Standard Chartered UAE has launched SaveMore, a new savings account, aimed at rewarding customers for the longer they keep their saving deposits with the bank.
Based on transactional behaviour of the account, customers of the SaveMore account will earn 2% p.a. each month for the first two consecutive months which then doubles to 4% p.a. from the third consecutive month onwards provided no debit transactions are made to the account.
Additional benefits of the account include an international debit card to pay for purchases or to withdraw cash, daily compounded interest so customers earn interest on interest and universal access to the account through phone banking, online banking, mobile banking and the bank’s branches.
The SaveMore account recognises the overall banking relationship of the bank’s customers. Customers belonging to segments where minimum relationship balances are applicable shall benefit from having any funds held in the SaveMore account considered as part of their total relationship balance.
Syed Hammad Haider, general manager of retail banking products at Standard Chartered Bank UAE said: “The SaveMore account has been set up after extensive research was carried out in to what consumers would like from a savings account. With this account, we offer the best features of any savings product on the market and reward customers that keep their money saved for longer by increasing the interest rate payable to them. The launch of the account highlights our strategy of putting customers first by tailoring our products according to their needs.”