I'm a bit surprised at the fact I cant find any tered on this savings product by Standard Chartered. The interest it offers is super high at up to 4.75% Is there something I'm missing about this product?

Just a summary of the product


*This pic is outdated btw. Just lazy to change

Base Bonus: 0.05% pa
Save Bonus: 0.90% pa - Deposit RM 3,000 per month
Spend Bonus: 0.90% pa (for debit card) & 0.90% pa (for credit card) - Spend a min of RM 1,000 on the credit card and min of 5 retail transaction on the debit card
Invest Bonus: 2.0% pa - Subscribe a minimum of RM 30,000 of Unit Trust/Islamic Unit Trust (“UT”) or Purchase Eligible Insurance/Takaful Policy with a minimum annual premium/contribution value of RM 30,000

Campaign has been extended to 31st Jan 2022 with new T&C (Pls look at the latest edit below). All bonus interest cap is up to RM100,000 for each category

Note:
SCB has changed their TnC for the 2.0% bonus interest for the unit trust investment. As of Jan 2020, the 2.0% only applies on the balance in the account up to a maximum of RM20k only if you only invest RM1k a month.

It is only when investing RM6k a month that the 2.0% bonus interest wilo apply on max RM100k limit together with the other 2 bonus categories

More information: https://www.sc.com/my/deposits/psa/

Everyone talks about OCBC 360 giving 4.1%, but what about this?

Common Questions
1) Does the product require a debit card?
Yes. This is pretty much the standard for most high yielding account, including the Privilege$aver. The charge is RM8 per year. The card also is required if you want to setup the Internet banking function.

Existing SCB customers usually don't need a new card. It should just a switch of the debiting account would be enough.

2) Is the RM3k deposit spendable after depositing it into your account?
Yes. So as long as its a fresh fund, you can just spend the money after it's deposited. However, there doesn't appear to have a cooldown time mentioned in the TnC.

3) Does debit card spending entitle me for the bonus interest/profit
No. The bonus interest/profit only applies to SCB credit cards.

As of Feb 2021, yes. 0.90% p.a.

Feel free to suggest more common questions with answers about this account.

===================================================

EDIT: Why is the post reported for incorrect section? The OCBC360 tered, which talks about a similar product is on the same forum too.

EDIT 2: SCB appears to have not cut their rates even after BNM's OPR rate cut of 0.25%, which is kinda surprising as most major banks already begun chopping rates across their savings products. The closest competitor to this PrivilegeSaver, the OCBC360 has interestingly cut their rates by double the OPR cut, which is 0.50% to 3.60%.

So if you are able to deposit RM 3k into this product and spend a min of RM 1k on an SCB CC. You can earn up to 4.0% on your deposits. The additional 2% from insurance or UT investments of RM 1k monthly would probably be a bonus if you can afford it monthly.

EDIT 3: BNM has just cut their OPR again by 25 bps (0.25%) 3/3/2020. Expect to see SCB amending their TnC for this product in the near future. Maybe the rates might even get cut.

EDIT 4: Updates from Standard Chartered from the Movement Control Order (MCO)

Notification of Printed Paper Statements

Due to the Movement Control Order (MCO) announced by the Government, the printing of statements will be delayed. Normal service will resume upon the lifting of the MCO. Please expect delays in receiving your statement.

For Current Account, Savings Account and Credit Card customers, you can register for online banking in order to view your statements online.
Click here to learn more.

If you require any assistance, please do not hesitate to contact our client care centre at 1300 888 888 or +603 7711 8888 (if you are calling from overseas).

https://av.sc.com/my/content/docs/my-notifi...-statements.pdf

Revision of Investment Transaction Cut-off Time during Movement Control Order (MCO)

Thank you for entrusting your wealth and continue to bank with us. We are working hard to ensure all our services are available to you during the MCO with minimal disruption. All our branches will remain open under the revised operating hours from 9.30am to 3.00pm, Monday to Friday as safety measures to ensure the well-being of our clients and staff.

In line with the above move to work closely with the relevant authorities to reduce transmission risk, the Unit Trust Investment transaction cut-off time will also be revised accordingly. All duly completed unit trust transaction instruction(s) received on or before 11.00am will be process on the same Business Day. Submission after 11.00am will be processed the next Business Day. This will commence with effect from 25 March 2020 to 14 April 2020.

As precautionary measures, we encourage you to try our investment phone transaction capabilities or SC Mobile App where selected investment capabilities are conveniently available.

Should you require any assistance or clarification, please reach out to your respective Relationship Manager. Rest assured, additional precautionary measures are in place to safeguard your health when you visit us.

https://av.sc.com/my/content/docs/my-revisi...ut-off-time.pdf

EDIT 5: Revision of Terms & Conditions of Privilege$aver Campaign

Please take note, effective 1 May 2020, base interest rate of Privilege Savings Account and base profit rate for SuperSalary-i will be revised as follows;

Clause 9
Base rate for Privilege Savings Account and SuperSalary-i is revised from 0.50% to 0.10% p.a.





Clause 14
Eligible Account holders can earn up to 5.60% p.a. (from 6.00% p.a.) in the promotion account based on total interest/return earned from the Base Rate and
total Bonus Rates on all Bonus Categories of Deposit, Card Spend and Wealth Management as seen in Table 1 above.

https://av.sc.com/my/content/docs/my-notice...ivilegeaver.pdf

Revised T&C for PSA:
https://av.sc.com/my/content/docs/my-privilegeaver-tnc.pdf

EDIT 6: Revision of Terms & Conditions of Privilege$aver Campaign
Interest drop again liao. Take note

Please take note, effective 1 Sep 2020, Deposit Bonus Interest of Privilege Savings Account /Deposit Bonus Hibah of Super Salary-i and Credit Card Spend Bonus Interest will be revised as follows:
Clause 11
Table 1.
• Deposit Bonus Interest/Hibah will be revised from 2.00% p.a. to 1.50% p.a. with average balance cap of RM 200,000 during the month
• Credit Card Bonus Interest will be revised from 1.50% p.a. to 1.00% p.a.

[b]EDIT 7: Revision of Terms & Conditions of Privilege$aver Campaign
Revision to Privilege$aver Campaign Terms and Conditions
-1 Feb 2021- 31 Jan 2022

Interest drop again. I think most account holders will probably fly to other alternative high yielding accounts already

Dear Valued Clients,
Kindly be informed that the Terms and Conditions of Privilege$aver Campaign will be revised as follows effective 1 February 2021:



New PSA T&C: https://av.sc.com/my/content/docs/my-privilegesaver-tcs.pdf

Announcement link: https://av.sc.com/my/content/docs/my-revisi...ampaign-tcs.pdf





This post has been edited by Eurobeater: Jan 12 2021, 11:31 AM

noticed this in the TnC on the site...
The above rates are valid until 10 January 2020.
https://www.sc.com/my/deposits/psa/

I've been under this Privilege Saver account since last year. Been lucky because standard chartered bank staffs came to our company to offer us this account. And the rate is good.

For me
1. I changed my salary account from MYB to SC to get the 2.00% rate p.a.
2. I applied for 360 reward credit card from them as well. All compulsory expenses (utilities) and recurring transaction (monthly donation and insurance premium payment) >1k goes to my 360 reward credit card to get 1.50%. PLUS, spending up to 1.5k, I could get an additional 5000 reward points.


Total up I have 4% p.a.

Just make sure you have the discipline not to overspend the money in this saver account, otherwise, you will not see the growth of money you earned from the 6% rate p.a.

This TnC document says it has been extended again. Taken from the SCB website

Went to open account today ,been told by staff must have debit card only can get the interest 0.5 + 2
Any idea?

i get four percent/12 every month.

extended

seems like they reward you more for spending more than saving more....
is the OBCB 360 revolves around this same system too?

everymonth in fresh fund RM3000
everymonth spend with their cc RM1000
everymonth buy their insurance or UT products RM2000 RM1000

This post has been edited by MUM: Jan 16 2020, 01:22 PM


Attached thumbnail(s)

What's wrong with getting their debit card? Isn't this standard for any CASA you open in any bank?

You also need the card to register for internet banking in just about any bank, I think.

UT investment or Insurance premium min monthly contribution is just 1k.

I feel like these conditions are generally within the reach of most people middle income salaries and I do want to get in on it. But, the fact that no one talks about this vs the OCBC 360 makes me wonder if there is any drawbacks other than meeting their conditions

yes, RM1000 amended my post

I think the limitations is that, many had their own insurance policy purchased else where,
so are Unit trust......not sure of the sales charges imposed....
also unknown to their CC annual charges compared to other card issuers...
unless those with eligible income/expenses and are interested, are still un insured, new to CC's fees variances and new to buying UT on line...then they may join in.

seems like this campaign had been on since 2016

This post has been edited by MUM: Jan 16 2020, 01:33 PM

What's the point i get debt card while i not even use it ,and nid to pay for rm8 p.a. ?
I already have their acc,online banking ,credit card
I dont nid it to register for online

Cannot just cancel it the next day?

Also, RM8 je. The basic interest alone can cover it rd lol

Nobody mentioned this... Withdrawal at any MEPS ATM with no cost! Best la.

The staff told me that, it will not charge any annual fees for that atm card..

The 2% from Wealth is only valid for 12 months. Existing users who's benefited from it previously might no longer be eligible for it and would be capped to 4%.

oh really...
good info indeed

because SC machine not everywhere got..
it's mostly Tiger & Sotong in many places...

If balance more than 30K
It's worth to invest RM 1000 to any unit trust with charger 2.5%.

I already have the SCB with 6% interest and until July 2020.

Deciding open another super salary-i account and invest another 1k unit trust every month in order to get the 6% interest of balance 100K for 12 month.

Already check with banker. They said as long open and invest before Feb can entitled 6% for 12 months.

They gave me a Liverpool debit card.. dont they have others? Im not a fan lahhh

You might want to recheck again as Clause 26 of the T&C states that when there are 2 eligible accounts, only the first account will get the bonus interest.

Already check with my SC banker.
She said 2 different account type entitled.
Privilege Savings Account (SCBMB) and Super Salary-i (SCB)(Promotion Account)

2 option
1 is liverpool
Other just a green card
I think Liverpool looks nicer

I see.. just an update...

Need to bank in RM1500 to entitled for free meps withdrawal

If u got bank in 3k fresh fund for the bonus interest , should be meet this 1.5k also

Knew this would come but not expected it to come this early. Effective 1st Feb, SCB is revising its terms for Invest/Insure to 6,000 monthly for the extra 2% bonus interest (still capped at 100,000). The RM 1,000 invest/insure still entitle you the extra 2% but capped at first 20,000 savings only.

BNM just annouced a rate cut. Don't know if it will cause SCB to start dropping rates, but be prepared lol

Dropped by Taipan Subang branch to enquire about their ever mysterious 2% invest/insure option:
i. Insurance/savings plan
It's a 60 month/5 year plan partnering with Prudential, you get to pick from select Eastspring funds to allocate money into. About 20 of them all together including local equity, global equity, local bond and janky global high yield bond. I stopped the banker there before he got all excited about a savings plan with India and China funds.

ii. UT
RM1000 a month @ 2.5% sales fee. No lock in period can stop/start anytime. Sales fee can be reduced to 1.5% for whole tenure if lumpsum RM5,000 the first month and subsequently RM1,000 monthly.

From the top of my head (I was shown the funds from screen) - funds houses Aberdeen, AmInvest, Eastspring, Principal, Franklin, Templeton, RHB. Notably missing are Areca, Kenanga and United. All in about 190 funds, with some of them wholesale which require qualification of HNWI based on RM3mil AUM or 300k annual income.

Based on my calculation (hope it's right) with RM20,000 average balance in account, you'll be earning back the sales fee 4th month onwards if RM5000 initial lumpsum was done to lower the sales fee to 1.5%.


*Invest interest 2% per month derived from simple calculation 20000*0.02/12

Update: 1.5% sales fee is a promo and not eligible to get 2% interest for invest portion

This post has been edited by roarus: Feb 18 2020, 07:12 PM

Any PRS funds available? Also, not sure if worth it to park RM12k per year in UT if there is a RM20k cap starting from February 2020.

No PRS - cumulatively you get back more than sales fee 4th month onwards assuming the 1.5% sales fee offer is good and the invest portion remains at 2%

Great info.

If you purchase RM1000 UT monthly, the extra 2% is only for money up to 50K. If you purchase RM3000 UT monthly, it goes up to 100K

The info I got was:
1k/mo = 20k cap
6k/mo = 100k cap

The website, https://www.sc.com/my/deposits/psa/, Privilage$aver savings account does not state the terms and conditions, as well as the required documents, for opening this savings account.


1) What is the minimum initial deposit, needed to open this saving account?


2) What is the minimum required account balance, that needs to be maintained every month, in order to avoid the monthly fall-below fee (if any)?


3) For the requirement of depositing min RM3000 per month into PrivilegeSavings Account to get 2.0% pa, can I use IBFT (instant transfer) to credit RM 3000 to this account, and then a few seconds later, transfer the money via IBFT to other bank?

As such, do I still get 2.0% pa of savings account interest as usual?


Thank you very much for your clarification.

This post has been edited by kart: Jan 31 2020, 11:16 AM

Does anyone have both conventional and islamic version of the privilege saver?

For islamic account, does the conventional credit card spending qualified for the bonus interest for islamic account?

reporting myself here since ocbc 360 no longer attractive

Is it possible to sign up for this account online? SCB branch is very far from my place (124 km).

I have already 2 credit card from SCB and thus an online account.

This post has been edited by Gabriel03: Feb 2 2020, 11:26 PM

you can try but i couldn't find it in my online banking portal.
you can also register your interest online, select your preferred branch and prolly someone will approach you.
i went to mall and sign up with SCB agent booth at Queensbay, Penang

This post has been edited by Sumofwhich: Feb 3 2020, 08:20 AM

Hi, do you mean you sign up the deposit account via booth ?

Did they give you a debit card on the spot?

Does reload bigpay via SC credit card count as 1k spending?
Thinking to change from ocbc360 but I try not to hit 1k spending on credit card.

Delete

This post has been edited by digimon09: Feb 3 2020, 03:59 PM

Yup. I got the lfc design debit card

Yup.

I think can. SCB does say e wallet reload counts

Eurobeater digimon09
Thanks!

Found this article when googling for more detail, yet to read in detail but the author suggest the 2% from investing unit trust/insurace is not worth it.
https://medium.com/dplanners/kaypoh-cheats-...nt-9dd907a6a6db

Wow, this is the most detailed review ever, but what if I deposit exactly 100k, while everything else remains the same, will the return looks better?

I did the exact same analysis as the guy did, with the only difference being that the starting capital was 99k instead of 10k. There is also no randomness in the starting balances for each month. The reason I did this is to calculate the theoretical maximum you can earn as the Maximum Deposit Balance that is eligible for the interest rate is capped at 100k.

In this case, you stand to earn more due to the interest acting on a much larger amount of starting capital. The effective interest is 4.92%. This is wayy higher than all FDs and the bond fund itself.

Ofc, you do need to have a lot of starting capital to begin with. It's probably why there are harsh conditions in the first place. The product is to cater to those who have plenty of money to spare.

My analysis

SC has changed the terms for invest portion to be 2% capped at MAB:
i. RM20k for 1k invest monthly
ii. RM100k for 6k invest monthly

Fuhh, guess the return will be worsened alot.
To counter this: 1k credit card spending onto ewallets, and withdraw back to bank.

No. Still no news yet. Says will mail drop or sign with courier service to collect

In the meantime, can you access your account? Start depositing?

Still kosong, not listed yet

Then let me take that init account.

If you invested 1k a month into the UT and only earn 2% on 20k rather than the whole 100k. This is what you will earn in effective interest. 3.66%


However, if you really have the money and can throw in 6k into UT investment. Things look a bit different. Because of the increase of the monthly UT investment. I had to recalculate the value of the UT investment after 1 year at 4.0% annualised rate. Also, I've increased the monthly deposit to 7k in the account to keep it from dropping below the monthly average balance of 100k since the UT is taking 6k every month.

4.38%



This post has been edited by Eurobeater: Feb 3 2020, 09:41 PM

You mean that you applied at SCB branch and they gave you the debit card on the spot? Therefore, you can start using the full potential of the account right away.

When did you signed up at the booth?

This post has been edited by Gabriel03: Feb 3 2020, 10:59 PM

Sweet tables, did some number crunching based on your format and decided to do a lumpsum into a local bond fund via a 0% sales fee online platform

For condition #1 - bank in RM3k for 2%,
if beginning of the month I bank in RM3k, but next day I withdraw RM3k, still entitled?

not sure why got 2 threads - https://forum.lowyat.net/topic/4439367/

but yes - the RM3k can be used. I use it to settle my credit card bills

great info! for the UT investment, is it the sales charge is the only cost to it? or is there other charges like mgmt fee, etc?

1 general on all high yield....
this is particular to SCB one

OK - although i would suggest post#1 be updated with the FAQ from the general post like

1. Must get a debit card
2. The RM3k can be used

This post has been edited by zenquix: Feb 4 2020, 11:55 AM

Thanks!

So...says if we have 100k to put into this, and not intend to get extra 2% from UT.
I put in 3k to activate 2% deposit bonus rate, spend 1k to activate 1.5% spending bonus rate = 4% rate
But since 1.5% spending bonus rate cap at 100k, so any extra $ after 100k is only getting 2.5%.

Perhaps can withdraw out the extra 2k, maybe to another SC privillage$saver account or OCBC360.

https://av.sc.com/my/content/docs/my-revise...er-campaign.pdf

***

(b) Card Spend
Bonus Interest Rate on credit card spend is applicable to all SCBMB credit cards (“qualifying SCBMB Credit
Card”).
The Bonus Interest Rate on credit card spend is only applicable for retail transaction charged to the
qualifying SCBMB Credit Card (“Retail Transactions”). For avoidance of doubt the following Retail
Transactions will not be entitled to the Bonus Rate:
• Cash Advance
• Balance transfers
• Easy Payment Plan monthly instalments
• Income tax payments
• Payments to loans or credit facilities or deposit accounts
• Payments to Government bodies
• Any credit card fees and charges (including annual fees, interest charges, administrative fees, cash
advance fees)
• any amount charged to your linked credit card in that calendar month that is subsequently cancelled,
voided or reversed. Balance owing on the qualifying SCBMB Credit Card(s) from previous or other
months and
• Any other amount charged to the credit card as may be determined by SCBMB from time to time

***

Will SCB Liv CC topup to BigPay entitled for Bonus Interest ?? or BigPay is considered Credit Facilities / Deposit acc ?

BP entitled for bonus interest

I only know Boost able to withdraw with 5% admin charges. and bigpay withdraw is RM6. Any other ewallets allow withdraw ?

boost charges UPTO RM2

Thanks ! cause i though it was no capped at 2%!

I also found out BP is cheaper at MR0.50

Usually they do. But some based on money market and bonds maybe not.

last Friday. Agent told me submitted and will take 2 weeks lol.
I told her I needed to transfer my funds hoping she will help speed up the process, but prolly nope =.=

This post has been edited by Sumofwhich: Feb 5 2020, 06:25 AM

Hi all sifu,

Just now I went to the SC branch the so called investment manager told me that the sales charge is 2.5% for all funds, regardless it’s bond fund or not. Can anyone please confirm this? I thought the sales charge is 1% then I can consider to invest in UT.

Thank you

Received sms of account being opened, not bad Friday signed up with agent, following Weds account opened

Boost charge 2% processing fee up to max rm2.
https://support.myboost.com.my/hc/en-us/art...obile_site=true
BigPay/Boost/shopeePay

This post has been edited by smartfreak: Feb 6 2020, 02:17 AM

umobile gopayz...0 charge. cap 1.5k daily.

But gopayz can't be top up using credit card.

I also wondering the same thing. The SC staff told me only one account can enjoy the full benefits if you have both PSA and Super Salary-i account and the other can get base interest only. Do let me know if you guys found out this is not true.

3rd Feb around 5pm went to QB SC booth to register the Account.
7th Feb 10am, received sms stated that account is ready, also for the online access. Now waiting them to send debit card to me.

T&C # 26 states that - In the event where the customer opened two (2) or more eligible Promotion Accounts, Bonus Rate will be to the first of such active Promotion Account opened with SCBheld by Eligible Accountholder.
It's consistent with what the SC staff have said.

Thanks for pointing this out. I just noticed this when I read back the T&C.

Dropped by Saadiq branch, informed they have no Privileage$aver, just got some different name with exactly the same thing. Will be trying it out =)

Yup, the Islamic version of the Privilege Saver is Super Salary-i.

For a bank that has very few branches in Msia, they don't want to mix Islamic and conventional banking in the same branch unlike the other local banks like Maybank, CIMB, etc.

Last Friday, I went to KL Main Branch to open the account and they almost denied me because the address on my IC is not in KL. They wanted to me to go to the nearest branch located in the same state as my IC address.

The only reason that I managed to open an account is due to the fact that I have already a credit card (+ on9 banking) with them.

Applying credit card with this bank is a lot easier than opening a saving account. No wander some people tend to spend more than save.

This post has been edited by Gabriel03: Feb 10 2020, 11:42 AM

so here's my very simplified cons of Privilege$aver (versus Unit Trust):

(1) I would only keep very little liquid cash in my bank account, enough to keep me going for a few months. A bulk of my savings goes into my Unit Trust which although is riskier, would earn a much higher yield than 6% per anum if i keep for the long run.
(2) The sales charge of my unit trust investment is only 1.5%. investing with SC is 2.5%.
(3) I already have existing insurance & existing unit trust. doesn't make sense to get another set. this drops my potential Privilege returns by 2%. This strengthens point (1).
(4) I've used SC credit card before and had to cancel because the rewards and cashback pales in comparison to MBB cards. this drops my potential Privilege returns by another 1.5%. This strengthens point (1).
(5) One month FD rates in Malaysia is already at 2.7%. The basic Privilege savings is only at 2.5% (say i don't get the credit card and the investment/insurance).
(6) There is a life span on this offer up to 31st Jan 2021.

Anyway, i'm honestly open to rebuttals. I too am considering this Privilege$aver scheme because i like the idea of consolidating all my finances under just one bank. But there just isn't a good reason to do it with this Privilege$aver program.

4% easy to achieve + monthly cashback can give you 110 max.

Actually SCB credit cards currently are among the easiest way to earn cashback. Don't just look at %. Liverpool FC gives you 5% if you spend 2k, AND accepts BigPay reloads, so you can guarantee RM50 (the cap) every month. Effective cashback 2.5%.

Can other CC give more than that, not for any and all spend. E.g. monthly insurance, TNB payment, government payment et. al.

Just opened this yesterday. They call it 'super-salary', so it doesn't pay out interest but profit. I was assured that everything is the same (RM3k deposit for +2%, RM1k spend for +1.5%)

Funnily enough Saadiq branch doesn't do CC at all....

This post has been edited by LostAndFound: Feb 11 2020, 09:43 AM

Sifu sekalian, just read back few pages, here is my take, we should only invest in UT if we deposit extra 6k monthly into it, otherwise just deposit normally and earn 4%. Is that right?

Deposit 3k and spend 1k to earn 4%.

Anyone free gift if open acc at QB SC Booth?

topup to bigpay, bigpay to gopayz

FYI, for those who already have credit card with SCB and already have online account can opt for no debit card. it just that you can't withdraw money from ATM, you have to transfer to other bank if you wish to withdraw.

Not quite correct. You can opt of debit card if u already have cc.

U can withdraw from your credit card by selecting current account.

But please take note that. For PSA u won’t earn the 1.5% if u do not have a debit card.

And their debit card is free.

Thanks useful info.

When i open the account in the branch on 5th Feb, the officer told me that debit card is not free, RM8 per annum and I will still get 1.5% as long as i spent 1k on credit card.

U sure the debit card is free? I've never heard of any bank offering that before. Even SCB

Oh ok got it, thanks.

U mean now u go without debit card?

Then u won’t earn the interest of 1.5%

Give it a try and see how it goes next month. 2nd of March would show already whether u have it or not.

My partner encounter exactly the same. The officer at first say no need etc. Then end up not getting.

U mean u never heard any bank offers free debit card?

😂😂😂

Time to visit a branch with kind souls.

So far my exposure to banks is just 4 XD And all 4 have asked for RM8