Standchart eSaver

[V_for_Vanilla]

There seems to be some error for Exclusive Bonus Crediting. I am under the 3.8% p.a. until 30th June 2023 promo. It is supposed to be on the entire ADB and not incremental month-on-month ADB.

I got 2 lines for 28th February:

CR Interest
Bonus Interest Payment for 2023-02

The CR interest is correct at about 0.05%p.a. of my February ADB.
But the Bonus Interest Payment for 2023-02 is very off and I cannot reconcile it. It is about 0.2% p.a. of my February ADB.

I am hoping for the additional Exclusive Interest to come about 10th March and hopefully added together will be 3.75% p.a.

Last month, I got 1 line CR Interest on 31st January (0.05% p.a.) and 1 line Exclusive Bonus Interest on 10th February (3.75% p.a.). Added together was correct at 3.8% p,a, on January's entire ADB.

The line 'Bonus Interest Payment for 2023-02' based on my calculation is likely based on 3.8%.

 

[zippo1979]

the INCREMENTAL ADB condition is only for the normal 3.8% promo under Clause 6. This clause is not found in the exclusive promo TNC.

https://av.sc.com/sg/content/docs/sg-esaver-tnc.pdf

 

[zippo1979]

The line 'Bonus Interest Payment for 2023-02' based on my calculation is likely based on 3.8%.

haha.. mine is only 0.2% p.a.

 

[zippo1979]

my guess is their system messed up.. and possibly considered incremental ADB for February 2023 on top of January 2023's for the Exclusive Invite batch.

let's see.

 

[zippo1979]

They could have changed their mechanics of their interest calculation to be consistent.

So:
28th Feb = They give 0.05% Base Interest for all clients
28th Feb = They give 3.75% Bonus interest for all client (based on INCREMENTAL ADB approach)
20th Mar = They give the dued Exclusive Bonus Interest for Exclusive Clients (based on full balance approach - what was already paid out on 28th Feb).

This is my guess so I will not contact my RM until I see what happens on 20th March.

As long as Item 2 + Item 3 = 3.75% p.a. on my entire Feb balance, that's fine.

 

[V_for_Vanilla]

They could have changed their mechanics of their interest calculation to be consistent.

So:
28th Feb = They give 0.05% Base Interest for all clients
28th Feb = They give 3.75% Bonus interest for all client (based on INCREMENTAL ADB approach)
20th Mar = They give the dued Exclusive Bonus Interest for Exclusive Clients (based on full balance approach - what was already paid out on 28th Feb).

This is my guess so I will not contact my RM until I see what happens on 20th March.

As long as Item 2 + Item 3 = 3.75% p.a. on my entire Feb balance, that's fine.

For me I got the 4.20% invite on 21st Feb. And the promo specifically says "From now till 31 July......" So I take it the 4.2% takes effect from 21st Feb and overrides the 3.8% right away. However the T&C say,

"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 31‌ March 2‌023 is at least S$100,000 higher than the end-of-day deposit balance on 31‌ January 2‌023,."

Which means bank may still have to wait till after 31 Mar in order to ascertain if I qualify for the 4.20% promo, and then pay out the difference between 4.20% and 3.80% for the period from 21st Feb onwards.

 

[Squaredot]

the exclusive promo does not have incremental ADB condition. It is on entire balance. I know what you are suggesting, but it should not apply to the exclusive invite. Hence possibility of system messup with what you are suggesting.

Prevailing and Bonus Interest Rates

3. Under this Promotion, you will be eligible to receive prevailing interest (“Prevailing Interest”) on your entire deposit balance (“Deposit Balance”) in the Qualifying Account(s), at the prevailing interest rate of 0.05% p.a.

4. In addition to Prevailing Interest, if you meet the eligibility criteria in Clause 2 above, you will also earn the relevant bonus interest ("Bonus Interest") at the relevant bonus interest rates as stated in Clause 5 (each such rate to be referred to as 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, subject to the following:

a. The ADB in your Qualifying Account(s) is used to determine the amount of Bonus Interest you are entitled to receive during the Promotion Period; b. ADB is the sum of end-of-day account balances of all days in a particular calendar month, divided by the number of days in that month, where “end-of-day account balances” means account balances as of 2359 hours of each day

I know what I'm talking about. I don't have any issues with exclusive promotion. No system mess-up for me.

 

[V_for_Vanilla]

see post #3966

I didn't see any in my Inbox. May have deleted it accidentally as Inbox is always full of transaction notifications.

 

[havetheveryfun]

So far I recall Stanchart's bonus interest always credit at start of month.

i mean those who were invited separately one, the normal esaver is start of the month

 

[zippo1979]

I know what I'm talking about. I don't have any issues with exclusive promotion. No system mess-up for me.

but do u agree that incremental ADB does not come into play for Exclusive Promo?

 

[zippo1979]

I know what I'm talking about. I don't have any issues with exclusive promotion. No system mess-up for me.

and you already got your full 3.8% total interest for February's balance? that's fast.

 

[cherry6]

yes WE HAVE THE SAME ISSUE

i got 0.05% base interest and 0.2% bonus interest.

supposed to be total 3.8% p.a. Don't worry at least now we know is confirmed system issue. Just wait till 20th before contacting RM i guess

Quote dumb this SCB system.

Outdated and obsolete.

Why pay interest after 20 days when everyone else is paying latest, by the next working day.

If so, why not give 20 days grace period for credit card bill payment also, does the CEO salary also arrive 20 days late? ‍

If they had set their records straight, would have paid the 3.8% (on full balance) to all the invited customers and 3.8% to ADB for non invited customers.

Shows that their computer system is not ready for the offers that they advertise and creates a lot of anxiety in customers and not least, their own staff who have to handle additional admin work as a result.

There is loss of trust in the bank as a result of such problems as well.

Everyone should call in ASAP to enquire what happened, until they post out apology messages on all their communication channels to stop their staff from going crazy, answering phone calls.

 

[Mickey01]

There seems to be some error for Exclusive Bonus Crediting. I am under the 3.8% p.a. until 30th June 2023 promo. It is supposed to be on the entire ADB and not incremental month-on-month ADB.

I got 2 lines for 28th February:

CR Interest
Bonus Interest Payment for 2023-02

The CR interest is correct at about 0.05%p.a. of my February ADB.
But the Bonus Interest Payment for 2023-02 is very off and I cannot reconcile it. It is about 0.2% p.a. of my February ADB.

I am hoping for the additional Exclusive Interest to come about 10th March and hopefully added together will be 3.75% p.a.

Last month, I got 1 line CR Interest on 31st January (0.05% p.a.) and 1 line Exclusive Bonus Interest on 10th February (3.75% p.a.). Added together was correct at 3.8% p,a, on January's entire ADB.

mai kan cheong ...... there is this clause in the exclusive bonus interest invite

"7. The Bonus Interest shall be credited to your Qualifying Account(s) in single or multiple credit transactions by the 20 calendar date of the following month (the“Bonus Interest Crediting Date”), provided that your Qualifying Account remains valid and in good standing as at the Bonus Interest Crediting Date.

 

[3XTR3M1ST]

Anyone tried calling up SCB and request to be invited for the higher rates?

 

[cherry6]

There seems to be some error for Exclusive Bonus Crediting. I am under the 3.8% p.a. until 30th June 2023 promo. It is supposed to be on the entire ADB and not incremental month-on-month ADB.

I got 2 lines for 28th February:

CR Interest
Bonus Interest Payment for 2023-02

The CR interest is correct at about 0.05%p.a. of my February ADB.
But the Bonus Interest Payment for 2023-02 is very off and I cannot reconcile it. It is about 0.2% p.a. of my February ADB.

I am hoping for the additional Exclusive Interest to come about 10th March and hopefully added together will be 3.75% p.a.

Last month, I got 1 line CR Interest on 31st January (0.05% p.a.) and 1 line Exclusive Bonus Interest on 10th February (3.75% p.a.). Added together was correct at 3.8% p,a, on January's entire ADB.

Maybe its like shopee coins refund for damaged or non delivery of purchase items. They always forget to refund and if u don't email or speak to them, then they pretend that customer has forgotten leow.

 

[BlackTortoise]

Applied e-saver yesterday but till now still no received login ID/Password but hor I tried to login with old ID & password still can login. However, need further verification has to download SCB app which I did not download onto my hp. Last time I had e-saver account. Is it normal?

 

[Hulky8]

Quote dumb this SCB system.

Outdated and obsolete.

Why pay interest after 20 days when everyone else is paying latest, by the next working day.

If so, why not give 20 days grace period for credit card bill payment also, does the CEO salary also arrive 20 days late? ‍

If they had set their records straight, would have paid the 3.8% (on full balance) to all the invited customers and 3.8% to ADB for non invited customers.

Shows that their computer system is not ready for the offers that they advertise and creates a lot of anxiety in customers and not least, their own staff who have to handle additional admin work as a result.

There is loss of trust in the bank as a result of such problems as well.

Everyone should call in ASAP to enquire what happened, until they post out apology messages on all their communication channels to stop their staff from going crazy, answering phone calls.

lots of ppl called up scb to enquire about non Pymt of bonus interest rates
According to a frd who works there (no name mentioned plse )this is the game they play
eg lock yr money up by withholding bonus interest pymt which is legally their rights as per the terms n conditions,so that you can’t move yr fund to another place.They are fully aware HSBC’s EGA has a 1st March to 31st March promotion giving up to 4.70% on fresh fund…..make sense to me if more of their client hold back before they pull out to HSBC,,,,

 

[havetheveryfun]

lots of ppl called up scb to enquire about non Pymt of bonus interest rates
According to a frd who works there (no name mentioned plse )this is the game they play
eg lock yr money up by withholding bonus interest pymt which is legally their rights as per the terms n conditions,so that you can’t move yr fund to another place.They are fully aware HSBC’s EGA has a 1st March to 31st March promotion giving up to 4.70% on fresh fund…..make sense to me if more of their client hold back before they pull out to HSBC,,,,

tot even if u shift out to other place u will still get the bonus interest for the month u kept it there for full.

 

[i_dun_understand]

Applied e-saver yesterday but till now still no received login ID/Password but hor I tried to login with old ID & password still can login. However, need further verification has to download SCB app which I did not download onto my hp. Last time I had e-saver account. Is it normal?

Yes, if system has your old record, then will not receive any temp ID or password.

Unless you are totally brand new to bank relationship then shld receive it.

 

[chiokcc]

SCB should just implement a "tracker" for users to keep tab on all these various promos.