Banking Privilege$aver by Standard Chartered, up to 4.75%, Seems like so few people talk about it
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 Jan 16 2020, 09:19 PM
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#1
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Probation
8 posts Joined: Jan 2020 
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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%.
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Jan 17 2020, 12:43 AM
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#2
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Probation
8 posts Joined: Jan 2020
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QUOTE(jieGeGe @ Jan 16 2020, 10:38 PM) If balance more than 30K 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.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.  |
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Feb 9 2020, 05:29 PM
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#3
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Probation
8 posts Joined: Jan 2020
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QUOTE(smartfreak @ Feb 7 2020, 02:09 PM) 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. 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. |
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Feb 11 2020, 04:20 PM
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#4
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Probation
8 posts Joined: Jan 2020
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QUOTE(sewjin @ Feb 10 2020, 01:47 PM) so here's my very simplified cons of Privilege$aver (versus Unit Trust): 1. Would compare Privilege$aver returns with an FD since it's secured rather than with UT. UT comparison would be with equities IMO(1) I would only keep very little liquid cash in my bank account, enough to keep me going for a few months. A bulk of my savings goes into my Unit Trust which although is riskier, would earn a much higher yield than 6% per anum if i keep for the long run. (2) The sales charge of my unit trust investment is only 1.5%. investing with SC is 2.5%. (3) I already have existing insurance & existing unit trust. doesn't make sense to get another set. this drops my potential Privilege returns by 2%. This strengthens point (1). (4) I've used SC credit card before and had to cancel because the rewards and cashback pales in comparison to MBB cards. this drops my potential Privilege returns by another 1.5%. This strengthens point (1). (5) One month FD rates in Malaysia is already at 2.7%. The basic Privilege savings is only at 2.5% (say i don't get the credit card and the investment/insurance). (6) There is a life span on this offer up to 31st Jan 2021. Anyway, i'm honestly open to rebuttals. I too am considering this Privilege$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$aver program. 2. This would depending on i. amount investing per month & ii. amount in the Privilege$aver account. If putting the bare minimum investment per month (6k), and having the maximum in the account - 100k. You would still have a nett gain. If you are already paying 1.5% sales charge elsewhere, the additional cost is 1% which you will make up from the 2% additional interest 3. True if you do not intend to invest anymore from your current portfolio. And unless you do it monthly for 12 month, I would tend to agree that it's not worth it. 4. Not sure about other cards that SC has. But the benefits/savings from VI is worth it 5. Personally, my break even point would be to complete the Savings & Spend option at a bare minimum. Anything less makes the benefit from the account not attractive enough 6. It gets renewed on an annual basis, mostly with the same conditions [although this time around the up-ed the Invest amount]. All one can hope for that it continues. |
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Feb 11 2020, 05:46 PM
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#5
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Probation
8 posts Joined: Jan 2020
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QUOTE(christie_ang @ Feb 11 2020, 05:33 PM) May I know when your wife open the account? The T&Cs shared was for after Feb. As Cookie mentioned, T&Cs isn’t on your side for this one unfortunately. No matter what others say, the bank can just refer to the clause to support their decision (although there’s of course that’s small off chance they give an exception)I just get to know from one of the agent, they mentioned that before feb, it's compulsory to get debit card, after feb it's optional. |
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