Latest news with #UsmanKhalid
Business Times
5 days ago
- Business
- Business Times
StanChart brings maximum interest rate on savings account to record 8.05%
[SINGAPORE] While local banks are dropping their interest rates on savings accounts, Standard Chartered Bank (StanChart) has raised its rates to an all-time high. Its revised interest rates, which took effect on Jun 1, is a two percentage point increase to 8.05 per cent, from 6.05 per cent previously. This is the highest rate available in the industry for comparable savings accounts. Conversely, local banks such as UOB and OCBC trimmed the interest rates on their respective savings accounts last month to align with 'long-term interest rate environment expectations'. Bonus$aver, StanChart's flagship deposit account, features a tiered interest rate structure, rewarding clients who deepen their engagement with the bank through activities such as salary crediting, card spend, insurance and investment. A new enhancement to the investment category will allow equity trades of at least S$20,000 through its online trading service, SC Online Trading, to qualify for interest alongside unit trust purchases. Account holders will still have to fulfil several criteria to earn the bonus interest rates – including crediting a minimum monthly salary of S$3,000 and spending a minimum of S$1,000 on eligible credit and debit cards. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up With the new rates, account holders who meet the criteria are now able to earn a bonus interest rate of 1.5 per cent each year, up from 1 per cent, for card spend and salary credit. They will also have to be insured and investing with the bank, where they can enjoy interest rates of up to 2.5 per cent. While its base interest rate of 0.05 per cent remains unchanged, interest rates across all other engagement pillars were raised to provide 'additional value to clients'. With all conditions met, clients are able to earn the maximum interest rate of 8.05 per cent on the first average daily balance of S$100,000. 'By integrating banking with wealth solutions, we're offering clients a smarter way to grow their savings while deepening their relationship with the bank,' said Usman Khalid, global and Singapore head for deposits, mortgages and payments at StanChart. The inclusion comes with the bank's effort to recognise the growing interest in stock trading. The lender said that new client acquisition jumped 50 per cent in 2024. Its online trading platform also saw a rise of more than 65 per cent in trading volumes last year. For the first time, the bank is also offering shares tied with new clients opening a deposit account from now till Jun 30. Besides opening the account, they would also have to apply for a Bonus$aver World Mastercard credit card with a deposit of minimally S$50,000 in fresh funds. These new clients will then receive 50 units of SPDR Straits Times Index ETF, which is the first locally created exchange-traded fund. 'The Bonusaver headline rate matches the overall relationship value clients have with Standard Chartered, covering daily banking as well as wealth solutions,' said Khalid. 'While we continuously monitor macro trends, this holistic approach allows us to sustainably offer such a proposition, rewarding clients who choose us as their primary banking partner.'
Independent Singapore
5 days ago
- Business
- Independent Singapore
Standard Chartered Bank boosts Bonus$aver maximum interest rate to 8.05%, bucking savings interest rate trend
Standard Chartered SINGAPORE: Standard Chartered Bank is going against the downward trend in savings interest rates in the city-state by raising its maximum rate for its Bonus$aver savings account to 8.05% per year. The increase from 6.05% took effect on Sunday (June 1), Channel News Asia (CNA) reported. Banks typically follow the monetary policy decisions of the US Federal Reserve. Since the Fed began cutting rates last year due to uncertain economic conditions, banks have lowered the interest rates paid to savers. But Standard Chartered is doing the opposite by raising its rates. When asked why it is doing so and whether the move was sustainable, the bank told CNA that its 'headline rate matches the overall relationship value' with clients, including daily banking and wealth services. Usman Khalid, the bank's global and Singapore head for deposits, mortgages and payments, said this approach lets them sustainably offer rewards to clients who choose the bank as their primary banking partner. See also Three ways to Save up on All-Time High Petrol Costs in Singapore To get the bonus interest, account holders must meet certain conditions. They need to credit a salary of at least S$3,000 a month, spend at least S$1,000 a month on eligible credit or debit cards, and have investments or insurance with the bank. One change is that equity investments of at least S$20,000 made through the bank's online trading platform now count for the investment category. The bank said the change follows a noticeable rise in trading interest, with new client acquisition up 50% in 2024 compared to the year before. Account holders who spend at least S$1,000 a month on eligible credit and debit cards can now earn a 1.5% bonus interest rate, up from 1%. The bonus interest rate for salary credits also increased to 1.5% a year, up from 1% before. In addition, account holders who invest or get insured can now earn a 2.5% bonus, compared to the previous 2%. The bonus interest rates apply to the first S$100,000 of savings. /TISG Read also: Netizen calls Meta's AI tool for advertisers a 'waste of time and space' amid launch plans next year
Arab News
23-04-2025
- Sport
- Arab News
Busy period ahead for Saudi Arabian cricket
Thailand: The Saudi Arabian senior men's cricket team is in Malaysia to play in a Quadrangular T20I series against Malaysia, Singapore and Thailand. For the latest updates, follow us @ArabNewsSport The tournament gets underway on Thursday, April 24 at the Bayuemas Oval in Kuala Lumpur. Saudi Arabia will face Thailand at 10 a.m. followed by Malaysia against Singapore at 2 p.m. Each team will play the others twice to determine the final and third place play-off contestants. These matches will be on May 2. Saudi Arabia last played in a T20 international tournament in December 2024. That was the Gulf Cricket T20I Championship in Dubai, involving the UAE, Kuwait, Bahrain, Oman and Qatar, where the Saudi team produced an outstanding result against the UAE, the strongest team in the tournament. Saudi Arabia made 182 for 8 in their 20 overs, Usman Khalid made 57 from 40 balls and the lower order all hit out strongly. The UAE compiled a third-wicket partnership of 144 and seemed to be cruising to victory, but Usman Najeeb claimed 4 for 25 as Saudi Arabia won by 11 runs. This was their third victory in five matches, but Kuwait beat Oman, causing the Saudi team to miss out on a place in the final. Usman Khalid impressed throughout the tournament, scoring 185 runs. Faisal Khan hit 166 runs, including 13 sixes, at the best strike rate of 182. Usman Najeeb took 10 wickets and Ishtiaq Ahmed had the best match figures in the tournament of 4 for 12. Saudi Arabia's T20 credentials were displayed in early 2024 in Bangkok where the team won the second edition of the ACC Men's Challenger Cup, part of the qualification pathway for the 2025 Asia Cup. In the final, Saudi Arabia beat Cambodia by five wickets, both teams qualifying for the ACC Premier Cup. In the Challenger Cup third place play-off in 2024, Singapore beat Japan by eight wickets. Singapore's most recent T20I series was a 3-0 home defeat by Bahrain. In February 2025, the team played 50-over cricket in the Cricket World Cup Challenge League Group B, part of the qualification process for the 2027 World Cup but lost nine of ten matches and were eliminated. Malaysia won the ICC T20 World Cup Asia A Qualifier on home soil in September 2024 but failed to win a single match when hosting a T20I tri-series against Bahrain and Hong Kong in March 2025. Bahrain beat Hong Kong by six wickets in the final, having become the first team in T20I history to fail to score a run in a super over play-off against the same opponents earlier in the tournament. Thailand is the fourth team in the competition and has been a regular opponent for Saudi Arabia, who proved their superiority in the Challenger Cup and then in a series in Bangkok which followed. Saudi Arabia's most recent contest against Thailand came in the Asia Qualifier B for the ICC T20 World Cup played in November 2024 in Doha when the Saudis defeated Thailand by five wickets. Neither team progressed from the tournament, both recording three wins and three defeats in six matches. Faisal Khan again showed his power with 18 sixes, while he and Abdul Waheed both hit centuries. Thailand have an improving side, which includes three Indians who are involved in the coaching set-up as well as playing for the national team. Austin Lazarus is the captain and Akshaykumar Yadav opens the batting. All-rounder Nilesh Salekar was head coach of the Thailand women's team for a World Cup qualifier in Lahore. Malaysia are currently ranked 26th in the ICC world rankings. Saudi Arabia are ranked 32nd, so could move into the world top 30 with a series of victories. Singapore are 38th and Thailand 55th, so it should be a closely contested tournament with all four teams offered the opportunity to move significantly in the world rankings. If recent form is a guide, then Saudi Arabia has reason to be optimistic. Concurrently with the senior tournament, Saudi Arabia's young cricketers are getting the chance to compete in a high-quality under-16 cricket tournament arranged by the Asian Cricket Council. It is being held in Doha, Qatar, with matches played between April 23 and May 5. The ACC U-16 West Zone Cup will feature the six best teams in the region playing in a five-match league. Saudi Arabia will play 50-over matches against Oman, Qatar, the UAE, Kuwait and Bahrain, with a final in which the top two teams face each other to decide the eventual winners. This will be a tough test for the Saudi Arabian youngsters as they lost all five matches when the tournament was last held in Dubai in March 2023, when hosts the UAE, finished as champions after winning all five of their matches.
