STC Bank Launches Smart Saver & Finance Tools for Customers
▼ Summary
– STC Bank has launched two Shariah-compliant products, Smart Saver and Smart Finance, to simplify saving and borrowing for customers.
– Smart Saver is a digital savings account that uses round-ups and recurring transfers to help customers save effortlessly while offering competitive profit rates.
– Smart Finance provides instant, digital microfinancing from SAR 3,000 to SAR 50,000 with flexible repayment terms and a skip-installment option.
– Both products are designed to be fully digital, transparent, and accessible, targeting digitally savvy customers and those seeking Shariah-compliant solutions.
– STC Bank is evolving from a digital wallet to a full-service bank, with plans to expand into personal finance and other solutions to support diverse customer financial goals.
STC Bank has introduced two new Shariah-compliant financial tools, Smart Saver and Smart Finance, designed to help customers manage their money more effectively. These digital products focus on simplifying saving habits and providing flexible financing options, all while adhering to Islamic banking principles. The launch underscores the bank’s commitment to delivering accessible, customer-focused solutions that support both short-term needs and long-term financial health.
Smart Saver offers a modern approach to building savings with minimal effort. This digital account uses an automatic round-up feature, where everyday transactions are rounded to the nearest Saudi Riyal and the spare change is transferred directly into savings. For instance, if you spend SAR 18.50, the amount rounds up to SAR 19.00, and the extra SAR 0.50 goes straight into your Smart Saver account. Over time, these small contributions can grow significantly. Customers can also set up recurring transfers, such as moving SAR 500 each month on payday, to ensure consistent saving without manual input. The account provides competitive profit rates of up to 4 percent, with daily profit accruals paid out monthly. There are no minimum balance requirements, no maintenance fees, and no restrictions on withdrawals, making it a hassle-free tool for growing personal savings.
The service is aimed at tech-savvy individuals looking for straightforward, Shariah-compliant saving options. It is open to all STC Bank customers aged 18 and above who have completed the required verification and hold an active account.
On the financing side, Smart Finance delivers instant, paperless access to funds for a variety of needs. Whether it’s covering medical bills, education costs, travel, or other personal expenses, this digital solution offers financing from SAR 3,000 to SAR 50,000, with repayment terms stretching from 3 to 24 months. Approval is immediate, and the process is entirely digital. A standout feature is the skip-installment option, which allows customers to defer one monthly payment during the loan term without extra charges, adding valuable flexibility.
These new offerings are part of STC Bank’s broader transition from a digital wallet to a full-service Islamic bank. The shift began with the rollout of Smart Finance, which set the standard for quick, transparent, and responsible microfinancing. By focusing on customer needs and Shariah compliance, the bank has built a solid foundation for future growth.
Looking ahead, STC Bank plans to expand into personal finance products that go beyond micro-loans, catering to a wider range of financial requirements while maintaining regulatory compliance and ethical lending practices. The bank’s roadmap also includes additional financing solutions aimed at helping individuals and families reach more substantial life goals. Through a blend of innovative technology and customer insight, STC Bank aims to become a reliable financial partner for Saudis at every stage of their financial journey.
(Source: Economy Middle East)
