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

If I choose not to get SC Debit Card, am I still eligible to get the additional Save Interest of 2%, assuming that I will deposit RM 3000 once per month via IBFT into my Privilege$aver savings account?

Thank you for your information.

This post has been edited by kart: Mar 9 2020, 06:07 AM

Thank you for your reply, GrumpyNooby. Sigh, that is just too bad.


Since I am not interested at all in card spend interest of 1.5%, my sole focus is just Save Interest of 2%.


I believe that the annual fee of SC debit card is RM 8.00. And, I only intend to keep less than RM 1000 in Privilege$aver savings account. If I have any more disposable income, I will just keep in ASNB, or invest it.


If my intended balance in Privilege$aver savings account is less than RM 1000, Save Interest of 2% and the base interest of 0.5% are inadequate to offset the annual fee of SC debit card of RM 8.00.


Note that I already have access to SC online banking website, since I have JustOne Personal Savings and Current Account, without SC Debit Card.


Sigh, maybe Privilege$aver savings account is not suitable for me.

This post has been edited by kart: Mar 9 2020, 07:39 AM

I am not as rich as many other posters in this forum, so my intended balance in Privilege$aver savings account is less than RM 1000.


Yeah, some people may have the opinion that SC debit card has no annual fee.


Then again, it is better to rely on the actual real-life experience of SC Privilege$aver savings account customers without any SC debit card.

If after 1 year of having this savings account, the savings account eStatement shows that there is no debit card annual fee to be paid by the customers, then we will believe that there is no debit card annual fee.

This post has been edited by kart: Mar 9 2020, 07:48 AM

LostAndFound

I already have several basic savings accounts, with no-annual-fee debit cards.

Most of my disposable income is in Maybank M2U Savers. After twice cuts in OPR, the interest rate is now just 1.35%.

So, I am looking for a savings account with higher interest rates. If I have more than RM 1000 that I do not intend to use in next few months, I would save the money in ASNB, or invest in PRS.


In short, I do not need more than RM 1000 of money for easy withdrawal and ad hoc spending. This Privilege$aver account is meant to bridge the gap between my BSA and ASNB, and acts as a compromise between liquidity and high interest rate.

This post has been edited by kart: Mar 9 2020, 12:07 PM