Standchart eSaver

[xRenol]

To deposit for April, when is the month that’s benchmarked for the incremental balance?

I believe you can get your answer from their website.

 

[Lè Crayons]

But T&Cs got state must be fresh fund outside from Maybank right?

https://www.maybank2u.com.sg/iwov-resources/sg/pdf/promos/fresh-funds-topup-tnc.pdf
Deposits made in relation to the Promotion must be in fresh funds; Maybank cheques or transfers made from the Account Holder’s existing Maybank account(s) (if any) shall not qualify.

But all these years I just merry go round between isavvy and prestige account. So far no problems.

 

[Lè Crayons]

To deposit for April, when is the month that’s benchmarked for the incremental balance?

March 2024

 

[iosnewbie]

I’m having difficulty understanding the definition of “eligible incremental balance” for esaver.
It sounds like I have to keep increasing the amount of deposit each month. Is this correct?

Lets say if I deposit 30k into esaver (starting balance is zero) on 15 Apr. How do I derive the bonus amount to be credited back to me? And do I need in infuse more and more funds in the subsequent months to continue getting the 3.45% pa interest?

 

[lzydata]

I’m having difficulty understanding the definition of “eligible incremental balance” for esaver.
It sounds like I have to keep increasing the amount of deposit each month. Is this correct?

Lets say if I deposit 30k into esaver (starting balance is zero) on 15 Apr. How do I derive the bonus amount to be credited back to me? And do I need in infuse more and more funds in the subsequent months to continue getting the 3.45% pa interest?

You will not need to keep increasing the amount. It is compared against a fixed number, which in your case is zero.

If you deposit 30k into your ESaver on 15 Apr and leave it there until 31 May, you earn daily interest of 3.40% pa on that 30k for the 47 days. You'll also earn base interest of 0.05% pa. Both the base interest and the bonus interest are credited on the last day of the month.

If say you need to withdraw the 30k on 30 Apr, then you will earn 16 days' bonus interest (30-15+1) for it.

If then you put 20k back again on 15 May and keep it there till 31 May, you earn 17 days' bonus interest on $20k. In short it is computed daily and credited monthly.

 

[royalmix]

You will not need to keep increasing the amount. It is compared against a fixed number, which in your case is zero.

If you deposit 30k into your ESaver on 15 Apr and leave it there until 31 May, you earn daily interest of 3.40% pa on that 30k for the 47 days. You'll also earn base interest of 0.05% pa. Both the base interest and the bonus interest are credited on the last day of the month.

If say you need to withdraw the 30k on 30 Apr, then you will earn 16 days' bonus interest (30-15+1) for it.

If then you put 20k back again on 15 May and keep it there till 31 May, you earn 17 days' bonus interest on $20k. In short it is computed daily and credited monthly.

You write as though you never have an esaver account at all!

 

[royalmix]

I’m having difficulty understanding the definition of “eligible incremental balance” for esaver.
It sounds like I have to keep increasing the amount of deposit each month. Is this correct?

Lets say if I deposit 30k into esaver (starting balance is zero) on 15 Apr. How do I derive the bonus amount to be credited back to me? And do I need in infuse more and more funds in the subsequent months to continue getting the 3.45% pa interest?

U dun have an esaver account now? Are you going to open on 15 April and deposit on 15 April?

Bonus interest is based on incremental ADB as compared to Mar ADB. New account will have zero Mar ADB, so all your balance (ADB) will earn BI. U can deposit and withdraw anytime, SCB will compute ADB for April then compute BI of 3.4% on ADB and credit to your account on first day of mth. 0.05% based interest is calculated daily and total credited on first day of mth. The same applies to May, based on ADB of May, you will get BI. BI only for 2 mths.

 

[iosnewbie]

You will not need to keep increasing the amount. It is compared against a fixed number, which in your case is zero.

If you deposit 30k into your ESaver on 15 Apr and leave it there until 31 May, you earn daily interest of 3.40% pa on that 30k for the 47 days. You'll also earn base interest of 0.05% pa. Both the base interest and the bonus interest are credited on the last day of the month.

If say you need to withdraw the 30k on 30 Apr, then you will earn 16 days' bonus interest (30-15+1) for it.

If then you put 20k back again on 15 May and keep it there till 31 May, you earn 17 days' bonus interest on $20k. In short it is computed daily and credited monthly.

So the simplest way is to deposit as early as possible in Apr and just leave it till 31 May to earn the max interest for this promo period. Is this correct?

If there’s another esaver promo from 1 Jun till 31 Jul that requires fresh funds, all I need to do is to transfer out everything on 1 Jun then transfer back on 2 Jun and repeat the same process. Is my understanding correct?

 

[iosnewbie]

U dun have an esaver account now? Are you going to open on 15 April and deposit on 15 April?

Bonus interest is based on incremental ADB as compared to Mar ADB. New account will have zero Mar ADB, so all your balance will earn BI. U can deposit and withdraw anytime, SCB will compute ADB for April then compute BI of 3.4% and credit to your account on first day of mth. 0.05% based interest is calculated daily and total credited on first day of mth. The same applies to May, based on ADB of May, you will get BI. BI only for 2 mths.

I just opened my esaver today. Account still restricted so can’t even see the complete account number.

 

[royalmix]

I just opened my esaver today. Account still restricted so can’t even see the complete account number.

If you cannot deposit today, your ADB will drop, so lower BI.

Go read the tnc, there is an example of how BI is calculated!

 

[lzydata]

So the simplest way is to deposit as early as possible in Apr and just leave it till 31 May to earn the max interest for this promo period. Is this correct?

If there’s another esaver promo from 1 Jun till 31 Jul that requires fresh funds, all I need to do is to transfer out everything on 1 Jun then transfer back on 2 Jun and repeat the same process. Is my understanding correct?

Nope. See, the current promo is from April to May referencing March's average daily balance. Hence anyone who had a big chunk of money in his eSaver in March is no longer eligible for the promo - unless he brings in more incremental funds on top of what he had in March.

Similarly we expect that the June to July promo will reference May's average daily balance which is computed over the whole month. You cannot simply transfer your money out and in after one day to get around it.

 

[iosnewbie]

If you cannot deposit today, your ADB will drop, so lower BI.

If I can deposit today, i can just leave everything inside and wait till 1 Jun to collect the BI?

Nope. See, the current promo is from April to May referencing March's average daily balance. Hence anyone who had a big chunk of money in his eSaver in March is no longer eligible for the promo - unless he brings in more incremental funds on top of what he had in March.

Similarly we expect that the June to July promo will reference May's average daily balance which is computed over the whole month. You cannot simply transfer your money out and in after one day to get around it.

oic, so this esaver promo which comes in spans of 2 months is only good for a one-time hit. Subsequent promos I must ensure ADB is higher than the previous month. Is that correct?

 

[lzydata]

oic, so this esaver promo which comes in spans of 2 months is only good for a one-time hit. Subsequent promos I must ensure ADB is higher than the previous month. Is that correct?

Yes or else just do not participate continuously. Move out your funds for 1 or 2 months - to another bank that has similar promos.

 

[FlyGuardX]

I got an invite for 3.5% till July 2024

 

[hwarzoner]

01 Feb 2024 - 31 Mar 2024 reference month is Jan2024 (compared to Jan 2024 average daily balance)
01 Apr 2024 - 31 May 2024 reference month is Mar2024 (compared to March 2024 average daily balance)
01 Jun 2024 - 31 Jul 2024 reference month is May2024 (compared to May 2024 average daily balance)
01 Aug 2024 - 30 Sep 2024 reference month is Jul 2024 (compared to July 2024 average daily balance)

 

[xRenol]

If there’s another esaver promo from 1 Jun till 31 Jul that requires fresh funds, all I need to do is to transfer out everything on 1 Jun then transfer back on 2 Jun and repeat the same process. Is my understanding correct?

Nope, it will be better to transfer out on 01 Jun to skip the next promotion (e.g. Jun to Jul) and join the next next one (e.g. Aug to Sep). For the next promotion (e.g. Jun to Jul) will compared to May 2024 average daily balance.

The future promotions are just based on assumption.

 

[idwish]

Will there be a diff between if I transfer the fund today 1 Apr vs tmr 2 Apr? The interest diff should be minimum....am I right?

 

[waddahell]

Will there be a diff between if I transfer the fund today 1 Apr vs tmr 2 Apr? The interest diff should be minimum....am I right?

u lose one day of interest lor

 

[Lè Crayons]

Will there be a diff between if I transfer the fund today 1 Apr vs tmr 2 Apr? The interest diff should be minimum....am I right?

Yes. Minimal difference. Just one day

 

[twosix]

Private invite only 3.5%.