Standchart eSaver

[Devilsire]

For those that top up $100K by 30th sep, did you receive bonus interest in 1st week of Oct? I thought the 3.65% is paid out on 20th of following month..

On 30/9 I received base interest and some bonus interest. I expect the remainder Exclusive Bonus Interest on 20/10.

3 parts to be exact.
Last day = "Base Interests"
Last day/First day = "Bonus interests" on incremental bal (based on marked ADB mth every cycle) *Public offer for all Esaver*
18-20th = "Exc Bonus Interests" whatever balance interests one is enrolled into after - Base + Bonus interests. Nett total of the 3 will always be the promised invited interests rate

As mentioned, bonus really depends on the amt of fund between the 2 dates (i.e ADB incremental balance) and it differs for everyone. as long one is on invited exclusive bonus, all will add up to the 3.65% in th end for the mth .
Personally i had fund in esaver being previously on the 4% invitation exclusive bonus till 31 Aug, so i did not get Sep bonus on 30/09-1/10. I emptied account on 30Aug & deposited 1Sep, to activate my Sep-Jan 3.65% invitation.

 

[zippo1979]

Yes, confirmed by black and white email on the July ADB for the 3.65% exclusive promo beginning in Sep 2023 up to $5MM. I was also on the 4% exclusive promo ending 31 August 2023. Both had referenced July ADB for interest calculations.

The branch RM used a locked calculator (excel?) on her laptop that was done up by the SCB product team and the July ADB was needed as an input. Since my July ADB was only ~$2 vs my incoming AUM of ~$2MM, it was insignificant for my case.

My subsequent email to the branch manager, I mentioned my July ADB ~$2 in the calculation for both August and September 2023, branch manager confirmed in writing that the calculations was true and correct. I did warned the SCB staff to be extra careful on my account and seek immediate clarification from the product team immediately as my AUM is significant.

I was so anal on black and white written confirmation by senior SCB staff (aka branch Manager) as I just came out of a FIDReC case.

While I thank you for your candid sharing and warning, I would want to highlight your situation is your July ADB is only $2 and your actual situation would not have proven the July ADB figure was used in anyway, since you probably got your full deserved 3.65% p.a. Exclusive Interest. A good and happy ending for you.

If you had an actual experience where your July ADB was say $500k, and you only got 3.65% p.a. on $2m - $0.5, = $1.5m, then we truely have a cause for concern.

MY GUESS is you are half right. There is indeed a July ADB Excel Cell in the Excel sheet. But it is used to determine the FIRST HALF BONUS INTEREST PAYMENT amount and not the TOTAL BONUS INTEREST PAYMENT.

As a few (including myself) have shared, whenever anyone is on the Special Invite promo let's just use 3.55% p.a. for simplicity, their Interest Components are paid as follows:

Last Day of the Month = 0.5% p.a.
Last Day of the Month = 3.5% p.a. on the INCREMENTAL BALANCE against a reference month (you are right here)
20th of the Following Month = Whatever is the shortfall amount of (3.5% p.a. on the Full Balance - Bonus Interest already paid out of the Last day of the month)

Such that the Bonus Interest on the Last Day of the Month + 20th of the Following Month = 3.5% p.a. Bonus Interest.

 

[magicming]

As mentioned, bonus really depends on the amt of fund between the 2 dates (i.e ADB incremental balance) and it differs for everyone. as long one is on invited exclusive bonus, all will add up to the 3.65% in th end for the mth .
Personally i had fund in esaver being previously on the 4% invitation exclusive bonus till 31 Aug, so i did not get Sep bonus on 30/09-1/10. I emptied account on 30Aug & deposited 1Sep, to activate my Sep-Jan 3.65% invitation.

Thanks so much for sharing.

 

[magicming]

While I thank you for your candid sharing and warning, I would want to highlight your situation is your July ADB is only $2 and your actual situation would not have proven the July ADB figure was used in anyway, since you probably got your full deserved 3.65% p.a. Exclusive Interest. A good and happy ending for you.

If you had an actual experience where your July ADB was say $500k, and you only got 3.65% p.a. on $2m - $0.5, = $1.5m, then we truely have a cause for concern.

MY GUESS is you are half right. There is indeed a July ADB Excel Cell in the Excel sheet. But it is used to determine the FIRST HALF BONUS INTEREST PAYMENT amount and not the TOTAL BONUS INTEREST PAYMENT.

As a few (including myself) have shared, whenever anyone is on the Special Invite promo let's just use 3.55% p.a. for simplicity, their Interest Components are paid as follows:

Last Day of the Month = 0.5% p.a.
Last Day of the Month = 3.5% p.a. on the INCREMENTAL BALANCE against a reference month (you are right here)
20th of the Following Month = Whatever is the shortfall amount of (3.5% p.a. on the Full Balance - Bonus Interest already paid out of the Last day of the month)

Such that the Bonus Interest on the Last Day of the Month + 20th of the Following Month = 3.5% p.a. Bonus Interest.

Wow. Yes. I understand better now. Thanks for taking time to explain.

 

[limjohnny]

Thank you. I thought I read on the internet that it’s $3000. I just transferred $2k out.

U read on the internet, meaning not from SCB official website?

 

[Goodintentions]

Moving temporary to here from CIMB since they offered same rate but SCB gives out BI much earlier ( no need to wait till 20th)

Same same but I should have done so on the 1st of October, but procrastinated, now I have to move back the balance to CIMB on the last day of this month just to earn the bonus interest for the first few days of October. SIgh..

 

[Hulky8]

thanks to this forum then i realise i'm an unvalued client. i gotten zero invites, so many years of PB

You in PB,they want your trade n commission,
in esaavy they won’t offer you to tie up yr money worthless to their bottom line,,,
PB mangement usually wins over esaavy mangement due to their higher profits so esavvy mangement not allowed to tempt PB customers

 

[crystalnox]

You in PB,they want your trade n commission,
in esaavy they won’t offer you to tie up yr money worthless to their bottom line,,,
PB mangement usually wins over esaavy mangement due to their higher profits so esavvy mangement not allowed to tempt PB customers

That’s interesting..so are the majority of people here who got special rates, NOT PB status?

 

[glarerder]

3.5% pa offer till end of Nov. what does it mean? only the interest savers get is 1 month of 3.5%?

 

[hwarzoner]

From 01 oct to 31 nov will earn bonus interest if there is incremental sum as compared to sep

 

[sglandscape]

That’s interesting..so are the majority of people here who got special rates, NOT PB status?

Take it with a pinch of salt. PB get to enjoy term rates without having lock in usually. If they bundle in higher promo rates it's usually for you to being aum in.

 

[sohguanh]

From 01 oct to 31 nov will earn bonus interest if there is incremental sum as compared to sep

Yes 3.50% is back. Their bonus interest pay earlier than cimb which is on 20th. But I prefer to put in both as cannot predict if on that day I want to withdraw their app or website got issue

 

[rest1ess]

That’s interesting..so are the majority of people here who got special rates, NOT PB status?

Interesting but makes sense since PBers are considered already sold to what SC offers.

 

[sellipad2]

That’s interesting..so are the majority of people here who got special rates, NOT PB status?

I got 3.65%, and dropped out of PB, to me their PB is useless. Good thing is even if one drop out still can retain their VI card for 2 free lounge access per year

 

[demoforce1]

I got 3.65%, and dropped out of PB, to me their PB is useless. Good thing is even if one drop out still can retain their VI card for 2 free lounge access per year

They drop you or you ask for it?

 

[sellipad2]

They drop you or you ask for it?

I requested to cancel next time can rejoin and take welcome gifts again

 

[Goodintentions]

Yes 3.50% is back. Their bonus interest pay earlier than cimb which is on 20th. But I prefer to put in both as cannot predict if on that day I want to withdraw their app or website got issue

In my personal experience, no issue, withdraw using on-line bank transfer whether on 1st day of month or any other day when its off peak. The only thing I don't like is the app still cannot adjust max. withdrawal limits. Maybe some will find it a good thing in view of malware but for me as experienced user, its very troublesome.

 

[zeroX26]

That’s interesting..so are the majority of people here who got special rates, NOT PB status?

I was auto-upgraded to PB after I reopened my e-saver with them. They then gave me a special rate of 4% for 6 months, no complex rules like simi compare to last day balance whatsoever nonsense.

 

[direbmem]

I realized I am priority banking status in my SC app. I didn't request for it and in fact rejected it when they wanted to upgrade me a few years ago. Shouldn't I get some special credit card with PB?

 

[sglandscape]

I realized I am priority banking status in my SC app. I didn't request for it and in fact rejected it when they wanted to upgrade me a few years ago. Shouldn't I get some special credit card with PB?

PB is not priority banking bro. Referring to Private Banking = PB for the special credit card l