Standchart eSaver

[Trazora]

Hi guys, if I want to start a account with 10K should I place 10K at once or place 1K every month? I will increase the amount by a few hundred $ on a ahhoc basics. Its my plan correct?

To get maximum interest in eSaver account, better to place $10k at once, the $10k will be considered as fresh funds in the 2 months for calculation of interest. Think you need to read the TnC to better understand the mechanism.

 

[doody_]

Loving that bonus interest! Take it as an offset on those mad fees for their trading platform...

 

[preakshox]

Is the bonus interest on the incremental amount pro-rated over the number of days the amount stays in the account?

E.g.
Fresh $5k, transferred on 5 Sep, bonus earned is from 5 Sep to 30 Sep?

Thanks.

 

[vince123123]

Is it true that if I already have an eSaver account, I cannot open another one online via iBanking and must go down to the branch to do so?

 

[doody_]

Is the bonus interest on the incremental amount pro-rated over the number of days the amount stays in the account?

E.g.
Fresh $5k, transferred on 5 Sep, bonus earned is from 5 Sep to 30 Sep?

Thanks.

Yes, prorated. Else everyone will put money in on the last day

 

[Trazora]

Yes, prorated. Else everyone will put money in on the last day

Anyone have any idea if the time that I do the FAST transfer matters. If say I transfer funds in from another bank at 11 pm on 1 Oct, would it be taken as balance for 1Oct the calculation of the Oct average daily balance. In other words, how is the daily balance calculated given FAST transfers were done in the day. is it a snap-shot amount at a certain time of the day?

 

[oceanicmanta]

Anyone have any idea if the time that I do the FAST transfer matters. If say I transfer funds in from another bank at 11 pm on 1 Oct, would it be taken as balance for 1Oct the calculation of the Oct average daily balance. In other words, how is the daily balance calculated given FAST transfers were done in the day. is it a snap-shot amount at a certain time of the day?

OCBC FAST transfer cut off around 950pm, funds r deducted but receiving side will only get next day

For SCB, I think they stop receiving funds after a certain time at night (need to check their reply to me)

guess every bank has different timings & cut-off, & suspect within each bank, there is a certain window to perform end of day batch process

best not to leave it til last minute

My case from 2015:
FAST 2Apr15 (Thurs) SCB to OCBC, late night shld be after 11pm
Funds debited 2Apr15 SCB
OCBC value dated 4Apr15 (Sat) !
SCB blamed OCBC. OCBC blamed SCB

 

[hwarzoner]

Anyone have any idea if the time that I do the FAST transfer matters. If say I transfer funds in from another bank at 11 pm on 1 Oct, would it be taken as balance for 1Oct the calculation of the Oct average daily balance. In other words, how is the daily balance calculated given FAST transfers were done in the day. is it a snap-shot amount at a certain time of the day?

Yes the transfer from ocbc to esaver at 11pm on 1 Oct will be calculated as your adb for Oct and Nov.

or it will count as fresh fund in 01 Oct and you will earn prevailing and bonus interest because it is base on Sep adb since Sep is zero if you do not have any amount in Sep, if not u need to open an new esaver account for bonus interest.

 

[Trazora]

Yes the transfer from ocbc to esaver at 11pm on 1 Oct will be calculated as your adb for Oct and Nov.

or it will count as fresh fund in 01 Oct and you will earn prevailing and bonus interest because it is base on Sep adb since Sep is zero if you do not have any amount in Sep, if not u need to open an new esaver account for bonus interest.

It is very clear the bonus interest in Oct and Nov is based on incremental balance difference wrt Sep ADB, and the Sep ADB is zero for a new esaver account. My question was regarding how the account balance on individual day is calculated, given that there are FAST transfers being done in/out of the esaver at different time of the day, is it based on a snapshot at a certain time of the day or is it time-average of the amount in the account, or something else.

 

[Trazora]

OCBC FAST transfer cut off around 950pm, funds r deducted but receiving side will only get next day

For SCB, I think they stop receiving funds after a certain time at night (need to check their reply to me)

guess every bank has different timings & cut-off, & suspect within each bank, there is a certain window to perform end of day batch process

best not to leave it til last minute

My case from 2015:
FAST 2Apr15 (Thurs) SCB to OCBC, late night shld be after 11pm
Funds debited 2Apr15 SCB
OCBC value dated 4Apr15 (Sat) !
SCB blamed OCBC. OCBC blamed SCB

Thanks for the info. Seems like you are talking about 2 different cases, one is SCB to OCBC and then OCBC to SCB. Sorry if I asking too deep. For the first case, does it mean that the daily balance for the OCBC account is taken as the snapshot amount in the OCBC account at 9.50pm? For the second case, do you have interest for 2 Apr/3 Apr/4Apr for your SCB account?

 

[oceanicmanta]

Thanks for the info. Seems like you are talking about 2 different cases, one is SCB to OCBC and then OCBC to SCB. Sorry if I asking too deep. For the first case, does it mean that the daily balance for the OCBC account is taken as the snapshot amount in the OCBC account at 9.50pm? For the second case, do you have interest for 2 Apr/3 Apr/4Apr for your SCB account?

OCBC FAST after 950pm, it just means receiving party will not get funds credited immediately. OCBC balance is reduced immediately. Whether amount transferred is just on hold, earning interest or not, I dont know.

No idea when OCBC does a snapshot of EOD balance. I would think it's at a point in time eg at 2359hrs or 0000hrs & not average over time & unlikely it's at 950pm I think (eg there may be intra-OCBC transfer that is immediate ??)

For 2nd case, I did not calculate the interest as I only realised it much later. For sure, my SCB balance was reduced immediately.

 

[kehyi4]

It is very clear the bonus interest in Oct and Nov is based on incremental balance difference wrt Sep ADB, and the Sep ADB is zero for a new esaver account. My question was regarding how the account balance on individual day is calculated, given that there are FAST transfers being done in/out of the esaver at different time of the day, is it based on a snapshot at a certain time of the day or is it time-average of the amount in the account, or something else.

Take a look at : e$aver Bonus Interest (1 August to 30 September 2016) Promotion Terms and Conditions

Let me draw your attention to Para 5 which I will quote here for your convenience:

"5. The average daily balance ("ADB") in your Qualifying Account(s) is used to determine the amount of Bonus Interest earned on your eligible Incremental Balance. 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"

Clear enough for you?

 

[Trazora]

Take a look at : e$aver Bonus Interest (1 August to 30 September 2016) Promotion Terms and Conditions

Let me draw your attention to Para 5 which I will quote here for your convenience:

"5. The average daily balance ("ADB") in your Qualifying Account(s) is used to determine the amount of Bonus Interest earned on your eligible Incremental Balance. 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"

Clear enough for you?

Ah. Thanks. Any idea if there is a different timing for determination of account balance for other bank/ account?

 

[zoossh]

Anyone have any idea if the time that I do the FAST transfer matters. If say I transfer funds in from another bank at 11 pm on 1 Oct, would it be taken as balance for 1Oct the calculation of the Oct average daily balance. In other words, how is the daily balance calculated given FAST transfers were done in the day. is it a snap-shot amount at a certain time of the day?

With the exception of ocbc and hsbc, 1130pm is generally safe to transfer in, scb included. 1150-12am have a high chance of receiving next working day.

 

[zoossh]

OCBC FAST transfer cut off around 950pm, funds r deducted but receiving side will only get next day

For SCB, I think they stop receiving funds after a certain time at night (need to check their reply to me)

guess every bank has different timings & cut-off, & suspect within each bank, there is a certain window to perform end of day batch process

best not to leave it til last minute

My case from 2015:
FAST 2Apr15 (Thurs) SCB to OCBC, late night shld be after 11pm
Funds debited 2Apr15 SCB
OCBC value dated 4Apr15 (Sat) !
SCB blamed OCBC. OCBC blamed SCB

Confirmed ocbc fault. After 930pm they stop processing and your fund cannot be received.

 

[Mecisteus]

I still don't understand why would anyone initiate a transfer at the last hour?

Avoid all the borderline cutoff. Do your funds transfer in the daytime. ie 11 am.

 

[jackieatbtu]

Well, day time working and no access. After work and dinner and settled ready to do banking already nearly ten pm. I usually do mine late at night as well.

 

[Trazora]

Lol. Of course there is reason to transfer at last minute if different bank take snap shot of balance at different time.

 

[Mecisteus]

Lol. Of course there is reason to transfer at last minute if different bank take snap shot of balance at different time.

Can you elaborate? Interests are paid on daily basis and not hourly basis.

You earn the same interest whichever time you do the transfer, as long you do before the cutoff. After cutoff, your funds will be in limbo by at least 1 day.

Well, day time working and no access. After work and dinner and settled ready to do banking already nearly ten pm. I usually do mine late at night as well.

Aren't you using a smartphone? Can't you do the transfer using mobile banking?

This is just a poor excuse.

 

[P R N D]

Well, day time working and no access. After work and dinner and settled ready to do banking already nearly ten pm. I usually do mine late at night as well.

You merely need less than 3 minutes to do fund transfer online.

No one to blame, bro. Cause you got no urgency to do it.

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