Standchart eSaver

[yuppieboy]

I have received the base interest (0.05%) as well as the bonus interests on 30th December. However, the bonus interests amount received fall short when calculated against using 3.55% (public promo 0.05+3.55) or 3.75% (invited promo 0.05+3.75). The shortfall could be due to incremental balance compared to end nov.

Can I assume that this shortfall will be covered by additional BI to be paid by 20th Jan since invited promo is based on full balance rather than incremental balance.

 

[DevilPlate]

When I was priority years ago, I was lucky twice to be invited to their "CNY Celebration" sumptuous buffet lunch and special angpow packs

How long ago? Me w them since early 2000s never heard of simi CNY buffet!
Last time they mail me red packets without me asking and thats all

 

[DevilPlate]

Still have difference. I think only priority gets the invite.

Nope, i can confirm normal customers also gets promo invite.

 

[sglandscape]

Nope, i can confirm normal customers also gets promo invite.

the invite is based on balances and not if they are priorty or not.

 

[martin]

Strange. When does the bonus for 3.8% promo come in? I have an entry on 19 dec that says Exclusive promo B0nus interest and its only about $16 only? In my case, my 31 oct bal was zero, 30 nov bal was 108k, so i did qualify but 1 Dec i moved out 50k, and later also move back some funds and my dec 31 bal was about 66k. Did I violate any terms?

 

[DevilPlate]

the invite is based on balances and not if they are priorty or not.

Balances? I dont think so too as well.
To me, it is rather random

 

[Imhthc]

Strange. When does the bonus for 3.8% promo come in? I have an entry on 19 dec that says Exclusive promo B0nus interest and it’s only about $16 only? In my case, my 31 oct bal was zero, 30 nov bal was 108k, so i did qualify but 1 Dec i moved out 50k, and later also move back some funds and my dec 31 bal was about 66k. Did I violate any terms?

3.8% invitation just started in Dec 23 and theoretically, the first BI should be b4 20th Jan 24. Ur BI received on 19 Dec should be earlier exclusive invitation. Probably the 3.7% one. How much interest did u get on the last day of Nov 23? This + BI should add up to the % interest of the exclusive invitation u had.

 

[martin]

3.8% invitation just started in Dec 23 and theoretically, the first BI should be b4 20th Jan 24. Ur BI received on 19 Dec should be earlier exclusive invitation. Probably the 3.7% one. How much interest did u get on the last day of Nov 23? This + BI should add up to the % interest of the exclusive invitation u had.

Oh, wait, mine should be the 3.7% one then because the deadline to top up 100k was 30 nov. End nov, i think i got $200 plus interest. But end Dec was like $2?

 

[Imhthc]

Oh, wait, mine should be the 3.7% one then because the deadline to top up 100k was 30 nov. End nov, i think i got $200 plus interest. But end Dec was like $2?

Based on ur $200+ (my guess is around $28x) interest u received at the end of Nov plus $16 on 19th Dec, ur ADB should be around $9Xk. Not sure when u top up to $108K in Nov, but u see if it makes sense.
Dec $2 interest u received should be the base interest of 0.05%. The public promo started in Dec 23 so I reckoned with ur withdrawal and top up by end Dec 23 was lower than or close to Nov ADB.

 

[martin]

Based on ur $200+ (my guess is around $28x) interest u received at the end of Nov plus $16 on 19th Dec, ur ADB should be around $9Xk. Not sure when u top up to $108K in Nov, but u see if it makes sense.
Dec $2 interest u received should be the base interest of 0.05%. The public promo started in Dec 23 so I reckoned with ur withdrawal and top up by end Dec 23 was lower than or close to Nov ADB.

Almost there. My ADB for dec should be about 66k because 108k, then withdraw 50k and then i move back another 8k, all done by 3 dec. So for the bonus interest i expect to receive on 20 Jan, it would be the 3.7% applied to $66k prorated by month?

 

[travbug]

The SCB invitational program is not new. The rates and conditions to qualify may change a bit, but the interest computation method generally has not changed. If you receive the invite, there will be 3 dates where interest may be credited.

2 types of interest credited at end of month
#1. CR interest - this is the 0.05% base interest on ADB
#2. Bonus interest - this is the interest computation based on public promotional scheme available at the point in time. So for example, for the interest credited on 31 Dec, it will be 3.55% x (Dec ADB - Nov 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 by the 20th of the following month
#3. Exclusive bonus interest - this is ONLY for those with invites. It will pay you the remaining interest that you are entitled to. So it will be (email invite rate - 0.05% base rate already paid) x ADB x no of days in month divided by 365) minus interest already paid in #2 above

When you add up interest paid in #1, #2 and #3, it should tally to the interest rate specified in the 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

 

[vsvs24]

The SCB invitational program is not new. The rates and conditions to qualify may change a bit, but the interest computation method generally has not changed. If you receive the invite, there will be 3 dates where interest may be credited.

2 types of interest credited at end of month
#1. CR interest - this is the 0.05% base interest on ADB
#2. Bonus interest - this is the interest computation based on public promotional scheme available at the point in time. So for example, for the interest credited on 31 Dec, it will be 3.55% x (Dec ADB - Nov 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 by the 20th of the following month
#3. Exclusive bonus interest - this is ONLY for those with invites. It will pay you the remaining interest that you are entitled to. So it will be (email invite rate - 0.05% base rate already paid) x ADB x no of days in month divided by 365) minus interest already paid in #2 above

When you add up interest paid in #1, #2 and #3, it should tally to the interest rate specified in the 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

The question keep popping up. People just don't bother to read.

I have long given up reconciling the difference at month end. Will wait till 20th and add all the interest to tie to invite rate.

 

[travbug]

The question keep popping up. People just don't bother to read.

I have long given up reconciling the difference at month end. Will wait till 20th and add all the interest to tie to invite rate.

Yah, the question has been asked many times and answered many times. If a moderator can pin the interest computation method in this thread, or put it in the first page, then maybe this will reduce the number of such questions.

So far, I've been able to reconcile my interest numbers with the computation method.

 

[martin]

The SCB invitational program is not new. The rates and conditions to qualify may change a bit, but the interest computation method generally has not changed. If you receive the invite, there will be 3 dates where interest may be credited.

2 types of interest credited at end of month
#1. CR interest - this is the 0.05% base interest on ADB
#2. Bonus interest - this is the interest computation based on public promotional scheme available at the point in time. So for example, for the interest credited on 31 Dec, it will be 3.55% x (Dec ADB - Nov 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 by the 20th of the following month
#3. Exclusive bonus interest - this is ONLY for those with invites. It will pay you the remaining interest that you are entitled to. So it will be (email invite rate - 0.05% base rate already paid) x ADB x no of days in month divided by 365) minus interest already paid in #2 above

When you add up interest paid in #1, #2 and #3, it should tally to the interest rate specified in the 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. Appreciate much.

 

[vsvs24]

So far, I've been able to reconcile my interest numbers with the computation method.

Haha. Yes should be able to reconcile.

But I lazy to derive bonus interest as need to compare ADB for the month vs previous mth and check the relevant public rate. Then on 20th need to go reconcile again.

Invite based on full bal and fixed rate. Easier to compute. Wait till 20th then 1 time reconcile all

Afterall if don't reconcile still need to wait till 20th then can call hotline.

 

[saintgtril]

When I was priority years ago, I was lucky twice to be invited to their "CNY Celebration" sumptuous buffet lunch and special angpow packs

Wah. Envy! How was the buffet lunch spread like then?

 

[royalmix]

How long ago? Me w them since early 2000s never heard of simi CNY buffet!
Last time they mail me red packets without me asking and thats all

Wah. Envy! How was the buffet lunch spread like then?

I just joking with the "function name"! What I understand was SCB holds annual investment talk cum CNY lunch for priority customers. To be able to attend, I guess must be those "high networth" priority customers. I never active in investments or products nor keep my AUM, so I was told is by lucky pick! That year I was lucky to be picked (got spare seats lor)! When - cannot remember liao, maybe mid to late 2000!

Standard Chartered Bank, of course the buffet got STANDARD lah! Ho chiak!

Then collect goodie bags, inside special Priority Banking angpow packs! Then I bump into many long time no see ex-colleagues, wow, all so RIch! Every year attend!

 

[Joseph99]

No invite also 3.6% for Jan, right ? I saw it in the saver website

 

[ThreeSteps]

No invite also 3.6% for Jan, right ? I saw it in the saver website

"From now till 31 January 2024, earn up to 3.60% p.a. interest on eligible deposit balance of S$2 million with no lock-in period when you bring in incremental fresh funds* (compared to November 2023 average daily balance)"
T&Cs (public) : https://av.sc.com/sg/content/docs/sg-esaver-tnc.pdf

 

[crystalnox]

I just joking with the "function name"! What I understand was SCB holds annual investment talk cum CNY lunch for priority customers. To be able to attend, I guess must be those "high networth" priority customers. I never active in investments or products nor keep my AUM, so I was told is by lucky pick! That year I was lucky to be picked (got spare seats lor)! When - cannot remember liao, maybe mid to late 2000!

Standard Chartered Bank, of course the buffet got STANDARD lah! Ho chiak!

Then collect goodie bags, inside special Priority Banking angpow packs! Then I bump into many long time no see ex-colleagues, wow, all so RIch! Every year attend!

Priority or Priority Private? Sounds like Private if they offer free buffet spreads.