spend within 30 days of card approval. Also, get an additional S$20 e-Capitaland voucher when you make a min. spending of S$1,000 in your 2nd month. Valid till 14 April 2024.  T&Cs apply.

Plus, get an additional S$20 e-Capitaland Voucher when you split the payment for your purchases with SCB Easy Pay, pay your bills with SCB Easybill or put any of your purchases on instalment in SCB Savings Account or Current Account within 60 days of approval. Valid till 14 April 2024. T&C applies.

SCB_JOURNEY_BLOGARTICLE_800x250 (2)-1

Standard Chartered Journey Credit Card Only: Receive a Dyson AM07 (worth S$459) or +Plus Chelsea 19.5" Luggage (worth S$369) or up to S$120 cash upon activating your card within 30 days and no minimum spend required. Also, get an additional S$20 e-Capitaland voucher when you make a min. spending of $1,000 in your 2nd month. Valid till 14 April 2024. T&Cs apply.

Also, get an additional S$20 e-Capitaland Voucher when you split the payment for your purchases with SCB Easy Pay, pay your bills with SCB Easybill or put any of your purchases on instalment in SCB Savings Account or Current Account within 60 days of approval. Valid till 14 April 2024. T&C applies.

 

 

How to apply?

You can apply online with MyInfo via SingPass. For Singapore Citizens and PRs, you can also visit any Standard Chartered branches and apply with your NRIC.

For foreigners applying at Standard Chartered branches, you will need to bring a copy of your passport, Employment Pass, and at least one of the following:

  • Latest utility bill, rates, or tax bill
  • Latest bank/credit card statement
  • Rental agreement with your address
  • Mobile phone statement or pay-TV statement
  • Employment letter with your current address 

 

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Is the Wealth $aver Account for you?

Ultimately, the Wealth $aver account offers a straightforward product: a priority banking account that earns you a relatively good interest without the hassle of meeting different tiers.

You’ll earn a base interest based on the total AUM that you have with the bank, and any additional interest earned depends on the amount of investments and insurance products that you have with the bank. 

As such, the Wealth $aver account is for you if your aim is to earn a high interest based on the investments that you have with the bank. 

 

SingSaver's Exclusive Offer: Be one of the 3 winners to win an Apple iPad Pro 11" Wifi 128GB (worth S$1,272.30) when you open a Standard Chartered Wealth $aver account and start a Priority Banking relationship with a minimum S$200,000 in Eligible Deposits or Eligible Investments & maintain it for 3 months, complete a Financial Needs Analysis (FNA) and upgrade to Priority Banking. Valid till 30 April 2024. T&Cs apply.

 

Read these next:

A Full Guide To Priority Banking In Singapore (2022)
HSBC Premier Banking Review (2022): What’s In It For You?
Priority Banking vs Private Banking: What You Enjoy When You Cross The Last Hurdle
Normal Banking Vs Priority Banking: Which Should I Choose?
Why a Priority Banking Account Makes Sense in a Recession
Best Standard Chartered Credit Cards in Singapore

In my past life, I was always broke because of a lack of financial literacy. Now, I publish a few posts every week* on personal finance to help you manage your money better. *I mean, I’ll try

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