Standchart eSaver

[heng_ah]

Just in...

<ADV> Exclusively for you: Earn up to 3.40% p.a. interest on your e$aver deposit balance (capped at S$5mil) from now till 30 Nov'24. To qualify, top up with min. of S$100K fresh funds during 1-30 Sep’24. Visit our bank's website and search keyword #se24 for T&Cs that apply. Insured up to S$100K by SDIC. Unsub on SC Mobile or Online Banking: Go to "Other Request" under Help & Services.

Targeted / with Invitation, yet interest is only up to 3.40% !
Better deposit 200k fresh fund to Maybank iSavvy, no invitation required for 3.50% (Sep till Oct)

 

[heng_ah]

Note that the first $10k, gets effectively zero interest and its tiered for the first $200k. Nett, its about the same as eSAver.

i think you misinterpreted it. Theirs is not tiered. They don't use the first / next.

As long as ADB 200,000 and above, all will get 3.50%.

 

[GrandJedi]

i think you misinterpreted it. Theirs is not tiered. They don't use the first / next.

As long as ADB 200,000 and above, all will get 3.50%.

yes.. but for the amount below $200k.. so the effective interest for the first $200k fresh fund is only about $3.135%

can consider CIMB, based on my calculation its better for amounts up to $500k.

 

[reflecx]

Note that the first $10k, gets effectively zero interest and its tiered for the first $200k. Nett, its about the same as eSAver.

First $10k will also get the same interest, you are misinterpreting.

 

[reflecx]

yes.. but for the amount below $200k.. so the effective interest for the first $200k fresh fund is only about $3.135%

ADB increment below $200k is 3.3%, above is 3.5%. It applies to your entire sum, there is no tiering.

 

[GrandJedi]

ADB increment below $200k is 3.3%, above is 3.5%. It applies to your entire sum, there is no tiering.

ok .. thanks for pointing it out! I read too much into it.

 

[heng_ah]

yes.. but for the amount below $200k.. so the effective interest for the first $200k fresh fund is only about $3.135%

Already told you no interest tier for isavvy, dunno how you can come up with $3.135%.


It's so simple.
If your ADB below 200k but above 10k, you will get 3.30%!
I don't know how to explain to you already.

 

[ckman3]

I understand now.. thought too hard about it.. thanks! If my balance falls to $150k on one day, I can make it up with $250k the day and the average for the two days will still be $200k and thus I earn 3.5%.

If i am not wrong, for the day that your balance drop below 200K, you will receive the lower interest. Interest is computed daily.

 

[GrandJedi]

If i am not wrong, for the day that your balance drop below 200K, you will receive the lower interest. Interest is computed daily.

This is my confusion. I DON'T think this is the case for SCB eSaver and Maybank iSavvy promotion.

 

[Mickey01]

to those regular e$saver promo participants, how do you interprete this TnC which is featured in every Bonus Interest TnC document ?

https://www.sc.com/sg/terms-and-conditions/esav-ju24b/

e. For the avoidance of doubt, any deposit, withdrawal or otherwise transaction in relation to your Qualifying Account(s) that takes place on the last day of a calendar month, falling on either a Sunday, a public holiday or a bank holiday, will not be taken into consideration for the purposes of the Bank’s computation of ADB and crediting of Bonus Interest.

Question: specifically is the "last day of a calendar month" a seperate distinction from "a Sunday, a public holiday or a bank holiday,"?
what if "the last day of a calendar month" is a regular working Tuesday?

thank you

if the last day of the month is a Sunday (for example 30 Jun 2024), if you deposit money into eSaver, SCB will pay the base interest (0.05%) for the deposit made on 30 Jun 2024 but SCB will not take the 30 Jun 2024 deposit into consideration for the calculation of ADB for Bonus Interest. Withdrawal same concept. If you noticed, base int and BI was credited on 29 Jun 2024 for eSaver.

31 Aug 2024 is last day of the month but a Sat ... so it will not be affected.

 

[Mickey01]

This is my confusion. I DON'T think this is the case for SCB eSaver and Maybank iSavvy promotion.

iSavvy based int are calculated based on daily balance, accrued and credited end of month. If your balance falls between a certain range (for eg $150k), the indicated base int % (0.8%) applies to the full account balance ($150k). If on certain days, your account balance increases beyond the range (for example $210k), then the base int of 1.8% applies for the full account balance of $210k for that few days

Then MB will use ADB to calculate the Bonus Int & and credit the following month.

 

[Lè Crayons]

Targeted / with Invitation, yet interest is only up to 3.40% !
Better deposit 200k fresh fund to Maybank iSavvy, no invitation required for 3.50% (Sep till Oct)

I just checked... for Prestige Account above 200k is 3.6%... I am parking there liao... hahaha

 

[a4973]

if the last day of the month is a Sunday (for example 30 Jun 2024), if you deposit money into eSaver, SCB will pay the base interest (0.05%) for the deposit made on 30 Jun 2024 but SCB will not take the 30 Jun 2024 deposit into consideration for the calculation of ADB for Bonus Interest. Withdrawal same concept. If you noticed, base int and BI was credited on 29 Jun 2024 for eSaver.

31 Aug 2024 is last day of the month but a Sat ... so it will not be affected.

I get what you mean about 31 Aug being a Saturday however if we read the TnC literally the last day of the calendar month and the Sun is separated by a comma so my concern is will a non Sun, non PH, non bank holiday last calendar day of the month be similarly treated as per your illustration?

 

[ckman3]

This is my confusion. I DON'T think this is the case for SCB eSaver and Maybank iSavvy promotion.

Sorry, I was referring to MB iSavvy only.

 

[Mickey01]

I get what you mean about 31 Aug being a Saturday however if we read the TnC literally the last day of the calendar month and the Sun is separated by a comma so my concern is will a non Sun, non PH, non bank holiday last calendar day of the month be similarly treated as per your illustration?

last day of the month falls on a Sunday, last day of the month falls on a PH, last day of the month falls on a bank holiday - all these 3 same treatment. The rest normal treatment.

 

[Joseph99]

If I trf money to esaver today, will it have any interest ?

 

[Froggyman]

If I trf money to esaver today, will it have any interest ?

No for the new transfer amount.

 

[Hwsemb]

For GXS, seems like Sundays can be a value date for incoming funds.

Email reply from GXS to me in 2023:
" We support funds transfer via FAST and Paynow.

Both fund transfer options are typically immediate and are valued on the day of transaction.

The value date will also be reflected in your statement. "


Anyone can advise how about for MariBank ?

 

[sgdividends]

Did anyone manually calculate the interest for august ?

I seem to be getting more interest than calculated. I know it's 31 days and I manually calculate daily interest using EOD balance.

3.35% /365 times EOD balance

 

[sglandscape]

Did anyone manually calculate the interest for august ?

I seem to be getting more interest than calculated. I know it's 31 days and I manually calculate daily interest using EOD balance.

3.35% /365 times EOD balance

Try divide by 366 since it is a leap year