Standard Bank is updating its popular UCount Rewards programme to accommodate even more personal banking clients. As of 1 March 2022, clients with international offshore accounts will earn UCount Tiering Points monthly. This is just another way the bank is giving customers additional value.
“Our international savings and investment accounts are popular products among our clients,” says Head of South African Distribution for International Personal Banking at Standard Bank, Erik Olwagen. “And we don’t want any Standard Bank members to be losing out on possible benefits and rewards. It made sense to include offshore accounts in the existing UCount Rewards programme.”
Standard Bank provides international banking solutions that include investing, fiduciary services, and wealth management in safe jurisdictions. The offshore products that qualify for the reward system are the Optimum, Platinum Optimum, Seafarer, and Call Account, as well as structured product accounts that maintain a minimum balance of assets under management (AUM). These products will help members earn more monthly rewards Tiering Points.
Understanding the new rewards
To qualify for the monthly rewards points, clients must hold one of the above-mentioned offshore banking accounts and maintain a minimum AUM balance. Based on a customer’s monthly activity and the number of Standard Bank products and services they use every month; they will automatically get Tiering Points and be positioned in one of five tiering levels. The more products and services they use, the higher their tiering level will be, and the more UCount Rewards points they’ll earn from qualifying purchases.
The five Tiering Points levels are broken down as follows:
• With an AUM balance of R0 to R24 999, clients earn 25 monthly Tiering Points.
• With an AUM balance of R25 000 to R49 999, clients earn 50 monthly Tiering Points.
• With an AUM balance of R50 000 to R99 999, clients earn 75 monthly Tiering Points.
• With an AUM balance of R100 000 and above, clients earn 100 monthly Tiering Points.
Monthly Tiering Points are capped at 100.
For example, if a customer has a Standard Bank credit card and spends a minimum of R1 000 for the month, they earn 50 Tiering Points according to the local accounts reward system. If the customer also has an offshore bank account with a balance of R100 000, they’ll earn an additional 100 Tiering Points, bringing their monthly rewards total to 150 Tiering Points.
Important benefits for client
Currently, members earn rewards points on spend whenever they use a qualifying personal credit, cheque, or debit card. Clients also earn points for shopping at rewards retail partners and can redeem points for vouchers, or shop online using a rewards card. The changes mean Standard Bank clients now have more opportunities to earn rewards, so they can get even more value out of their offshore accounts, and the UCount Rewards programme.
“We want our clients to be able to benefit from banking, saving, and investing offshore,” says Olwagen. “Our customers will have peace of mind, knowing Standard Bank is the right financial services partner for their offshore solutions.”
Visit ucount.standardbank.co.za to find out more about the UCount Rewards programme and how to earn monthly points.