Standchart eSaver

[konan~]

yup. its confusing because the bonus, exclusive bonus are credited differently for certain months, for different invites / public rate
For my examples,
31 Dec Bonus
19 Jan Exc Bonus
31 Jan Bonus
10 Feb Exc Bonus
16 Mar Exc Bonus

Never mind. So long the correct amount come in can already. I probably got to wait until end May when my invite expires to receive another invite.

 

[maumu]

I had 6.4k ADB for Jan2023 and 82.3k ADB for Mar 2023 (not funded in Feb23)

on 31 Mar, I received $3.49 being the 0.05% Base interest on 82.3k

another $241.7, being 3.75% * 31/365 * (82k Mar ADB less 6k Jan ADB)

soomething does not seem correct ... or i dont understand how that "Exclusive Bonus invitation" works

Don't bother. Just wait till the exclusive interest is credited on 20th. Add all together and tie to your expected interest.

yeah SC eSaver thingy is really quite a mess. dunno how they break down their BI into.

 

[oceanicmanta]

Don't bother. Just wait till the exclusive interest is credited on 20th. Add all together and tie to your expected interest.

from Oct22 to Jan23, the interests (base + prevailing) credited on last day of every month tallied to the invited rates of 1.8% n 3.8%

as such have never received a third credit of interest on 20th

this Mar Bonus Interest crediting seems to be using the current public eSaver mechanism .. referencing Jan ADB

CSO say have to ask relevant dept which takes 5 work days and my Apr ADB will b compared to Mar ADB for the Bonus Interest ... with that I emptied my eSaver !!

 

[vsvs24]

from Oct22 to Jan23, the interests (base + prevailing) credited on last day of every month tallied to the invited rates of 1.8% n 3.8%

as such have never received a third credit of interest on 20th

this Mar Bonus Interest crediting seems to be using the current public eSaver mechanism .. referencing Jan ADB

CSO say have to ask relevant dept which takes 5 work days and my Apr ADB will b compared to Mar ADB for the Bonus Interest ... with that I emptied my eSaver !!

Because previous cycles invite rate was higher than public rate. When it became same as public rate 3.8%, I think their system seems mess up.

If you look back at beginning Mar, a few people had the same issue. But when the exclusive interest came in, total ties up.

 

[Mickey01]

I had 6.4k ADB for Jan2023 and 82.3k ADB for Mar 2023 (not funded in Feb23)

on 31 Mar, I received $3.49 being the 0.05% Base interest on 82.3k

another $241.7, being 3.75% * 31/365 * (82k Mar ADB less 6k Jan ADB)

soomething does not seem correct ... or i dont understand how that "Exclusive Bonus invitation" works

not to worry .... everything will tie in by 20th Apr. I have had such BI credit formula before - Dec 2022 & Jan 2023.

 

[Hulky8]

not to worry .... everything will tie in by 20th Apr. I have had such BI credit formula before - Dec 2022 & Jan 2023.

Wonder why Scb doesn’t want to make things easier for both customers n staff..
Just 1 central payment of 3.8% or rates promised on individual e-mail at month end?
Will save lots of query I m sure

 

[DevilPlate]

Wonder why Scb doesn’t want to make things easier for both customers n staff..
Just 1 central payment of 3.8% or rates promised on individual e-mail at month end?
Will save lots of query I m sure

HSBC, RHB also randomly delay their bonus crediting.

so far Esaver i received between 16-18 every month.

 

[sohguanh]

HSBC, RHB also randomly delay their bonus crediting.

so far Esaver i received between 16-18 every month.

Maybank iSavvy between 5-10 of the following month for bonus interest

 

[sohguanh]

Wonder why Scb doesn’t want to make things easier for both customers n staff..
Just 1 central payment of 3.8% or rates promised on individual e-mail at month end?
Will save lots of query I m sure

Becuz they chut pattern to target some customers as priority and give different treatment. As software developer the more pattern the tougher it is for us to get it right as more scenarios to handle. This is bank marketing strategy and IT implement to fulfilled their promise to customers.

 

[wutawa]

2k minimum balance

just leave $0 balance lor

 

[travbug]

Just sharing this is how I managed to recompute my esaver interest in the last few months, and I'm on the 3.8% email invite.

2 types of interest credited at end of month
#1. CR interest - this is the 0.5% base interest on ADB
#2. Bonus interest - this is the interest computation based on public promo scheme available at the point in time. So for example, for the interest credited on 31 Mar, it will be 3.75% x (Mar ADB - Jan ADB) x 31/365 days. So if there is no incremental ADB for the 2 months being compared, you will get 0 bonus interest.

3rd interest credited in the following month
#3. Exclusive bonus interest - this is for those with email invites. It will pay you the remaining interest that you are entitled to. So it will be (3.75% x ADB x no of days in month divided by 365) minus interest already paid in #2 above

When I add up interest paid in #1, #2 and #3, it tallied to the 3.8% interest specified in my email invite.

Note: 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

 

[maumu]

Just sharing this is how I managed to recompute my esaver interest in the last few months, and I'm on the 3.8% email invite.

2 types of interest credited at end of month
#1. CR interest - this is the 0.5% base interest on ADB
#2. Bonus interest - this is the interest computation based on public promo scheme available at the point in time. So for example, for the interest credited on 31 Mar, it will be 3.75% x (Mar ADB - Jan ADB) x 31/365 days. So if there is no incremental ADB for the 2 months being compared, you will get 0 bonus interest.

3rd interest credited in the following month
#3. Exclusive bonus interest - this is for those with email invites. It will pay you the remaining interest that you are entitled to. So it will be (3.75% x ADB x no of days in month divided by 365) minus interest already paid in #2 above

When I add up interest paid in #1, #2 and #3, it tallied to the 3.8% interest specified in my email invite.

Note: 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

thanks! your explanation tallies with my interests credited on 31 March

so we'll just have to wait for the remaining 'balance' to be credited by 20 April.

 

[oceanicmanta]

Just sharing this is how I managed to recompute my esaver interest in the last few months, and I'm on the 3.8% email invite.

2 types of interest credited at end of month
#1. CR interest - this is the 0.5% base interest on ADB
#2. Bonus interest - this is the interest computation based on public promo scheme available at the point in time. So for example, for the interest credited on 31 Mar, it will be 3.75% x (Mar ADB - Jan ADB) x 31/365 days. So if there is no incremental ADB for the 2 months being compared, you will get 0 bonus interest.

3rd interest credited in the following month
#3. Exclusive bonus interest - this is for those with email invites. It will pay you the remaining interest that you are entitled to. So it will be (3.75% x ADB x no of days in month divided by 365) minus interest already paid in #2 above

When I add up interest paid in #1, #2 and #3, it tallied to the 3.8% interest specified in my email invite.

Note: 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

if only the CSO explained it this way, I wld have accepted it

they really beat around the bush with this process

... especially my invite rate n public rate are the same

might as well move to other eSaver to get public rate & total interest earlier

 

[travbug]

thanks! your explanation tallies with my interests credited on 31 March

so we'll just have to wait for the remaining 'balance' to be credited by 20 April.

Yes, this is how I think they compute the interests.

If you like, you can try to recompute Feb interest to see if my theory is correct, by changing the days computation to 28/365 days. So, for Feb interest,

Bonus interest credited on 28/2 = 3.75% x (Feb ADB - Jan ADB) x 28/365 days
Exclusive interest credited in March = 3.75% x Feb ADB x 28/365 days minus Bonus interest already received

 

[maumu]

Yes, this is how I think they compute the interests.

If you like, you can try to recompute Feb interest to see if my theory is correct, by changing the days computation to 28/365 days. So, for Feb interest,

Bonus interest credited on 28/2 = 3.75% x (Feb ADB - Jan ADB) x 28/365 days
Exclusive interest credited in March = 3.75% x Feb ADB x 28/365 days minus Bonus interest already received

yes your explanation also works for Feb, albeit for my case the difference in ADB for Jan and Feb is too small to generate a significant 28 Feb interest ($0.01).

thanks for solving this mystery

just curious why is Jan ADB used as a reference and not other months?

 

[travbug]

if only the CSO explained it this way, I wld have accepted it

they really beat around the bush with this process

... especially my invite rate n public rate are the same

might as well move to other eSaver to get public rate & total interest earlier

I think the CSO aren't very sure themselves. I also called them when the promo first started but did not get a convincing answer. So I just trial and error, and somehow managed to recompute the interest numbers.

To me, the invited rate is still better than public rate, as it is based on ADB instead of INCREMENTAL ADB. The additional interest is #3 Exclusive interest paid. Also, I don't need to be concerned with whether there is incremental balance and I'm still entitled to 3.8% on my account balances. I can move my money around with no concerns.

 

[oceanicmanta]

I think the CSO aren't very sure themselves. I also called them when the promo first started but did not get a convincing answer. So I just trial and error, and somehow managed to recompute the interest numbers.

To me, the invited rate is still better than public rate, as it is based on ADB instead of INCREMENTAL ADB. The additional interest is #3 Exclusive interest paid. Also, I don't need to be concerned with whether there is incremental balance and I'm still entitled to 3.8% on my account balances. I can move my money around with no concerns.

good point about ADB vs Incremental ADB !

CSO just kept referencing current TnC & incremental ADB ... dont seem to be aware or care to check the Exclusive Invite TnC and explain from there

 

[travbug]

yes your explanation also works for Feb, albeit for my case the difference in ADB for Jan and Feb is too small to generate a significant 28 Feb interest ($0.01).

thanks for solving this mystery

just curious why is Jan ADB used as a reference and not other months?

For #2 Bonus interest, this is based on the esaver promo available to the public. The Feb and Mar interest is based on Jan ADB. So if you look forward to Apr and May interest, you should compare to Mar ADB, which is the current promo for public. So if you look back in the past months, you need to see what was the public promo available then to recompute.

From bank's point of view, the bank is processing interest payments based on the public rates and publicly available promotions on the last day of month. For the special invites, the bank processes the additional payments required based on the terms of the special invites in the following month.

 

[vsvs24]

I think the CSO aren't very sure themselves. I also called them when the promo first started but did not get a convincing answer. So I just trial and error, and somehow managed to recompute the interest numbers.

To me, the invited rate is still better than public rate, as it is based on ADB instead of INCREMENTAL ADB. The additional interest is #3 Exclusive interest paid. Also, I don't need to be concerned with whether there is incremental balance and I'm still entitled to 3.8% on my account balances. I can move my money around with no concerns.

Another advantage of invite is no need to move funds and assured of a rate or higher for 6 mths.

 

[sohguanh]

To me, the invited rate is still better than public rate, as it is based on ADB instead of INCREMENTAL ADB. The additional interest is #3 Exclusive interest paid. Also, I don't need to be concerned with whether there is incremental balance and I'm still entitled to 3.8% on my account balances. I can move my money around with no concerns.

Sorry me not on invite but curious about this adb and incremental adb. If our reference month only keep bare minimum 1k then subsequently we add monies is the incremetal adb difference of 1k correct? We only lose 3.8% of that 1k out of the total incremental adb correct?