Standchart eSaver

[sglandscape]

apparently based on what the CS said, ALOT of people call them. the way they replied are so robotic now that it seems alot customers are bugging them. it is extremely disheartening to see banks doing gimmick on deposits just to change the rules in terms of 'bonus interest'.

I am extremely paranoid with them as they have screwed up before.

anyone experience crawl back of interest about 2 months ago? that was another boo boo with SCB. they mentioned there is email and sms notice, I didnt received it.

The claw back was due to an error, they overpaid. In the many years of playing scb esaver their tnc is one of the easiest to understand, need to be mindful of that 1-2 clauses can already.

For those people who struggle with SCB ESaver, best to stick with the Maribank/GXS base interest kind of product to not be surprised.

 

[sglandscape]

the problem is the flipflop to same 20th release of interest. if that is the case, why need marathon gimmick?

if you have substantial sum of saving in there, until 20th of month to go on without any incoming interest payment.

that is no good.

why can they just plain old simple state the interest rate and dont play this kind of effective interest rate game.

You can choose not to participate. The reason for the delay in interst is likely their system cannot compute it for the month end crediting cycle, and have a seperate job for it.

The thing maybe SCB should have done is not open marathon saver to the public (which seem to confuse the public). In the past it was special invite with 2 groups, with one group given slightly higher interest.

 

[dpsk3000]

I wonder if they have enhanced their program to ensure fresh fund is from non-SCB hence the extra time needed to credit the bonus interest. That is to sieve out those merry go round cases within SCB.

if they do that, there will be a bank run.

 

[sglandscape]

if they do that, there will be a bank run.

you have too much confidence that the retail customers have so much money to cause a bank run

 

[vsvs24]

the problem is the flipflop to same 20th release of interest. if that is the case, why need marathon gimmick?

if you have substantial sum of saving in there, until 20th of month to go on without any incoming interest payment.

that is no good.

why can they just plain old simple state the interest rate and dont play this kind of effective interest rate game.

Are you unhappy because you think you cannot withdraw your funds until 20th ?

 

[dpsk3000]

Are you unhappy because you think you cannot withdraw your funds until 20th ?

not withdrawing. its compounding.
the problem is the uncertainty. last month 1st this month 20th. next what?

 

[maumu]

think we should all chillax and just wait. tbh, 20 days of waiting for some extra interest (beyond base interest) is not an entitlement, but a reward. their tnc already says up to 20th of the following month.

HSBC has to wait even longer (up to 3 months).

maybe it's the saying, "good things come to those who wait"

 

[Mickey01]

not withdrawing. its compounding.
the problem is the uncertainty. last month 1st this month 20th. next what?

not sure why the sudden displeasure with the eSaver promotion. The T&Cs are available for all to read and digest and up to the individual to decide to participate or skip. Most of the participants in this thread here have enrolled in the esaver promo for many cycles and are used to be paid by 20th of the following month.

As to the unhappiness of BI being credited by the 20th day of following month and loss of compounding,

1. if you have $5,000,000 eligible ADB (max allowed for Exclusive invite or Marathon Saver) for 3.3% BI Rate (for example) you will earn BI of $13,561 for a 30-day month.
2. Since the $13,561 will be credited 20th of following month vs if credited last day of current month, you will be earning $24.52 less (3.3% of $13,561 for 20 days). It is not a small amount for some but .............. Since I don't have $5 million of funds with SCB and the interest foregone (much less than $24++), I choose not to lose sleep over this. If I have a $5 million ADB I will probably be doing something else and not eSaver

 

[sohguanh]

that is 20 days of gap. thinking to move to other banks... does anyone thinking of that.
really tired of these gimmicks that last 2-3 mths.

Now a lot of other banks play this game delay bonus until very late. So far I know Maybank iSavvy still retain around 4-5th day of new month pay liao.

Delay to some readers is like you work for employer and then 20th of this month pay you last month salary. If need to eat die of hunger liao. So in other forums some are not playing anymore go to Maybank get lesser ok. But I think if your amount is big say 100k that 0.xxx% difference can be quite a bit.

 

[fr33d0m]

Now a lot of other banks play this game delay bonus until very late. So far I know Maybank iSavvy still retain around 4-5th day of new month pay liao.

Delay to some readers is like you work for employer and then 20th of this month pay you last month salary. If need to eat die of hunger liao. So in other forums some are not playing anymore go to Maybank get lesser ok. But I think if your amount is big say 100k that 0.xxx% difference can be quite a bit.

not 20th pay this month salary? no salary for the 1st month at all?

 

[snorlaxsleep]

I wonder if they have enhanced their program to ensure fresh fund is from non-SCB hence the extra time needed to credit the bonus interest. That is to sieve out those merry go round cases within SCB.

not sure why the sudden displeasure with the eSaver promotion. The T&Cs are available for all to read and digest and up to the individual to decide to participate or skip. Most of the participants in this thread here have enrolled in the esaver promo for many cycles and are used to be paid by 20th of the following month.

As to the unhappiness of BI being credited by the 20th day of following month and loss of compounding,

1. if you have $5,000,000 eligible ADB (max allowed for Exclusive invite or Marathon Saver) for 3.3% BI Rate (for example) you will earn BI of $13,561 for a 30-day month.
2. Since the $13,561 will be credited 20th of following month vs if credited last day of current month, you will be earning $24.52 less (3.3% of $13,561 for 20 days). It is not a small amount for some but .............. Since I don't have $5 million of funds with SCB and the interest foregone (much less than $24++), I choose not to lose sleep over this. If I have a $5 million ADB I will probably be doing something else and not eSaver

What else if not e-saver? Curious.

 

[dpsk3000]

not sure why the sudden displeasure with the eSaver promotion. The T&Cs are available for all to read and digest and up to the individual to decide to participate or skip. Most of the participants in this thread here have enrolled in the esaver promo for many cycles and are used to be paid by 20th of the following month.

As to the unhappiness of BI being credited by the 20th day of following month and loss of compounding,

1. if you have $5,000,000 eligible ADB (max allowed for Exclusive invite or Marathon Saver) for 3.3% BI Rate (for example) you will earn BI of $13,561 for a 30-day month.
2. Since the $13,561 will be credited 20th of following month vs if credited last day of current month, you will be earning $24.52 less (3.3% of $13,561 for 20 days). It is not a small amount for some but .............. Since I don't have $5 million of funds with SCB and the interest foregone (much less than $24++), I choose not to lose sleep over this. If I have a $5 million ADB I will probably be doing something else and not eSaver

there are 2 type of esaver.
1 is the marathon. this is the one paid next month 20th.
2 is the regular esaver that does not have delay payout every 2 months.

I have both and both are not not seeing the BI. I am concern since if <2> is not paying out due to certain reason, I must well move the money out somewhere else.

since you mention it, what would you do with 5 million then?

 

[dpsk3000]

Now a lot of other banks play this game delay bonus until very late. So far I know Maybank iSavvy still retain around 4-5th day of new month pay liao.

Delay to some readers is like you work for employer and then 20th of this month pay you last month salary. If need to eat die of hunger liao. So in other forums some are not playing anymore go to Maybank get lesser ok. But I think if your amount is big say 100k that 0.xxx% difference can be quite a bit.

definitely. that is why only 1 of my esaver is on marathon and rest are not just to test it out.
now both are not paying. since 1 is marathon on 20th, I am fine to wait since I committed the funds to it.
but the other is not. it gives some kind of concern of their backend.

 

[reflecx]

when did they change?

for oct trench, normal is still end of month.
only that marathon gimmick is 20th.

do you have the link to this change?

They changed it for Oct-Nov promo

https://av.sc.com/sg/content/docs/sg-esaver-tnc.pdf

Clause 11

 

[tiertime]

Stanchart still one of those few that die die must visit branch to unlock funds

Ya very lousy, their hotline also closed very early, it's not 24hrs

 

[DevilPlate]

For those eligible to become ocbc premier, can consider ocbc dividend plus acct.
Bonus interest paid on 1st day of following mth and no need to merry round round until u need to make withdrawal.

Can unlock funds via ATM as well.

 

[sohguanh]

not 20th pay this month salary? no salary for the 1st month at all?

Most ppl think like you do that is in terms of salary payment. So they take this logic and try to apply to this eSaver promo why bonus must wait so long. Actually my answer to them is simple you can quit your current employer and look to work for another employer which is what some others are doing they are moving to Maybank iSavvy salary lesser but get faster.

 

[fr33d0m]

Most ppl think like you do that is in terms of salary payment. So they take this logic and try to apply to this eSaver promo why bonus must wait so long. Actually my answer to them is simple you can quit your current employer and look to work for another employer which is what some others are doing they are moving to Maybank iSavvy salary lesser but get faster.

I am saying that salary payment is not a comparable example. Salary is 20th pay current month. It is paying forward. Besides SC paying interest forward if month end is Sunday or PH, I don’t see any bank pay interest forward.

 

[sohguanh]

I am saying that salary payment is not a comparable example. Salary is 20th pay current month. It is paying forward. Besides SC paying interest forward if month end is Sunday or PH, I don’t see any bank pay interest forward.

Well for some ppl they like to force it to be comparable nothing wrong just different perspective. A lot of times we apply some scenarios onto current issue on hand when it is not even apple to apple comparison but hey that is what life is. Compare compare compare. We also compare in other ways like eSaver iSavvy Fastsaver etc

 

[Mickey01]

there are 2 type of esaver.
1 is the marathon. this is the one paid next month 20th.
2 is the regular esaver that does not have delay payout every 2 months.

I have both and both are not not seeing the BI. I am concern since if <2> is not paying out due to certain reason, I must well move the money out somewhere else.

since you mention it, what would you do with 5 million then?

1. Oct/Nov 2024 public promo - read clause 11 (by 20th of the following month in multiple tranches)
2. Aug/Sep 2024 public promo - read clause 13 (by 7th of the following month). Clause 11 in this T&C was referring to something else (vouchers)
3. Jun/Jul 2024 public promo - read clause 13 (by 7th of the following month). Clause 11 in this T&C was referring to something else (vouchers)

basically the public promo T&Cs have changed. SCB has been transparent and attach T&C for every promo. Of course there are hiccups there and then but they are mainly in line.

What would I do with $5 million?? I don't have it now so I won't crack my brain cells with wild imagination. Have better things to do and think about with what I have now