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

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. 

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

Table of contents

• How the Wealth $aver Account works
• What are the benefits of the Standard Chartered Wealth $aver Account?
• Wealth $aver Account vs other priority banking accounts
• Standard Chartered Wealth $aver Account eligibility
• How to apply?
• Is the Wealth $aver Account for you?

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 deposit at least S$200,000 in fresh funds  with the bank.

With the Wealth $aver Account, you can earn a maximum of 5.00% p.a. interest:

• Up to 2.50% p.a. interest as part of the Priority Banking Relationship-based interest rate, which is based on the AUM you have with the bank
• Up to 2.50% p.a. interest from the Wealth Booster promotion, where you can earn bonus interest for six months when you invest at least S$200,000 or insure a minimum of S$20,000 in one of the eligible products within a calendar month. For existing Wealth $aver customers, the maximum interest is 1% p.a..  (valid till June 2024)

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

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

However, as part of its Wealth Booster promo, you can earn an additional interest of up to 2.50% p.a. for six months when you invest a minimum of S$200,000 (bonds, structured notes, unit trusts) or purchase an insurance product worth at least S$20,000 within a calendar month. 

Below is the base interest rate you can earn based on your total AUM and Wealth Booster 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. 

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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

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

• You’re at least 21 years old 
• 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:

The cash reward will be awarded within seven calendar months from when you opened the account. 

*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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6. Preferential time deposits

On top of this, you'll also enjoy preferential rates for time deposits. From 1 to 31 May 2024, new-to-bank customers can enjoy the following promotional rate for time deposits with a minimum placement of S$50,000 of fresh funds (maximum S$250,000). Note that S$10,000 in fresh funds must be deposited into your Wealth $aver Account. 

You'll also get to enjoy promotional time deposit rates with a minimum deposit of S$25,000:

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. 

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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. 

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. 

Read these next:

A Full Guide To Priority Banking In Singapore 
HSBC Premier Banking Review: 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