First News
Volume:8, Number:04
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Business & Finance 2

Standard Chartered Targets Older Clients with New Offering in Singapore

Standard Chartered Bank is chasing the silver dollar in Singapore, with a new bank offering that is targeted only at those aged 55 and older. Dubbed the MyWay program, applications for the offer opened on July 17. After a strategic review of its retail bank - ing business last year, the bank homed in on certain segments. Statistics show that one in four will be a senior citizen by 2030, up from one in eight now. Talking to hundreds of customers and non-customers aged 55 and older, the bank found that it boils down to health, giving back to society, and retirement needs. A deposit that is more than USD50,000 and up to USD1 million earns 1.08 percent, and the next deposit of more than USD1 million – capped at USD5 million – earns 1.28 percent. Married couples can sign up for a joint account, but at least one person must be 55 and older.

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