Standchart eSaver

[bossjiaksai]

Comparing between esaver and HSBC EGA, which is a better option? I know esaver gives 3.8% (April and May). If I am a new to hsbc ega, I read from their TnCs that I can get 4.35% as a personal banking customer, or 4.5% as a premier customer.

But for HSBC, their promo months is April, May , June and July (4 months), interest payable only by end Sep. Which means there is a 2 months gap in Aug and Sep itself. If I pull my funds at the end of July, does it affect my bonus interest payable in Sep? What if I’m a premier customer and pull my funds too? I need to pay $50/month if my ADB is not Min $200k for that month. But if I’m thinking of putting 400k to 500k with them, it seems like the additional 0.15% interest for premier is worth paying for that 2 months of fall below fee

 

[maumu]

Comparing between esaver and HSBC EGA, which is a better option? I know esaver gives 3.8% (April and May). If I am a new to hsbc ega, I read from their TnCs that I can get 4.35% as a personal banking customer, or 4.5% as a premier customer.

But for HSBC, their promo months is April, May , June and July (4 months), interest payable only by end Sep. Which means there is a 2 months gap in Aug and Sep itself. If I pull my funds at the end of July, does it affect my bonus interest payable in Sep? What if I’m a premier customer and pull my funds too? I need to pay $50/month if my ADB is not Min $200k for that month. But if I’m thinking of putting 400k to 500k with them, it seems like the additional 0.15% interest for premier is worth paying for that 2 months of fall below fee

If you have really a lot of cash, the extra 0.15% for the 4 months will cover the fall-below fee and you still net positive.

Is really up to your own calculations see which is better and if you okay to forfeit the fall-below fee.

Then again, some of us are premier without having to maintain 200k, but just top up 15k each month. You should check whether you can have this option.

 

[wira]

yeah choose Premier option of deposit min $15k/mth so your funds are not 'locked in' and free to shuffle to other accounts while waiting for next cyce.

 

[wira]

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

how to get the invite promotion ?

 

[travbug]

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?

You will "lose" the bonus interest (3.75%) on the reference month (ie the 1k in your example). Base interest of 0.5% is still paid as it is based on ADB.

 

[bossjiaksai]

If you have really a lot of cash, the extra 0.15% for the 4 months will cover the fall-below fee and you still net positive.

Is really up to your own calculations see which is better and if you okay to forfeit the fall-below fee.

Then again, some of us are premier without having to maintain 200k, but just top up 15k each month. You should check whether you can have this option.

yeah choose Premier option of deposit min $15k/mth so your funds are not 'locked in' and free to shuffle to other accounts while waiting for next cyce.

Thanks, but I thought if don’t have $200k Min, there’s a $50 fall below fee every month? Based on their latest TnCs, the maintenance period ends on 31 July 2023, which coincides with the end of the EGA cycle.

 

[wira]

Thanks, but I thought if don’t have $200k Min, there’s a $50 fall below fee every month? Based on their latest TnCs, the maintenance period ends on 31 July 2023, which coincides with the end of the EGA cycle.

there are 2 ways to enroll for hsbc premier :
1. satisfy the total relationship balance criteria of min $200K
or
2. salary crediting or recurring deposit of at least $15K every month and perform 5 txn each month

 

[zippo1979]

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

yes i can vouch this theory is very likely true.

I am on 3.8% Exclusive promo.

My March ADB is lower than Feb ADB. I did not have any Bonus Interest entry on 31st March. I only had 0.05% Base Interest entry on 31st March.

I am expecting my 3.75% p.a. on March's entire ADB to appear around 20th April.

 

[vsvs24]

Come to think of it, the bank wants to show you how much more you get by being on the invite.

 

[final1]

Public service announcement that the latest esaver promo for April - May 2023 is based on March 2023 balances.

Please do not transfer out in April and then transfer in in May. It will be of no use.

I am not talking to those of you on the email invite promo.

 

[changruihao]

Received exclusive 3.8 end mid year bonus interest on 31st march? Also exclusive promo people receive on 31st march also?

 

[zippo1979]

Received exclusive 3.8 end mid year bonus interest on 31st march? Also exclusive promo people receive on 31st march also?

yes travbug has given a detailed analysis... please look a few posts back.

 

[Hulky8]

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.

Heard from a frd who works in Scb,the reason for all these miscommunication was due to
top down management team which set the rates n strategy,eg public tranche n pte trache being different,,,the management team fails to communicate to the front line staff on their new marketing strategy ,and when the system churns out different sets of function,the staff are just as puzzled as the customers….so more heartache for both customers and staffs trying to understand the issues…..these practices are par for the course for far too long in Scb’s hierarchy,,Tng one can do about it

 

[sohguanh]

Heard from a frd who works in Scb,the reason for all these miscommunication was due to
top down management team which set the rates n strategy,eg public tranche n pte trache being different,,,the management team fails to communicate to the front line staff on their new marketing strategy ,and when the system churns out different sets of function,the staff are just as puzzled as the customers….so more heartache for both customers and staffs trying to understand the issues…..these practices are par for the course for far too long in Scb’s hierarchy,,Tng one can do about it

If you are the IT ppl implementing the changes to cater for the new rates you will know as you need to do it correctly followed by QA ppl testing and verifying. However this group of ppl who know the fact are not CSO so communication is lost to customer. I have been in implementation for years for businesses (various industries) so this "lost communication" is not new to me when I change role to be customer.

 

[DevilPlate]

Since month of March, I think SC has make it simpler.
Beginning of the month pay us base rate interest earned and then bonus interest earned by 20th of the month.

 

[sohguanh]

Since month of March, I think SC has make it simpler.
Beginning of the month pay us base rate interest earned and then bonus interest earned by 20th of the month.

This will be applied same for those by invite and those public ?

 

[oceanicmanta]

I think it should be :

End of month, for everyone
- Base Interest
- Bonus Interest (based on "Incremental" ADB over reference month)

20th of following month, for those on Invite only
- Exclusive Bonus interest (ie Bonus Interest on "Total" ADB less whatever credited earlier as Bonus Interest)

 

[DevilPlate]

This will be applied same for those by invite and those public ?

Mine on invite.

 

[konan~]

Know one who just received invite but at 3.80% only, not 4.00%

 

[liverpoolz]

If i made an incremental deposit to the esaver account today, may i know if this incremental deposit will be subjected to 3.8% for April and or May?
Thanks.