Standchart eSaver

[magicming]

Look like a lot like me are wondering and that's why I chatted CSO but no confirmation until the Bonus payment...Anyway whatever done is done for Sep so we are just risking the fund there till 20th Oct in this case. I would surely raise an dispute if SCB turns down as I still think nothing wrong, hopefully no need.

Actually I was paid normal interest and bonus interest on 30 Sept already. But I don’t know how to calculate.

 

[changruihao]

Actually I was paid normal interest and bonus interest on 30 Sept already. But I don’t know how to calculate.

On last day of the month any interest paid is for ALL customers. Meaning is 0.05 + any incremental u had. Then on the 20th, they will check if u are under invitation exclusive promo. If u are, they calculate interest on whole balance 3.55%. Minus the 0.05% u got on the last day of prev month and minus the incremental interest u get also and tiap u the difference. But total u will get is 3.55

 

[magicming]

Ya i agree also. Thats why called 2nd time.
But just to confirm my understanding. The calculation date is 31st oct. I 30th oct(monday working day) top up 100k criteria is still satisfied right?

If u look at eSaver statement, they will have closing balance on 30 sept, 31 Oct etc. To me, end of day balance on these dates must be the closing balance stated. So, as long as transfer in by say 10pm on say 30 Sep, will be good enough. My 2 cents.

oops. 30 sept is Saturday. On Saturday, better do transfer in the morning. Some banks got earlier cut off time.

 

[magicming]

On last day of the month any interest paid is for ALL customers. Meaning is 0.05 + any incremental u had. Then on the 20th, they will check if u are under invitation exclusive promo. If u are, they calculate interest on whole balance 3.55%. Minus the 0.05% u got on the last day of prev month and minus the incremental interest u get also and tiap u the difference. But total th u will get is 3.55

Oh I see. Thanks so much. I never understood why the bonus split into 2 parts.

 

[Devilsire]

On last day of the month any interest paid is for ALL customers. Meaning is 0.05 + any incremental u had. Then on the 20th, they will check if u are under invitation exclusive promo. If u are, they calculate interest on whole balance 3.55%. Minus the 0.05% u got on the last day of prev month and minus the incremental interest u get also and tiap u the difference. But total u will get is 3.55

3 parts to be exact.
Last day = "Base Interests"
Last day/First day = "Bonus interests" on incremental bal (based on marked ADB mth every cycle) *Public offer for all Esaver*
18-20th = "Exc Bonus Interests" whatever balance interests one is enrolled into after - Base + Bonus interests. Nett total of the 3 will always be the promised invited interests rate

 

[magicming]

3 parts to be exact.
Last day = "Base Interests"
Last day/First day = "Bonus interests" on incremental bal (based on marked ADB mth every cycle) *Public offer for all Esaver*
18-20th = "Exc Bonus Interests" whatever balance interests one is enrolled into after - Base + Bonus interests. Nett total of the 3 will always be the promised invited interests rate

Thanks so much for your clear explanation!

 

[d5dude]

Thanks so much. That’s what I thought. But Redglue23 mentioned in couple of posts above a different mechanism with email confirmation.

No idea what other different mechanism is he referring to. The TnC I posted was for the 3.65% exclusive invite, and that has no incremental ADB requirement.

 

[royalmix]

For the Sep 2023 3.65% selected offer, will be on incremental ADB compared to July 2023 ADB. This is in addition to the 31 Aug-30 Sep +S$100K. No where was July ADB requirement mentioned in the t&c offer, I was only told about this "hidden" July 2023 ADB requirement when I went to the bank. Got a black and white email confirmation from SCB branch manager. I did not want to risk another FIDReC fight, not that I will lose, but it is a f waste of my time.

SCB really must brush up their act and their promo t&c, even the branch RM is blur about the 3.65% promotion mechanism, I had to correct the branch RM multiple times and read the t&c for her. I encourage everyone to feedback to MAS on how SCB is running their CASA promotions.

3 parts to be exact.
Last day = "Base Interests"
Last day/First day = "Bonus interests" on incremental bal (based on marked ADB mth every cycle) *Public offer for all Esaver*
18-20th = "Exc Bonus Interests" whatever balance interests one is enrolled into after - Base + Bonus interests. Nett total of the 3 will always be the promised invited interests rate

Those on invite:

Because SCB pay you interest in 3 portions, there appears to be an unwritten rule so SCB can pay u the second portion of the interest.

Normal esaver accounts gets interest in 2 portions:
1. base interest and
2. bonus interest based on incremental ADB (to calculate this, SCB needs to compare your current mth ADB to the comparison mth ADB, if there is no increment, no interest).
3. Those on invite gets a special higher interest rate, this total rate less portion 1 & 2 is paid on the 20th. If you dun get portion 2, imply there is no incremental BI, so you get the balance (ie 3.65 less 0.05) on the 20th.

Hope this clears the "misunderstanding"!

Interpretation from a third party - me with no invite but kaypoh lol!

 

[dango_daikazoku]

Pro siah, didn't know ADB and last day balance so technical

If got BankA using ADB and BankB using month end balance, both same interest rate, I can put BankA 100k for 29 days and BankB on the last day, then collect almost 200% interest from both sides?

 

[magicming]

No idea what other different mechanism is he referring to. The TnC I posted was for the 3.65% exclusive invite, and that has no incremental ADB requirement.

I agrée. And the written terms is what I’ll follow. RMs and CSOs have so much info to absorb. They are less likely to read the eSaver promo terms as throughly as customers. Who have vested interests.

 

[dango_daikazoku]

The previous promotion is compared with the last day of previous month instead of ADB of previous month.

e.g.
01 Sep - $100,000
30 Sep - $1,000
The Incremental Balance is compared with $96,700 (ADB of Sep) instead $1,000 (30 Sep).

The eg is based on ADB right? Conflicting with your first sentence?

 

[dango_daikazoku]

Priority no need to maintain min sum, otherwise it's $1k min. Fall-below fee $5 quite high..

Hear say if it's$0 during month end, they won't charge you anything .

 

[dango_daikazoku]

For the Sep 2023 3.65% selected offer, will be on incremental ADB compared to July 2023 ADB. This is in addition to the 31 Aug-30 Sep +S$100K. No where was July ADB requirement mentioned in the t&c offer, I was only told about this "hidden" July 2023 ADB requirement when I went to the bank. Got a black and white email confirmation from SCB branch manager. I did not want to risk another FIDReC fight, not that I will lose, but it is a f waste of my time.

SCB really must brush up their act and their promo t&c, even the branch RM is blur about the 3.65% promotion mechanism, I had to correct the branch RM multiple times and read the t&c for her. I encourage everyone to feedback to MAS on how SCB is running their CASA promotions.

Can you f her upside down and make her invite me to the promo as well if not you will lodge official complain

 

[dango_daikazoku]

Look like a lot like me are wondering and that's why I chatted CSO but no confirmation until the Bonus payment...Anyway whatever done is done for Sep so we are just risking the fund there till 20th Oct in this case. I would surely raise an dispute if SCB turns down as I still think nothing wrong, hopefully no need.

Call to clarify then ask them send you email with the correct version.

 

[dango_daikazoku]

I have been on the 3.55% Special Esaver Invite from 1st July to 30th September 2023, with the ONLY condition being each month's MONTH END BALANCE must be higher than 30th June's day end balance.

There is no incremental ADB comparison and the 3.55% p.a. is paid on the entire account balance. The only thing to watch is the bonus interest(s) can be split into 2 components to be paid out, but when added together, it will be 3.50% + 0.05% (base) = 3.55% p.a.

I have now been invited for a similar 3.55% Special Esaver Invite from 1st October 2023 to 31st January 2024, where the ONLY condition being 31st October's end of day balance must be $100k above 30th September's end of day balance.

Once again, no mention of any ADB comparison.

I have saved a copy of the TNCs to be safe, but from my observation of the July to September workings, I would not be too worried about it.

I hope Redglue23 'hidden clause' is a miscalculation or a system glitch because it would definitely result in a significant loss to me since my August or September ADB would be high as I was participating in the earlier Special Invite too.

Any idea how I can be invited for the promo too?

 

[dango_daikazoku]

huh, sure anot?

​ Dear Valued Client, As our valued client, you can earn up to 3.65% p.a. interest for 5 months on your e$aver balances. From now till 31 January 2‌024, you will earn interest on balances in your eligible e$aver account(s) in the manner as set out below. Simply top up your account with fresh funds^ of minimum S$100,000 by 30 September 2‌023, such that your deposit balance on 30 September 2‌023 is at least S$100,000 higher as compared to your deposit balance on 31 August 2‌023, to qualify for the promotion.​

e$aver Exclusive Bonus Interest (September 2‌023) Promotion Terms and Conditions:

This e$aver Exclusive Bonus Interest (September 2‌023) Promotion ("Promotion") is available starting from 1 September 2‌023 to 31 January 2‌024 ("Promotion Period"). This communication sent to you, notifying you of the Promotion and inviting you to participate in this Promotion ("Invitation Notice"), is non-transferrable and only existing customers who have received the Invitation Notice from the Bank are eligible for this Promotion. Your existing e$aver, e$aver Kids! and/or World Partner Savings account(s) of which you are the primary account holder, and any new e$aver, e$aver Kids! and/or World Partner Savings account(s) which you open as the primary account holder during the Promotion Period, shall be collectively referred to as "Eligible Account(s)" and each, an "Eligible Account".

To qualify for the Promotion, (i) you must have received the Invitation Notice, (ii) you must deposit fresh funds^ into your Eligible Account(s), such that the end-of-day deposit balance on 30 September 2‌023 is at least S$100,000 higher than the end-of-day deposit balance on 31 August 2‌023, and (iii) your Eligible Account(s) must be validly existing, in good standing, and conducted in a proper and satisfactory manner at all times including at the time of crediting of Bonus Interest (as defined below). Where these requirements are satisfied, your Eligible Account(s) shall be referred to as "Qualifying Account(s)".

In addition to prevailing interest of 0.05% p.a. ("Prevailing Interest") earned on your entire deposit balance in the Qualifying Account(s), you may earn the relevant bonus interest ("Bonus Interest") at the bonus interest rate of 3.60% p.a. ("Bonus Interest Rate") on the first S$5,000,000 of the average daily balance ("ADB") in your Qualifying Account(s) during the Promotion Period. The Bonus Interest Rate shall apply from 1 September 2‌023 to 31 January 2‌024 (both dates inclusive). Any amount of ADB exceeding S$5,000,000 shall earn the Prevailing Interest only. Visit the link above for full terms and conditions that apply.

If the invitation sent via email only or you will get a message on the app/website also?

 

[CaptainWu]

Call to clarify then ask them send you email with the correct version.

I am on Exclusive Bonus interest invite and chatted CSO the T&C https://www.sc.com/sg/terms-and-conditions/esav-s23/ is correct. No need for ADB comparision for Bonus interest as long as end month balance for Sep > Aug for 100k with fresh fund.

 

[magicming]

If the invitation sent via email only or you will get a message on the app/website also?

This time mine was sent by email only.

 

[magicming]

Any idea how I can be invited for the promo too?

Previously I ever share my thoughts. But got some nasty comment from some other poster.

 

[dango_daikazoku]

Previously I ever share my thoughts. But got some nasty comment from some other poster.

Can pm me please?