Standchart eSaver

[sglandscape]

I have a quick question about SCB eSaver. Once I open an account, I simply need to deposit fresh funds and leave them parked from April to May 2023 to earn 3.8% interest without doing anything else?

And what happens after June to July? How can I continue to enjoy the high interest rate? Thanks.

Yes to the first question.

You would need to do a merry-go-round game, move the funds to another bank for the 2 months since for June-July the reference month would likely be May.

Of course you could open a joint-account with someone so you have 2 accounts to play the game, but you can't move the funds between them directly because it won't be deemed fresh funds.

Yes, it's tedious, easier to just rotate between 2 banks as opposed to doing the joint account method.

 

[pearl_ml]

Yes to the first question.

You would need to do a merry-go-round game, move the funds to another bank for the 2 months since for June-July the reference month would likely be May.

Of course you could open a joint-account with someone so you have 2 accounts to play the game, but you can't move the funds between them directly because it won't be deemed fresh funds.

Yes, it's tedious, easier to just rotate between 2 banks as opposed to doing the joint account method.

Beside HSBC EGA. Any banks to recommend for the merry go round game?

 

[sglandscape]

Beside HSBC EGA. Any banks to recommend for the merry go round game?

HSBC EGA is the best right now, could actually leave it at HSBC for longer too

 

[mojipei]

HSBC EGA is better now but by end of May, the situation may change. Anyway, our brothers here will update us on whichever one is better.

 

[Darwinson]

HSBC EGA is the best right now, could actually leave it at HSBC for longer too

Thank you so much. Got any other useful blog or edmw post to particularly highlight the merry go round. A bit hard to understand and the hsbc thread is tmi

 

[Hulky8]

Just curious on your investment strategy. Do you also allocate some monies for more riskier investment like mutual fund or stock or ETF targeting those that pay dividends? Yes I am a dividend lover but at the same time the price must not go down which is why it is risker I know.

The price must not go down ?
was it a part of your investment strategy in the past n was it successful ?
If yes,please share,everyone wants to learn from you

 

[sohguanh]

The price must not go down ?
was it a part of your investment strategy in the past n was it successful ?
If yes,please share,everyone wants to learn from you

If I am successful why I need to have a full-time job? I will just go full-time into investing since price must not go down.

 

[royalmix]

If I am successful why I need to have a full-time job? I will just go full-time into investing since price must not go down.

Some people just have comprehension problem, dun understand what you are trying to explain.

I always believe nobody will teach you the secret to making money (sure win) without a hidden agenda.

We always must do our own due diligence.

 

[terriblee]

If deposit on 1 May will get the 3.8% for the month of May since promo ends in May? Comparison month to earn int is Apr I supposed?

 

[royalmix]

If deposit on 1 May will get the 3.8% for the month of May since promo ends in May? Comparison month to earn int is Apr I supposed?

Comparison mth is fixed for every promo period, ie Mar this promo.

Deposit now (not tomorrow too) if your Mar is zero, dun wait till 1 May cos is a holiday, if I am not wrong, value date will be May 2. Your choice.

I always do my banking during business hours, ie day time, no Sunday or Public Holidays. I dun have to remember each bank's cutoff time, which is tough to remember.

 

[westtraveller]

Just tried to open esaver account online. Unfortunately it’s not instant approval like they say.. still waiting so I can transfer funds in.

 

[revhappy]

Just tried to open esaver account online. Unfortunately it’s not instant approval like they say.. still waiting so I can transfer funds in.

It takes like 1 day I think. Maybe by Tuesday you will have it open.

 

[Cookie Muncher]

reminder to move funds out
reference month is March though even for May

 

[zippo1979]

Bonus interest credited yesterday!

 

[V_for_Vanilla]

Strange I did not get the expected bonus interest for April. Instead I got a very small amount credited in as bonus interest. Definitely not the promo rate under this promo.

 

[maumu]

Strange I did not get the expected bonus interest for April. Instead I got a very small amount credited in as bonus interest. Definitely not the promo rate under this promo.

see post #4280 for a possible explanation

it's tricky to understand but it makes sense.

 

[V_for_Vanilla]

see post #4280 for a possible explanation

it's tricky to understand but it makes sense.

My invite promo period is from Feb to July. As per TnC. How can it be for April I don't get the bonus interest. TnC does not require me to have incremental balance for April.

 

[maumu]

My invite promo period is from Feb to July. As per TnC. How can it be for April I don't get the bonus interest. TnC does not require me to have incremental balance for April.

I think in gist, you can wait till 20 May to see if the subsequent 'outstanding' bonus interest is credited in or not. if so, add up both 'bonus' interests with the base interest and total should be 3.8%...

 

[V_for_Vanilla]

I think in gist, you can wait till 20 May to see if the subsequent 'outstanding' bonus interest is credited in or not. if so, add up both 'bonus' interests with the base interest and total should be 3.8%...

Mine is under 4.15% promo, not 3.8%.

 

[maumu]

Mine is under 4.15% promo, not 3.8%.

sorry, what I meant is that the mechanism of the exclusive bonus interest works the same as the other similar cycles (such as for the 3.8%).