Standchart eSaver

[Squaredot]

I am still seeing June to July in the pdf

clear your cache and download again see can anot.

 

[sohguanh]

Those can Aug put in SC eSaver 1.5% not bad but must be fresh funds hor. For Sep CIMB fastsaver if can hit 75K is better deal

 

[vsvs24]

clear your cache and download again see can anot.

Can already. Thanks

 

[Squaredot]

Those can Aug put in SC eSaver 1.5% not bad but must be fresh funds hor. For Sep CIMB fastsaver if can hit 75K is better deal

merry go round to freshen it

 

[sohguanh]

merry go round to freshen it

Can you share how to merry go round? How do SC determine fresh funds? Let's give e.g

1. Withdraw 100K out from SC eSaver
2. You FAST in different amounts to make it to 100K and viola it is considered fresh funds ?

My only concern is if the merry go round is detected by SC then one whole month of lost interest by playing this game. To me 100K not small monies

 

[lzydata]

Can you share how to merry go round? How do SC determine fresh funds? Let's give e.g

1. Withdraw 100K out from SC eSaver
2. You FAST in different amounts to make it to 100K and viola it is considered fresh funds ?

My only concern is if the merry go round is detected by SC then one whole month of loss interest by playing this game. To me 100K not small monies

So the concept here is not really fresh funds but incremental balance.

For the current promo, the comparison is to July 2022's average daily balance. If you opened a new eSaver account, this balance is counted as $0.

So it is already a fixed number. If your July 2022 ADB is $1k, and now you put in $100k for 2 weeks, then you earn the bonus interest on the $100k for 2 weeks. Payable at the end of the month.

If your July 2022 ADB was $100k, you must put in additional $x to earn the bonus interest on that money. The $100k just earns the standard interest.

 

[sohguanh]

So the concept here is not really fresh funds but incremental balance.

For the current promo, the comparison is to July 2022's average daily balance. If you opened a new eSaver account, this balance is counted as $0.

So it is already a fixed number. If your July 2022 ADB is $1k, and now you put in $100k for 2 weeks, then you earn the bonus interest on the $100k for 2 weeks. Payable at the end of the month.

If your July 2022 ADB was $100k, you must put in additional $x to earn the bonus interest on that money. The $100k just earns the standard interest.

Precisely I understand the flow. Say I got 100K for July I transfer all out. If I put back this 100K they won't get the 1.5% which means I need to put in 100K + X and only that X get the 1.5%

I was still thinking the other reader know a way to make the July 100K withdrawn go back into eSaver to enjoy 1.5% for Aug

 

[lzydata]

Precisely I understand the flow. Say I got 100K for July I transfer all out. If I put back this 100K they won't get the 1.5% which means I need to put in 100K + X and only that X get the 1.5%

I was still thinking the other reader know a way to make the July 100K withdrawn go back into eSaver to enjoy 1.5% for Aug

Yeah so there is no way to continuously keep the full funds in the eSaver and enjoy the promo rates, have to move out your money for a month or two.

 

[sohguanh]

Yeah so there is no way to continuously keep the full funds in the eSaver and enjoy the promo rates, have to move out your money for a month or two.

Reader post "merry go round to freshen it" so I thought he knows a way so was asking him for tips to share if you follow my replies to his post.

 

[viv4080]

Latest esaver promotion is for August only? Sep rate have to wait until 1st Sep?


Read HWZ Forum Rules!

 

[havetheveryfun]

Yeah so there is no way to continuously keep the full funds in the eSaver and enjoy the promo rates, have to move out your money for a month or two.

Reader post "merry go round to freshen it" so I thought he knows a way so was asking him for tips to share if you follow my replies to his post.

there is way, in the past it was easier to create 2 esavers under same account name. but now seems harder but think it is still possible. cant say too much also, it had been shared before in this thread long ago.

 

[lzydata]

Latest esaver promotion is for August only? Sep rate have to wait until 1st Sep?


Read HWZ Forum Rules!

It is for August AND September, against July balance.

 

[sohguanh]

It is for August AND September, against July balance.

My interpretation slightly different from yours becuz there is a fine print "* “Fresh funds” means funds that do not originate from any existing account with the Bank or funds that are not withdrawn and re-deposited within 30 days of the Promotion Period."

So what I interpret would be Sep check Aug balance. Aug check July balance.
Say July 100K you transfer out. Aug little amount. Sep will see the Aug little amount. Then your July 100K can come in to qualify for the Sep 1.5% This will fit into the statement 30 days of promotional period

 

[lzydata]

My interpretation slightly different from yours becuz there is a fine print "* “Fresh funds” means funds that do not originate from any existing account with the Bank or funds that are not withdrawn and re-deposited within 30 days of the Promotion Period."

So what I interpret would be Sep check Aug balance. Aug check July balance.
Say July 100K you transfer out. Aug little amount. Sep will see the Aug little amount. Then your July 100K can come in to qualify for the Sep 1.5% This will fit into the statement 30 days of promotional period

The Promotion Period is defined as 1 August to 30 September.

 

[sohguanh]

The Promotion Period is defined as 1 August to 30 September.

Then why is the fine print mentioning that magic number 30 days? 30 days is only for one month correct?

 

[lzydata]

Then why is the fine print mentioning that magic number 30 days? 30 days is only for one month correct?

This fresh funds clause is talking about funds that you are transferring from another Stanchart account into the eSaver account. So long as you make it clear that you are transferring into the eSaver from an account with another bank, it will be fine. You are too obsessed with their T&Cs.

 

[sohguanh]

This fresh funds clause is talking about funds that you are transferring from another Stanchart account into the eSaver account. So long as you make it clear that you are transferring into the eSaver from an account with another bank, it will be fine. You are too obsessed with their T&Cs.

It is ok I have done calculation I will still get more if I stick to CIMB fastsaver for the first 75K from Sep onwards and that is lesser headache compared to SC eSaver T&C. I am just curious how SC eSaver works just in case later I change my mind can go back in. For Aug this month basically no chance to get that 1.5% for me.

 

[Kayeesha]

This fresh funds clause is talking about funds that you are transferring from another Stanchart account into the eSaver account. So long as you make it clear that you are transferring into the eSaver from an account with another bank, it will be fine. You are too obsessed with their T&Cs.

I opened a new eSaver account today and was told that if I transferred the funds out and back in again within 30 days, it will not be considered.

 

[lzydata]

I opened a new eSaver account today and was told that if I transferred the funds out and back in again within 30 days, it will not be considered.

Yeah but you wouldn't need to do that right? Since your comparable balance is $0. Any money you have in the account will get bonus interest.

 

[Kayeesha]

Yeah but you wouldn't need to do that right? Since your comparable balance is $0. Any money you have in the account will get bonus interest.

Thanks lzydata. However, I was thinking of withdrawing some funds to apply for the 5-year SGS bond and if it gets refunded, I will deposit it back into eSaver. So, under this scenario, you would not earn any bonus on the funds returned. So, I think eSaver bonus interest is more strict compared to other savings account like HSBC EGA, CIMB Starsaver (previously for months May - Jun). I thought I'd share. Thanks.