Standchart eSaver

[Mecisteus]

If you have >100k, transfer excess of 100k on last day to OCBC360 to earn bonus interest for 1 day.

On 1st day, transfer back this excess to new esaver account.

 

[zoossh]

In a dilemma.

Withdraw on last day: forgo last day's interest but start next cycle with clean slate.

Withdraw on first day of 3rd month: full interest but adb for subsequent cycle not zero...

Is my analysis correct?

adb affecting the fresh fund criteria is based on the 4th mth, not 3rd. assuming your first month is the starting month of the promotion.

Qn: when is the best time to withdraw the funds fr esaver a/c to place in other e-saver a/c?

Last day of the month? Or 1st day of next month?

1st day of the start of promotion cycle, ideally if u can move all your money within one day.

like what mike says, it depends and varies between different people, based on your account sum, personal limit to transfer money and alternative accounts where u keep money.

if you have a uob high yield account in promotion, that is the best for temporarily keeping money.

on the other hand, do note the complexity of the process might not be worth it if the interest lost is miniscule. the story is different if u just want to get a hang of things.

 

[ngbc]

None!

I just go in and ask for account opening.

edit: i dont have any account with them either, so it is a new account opening. Just need some verification from your IC eg, address etc, then sit there wait awhile, while they try to pester you some other different account, eg SCB bonus saver.

Their staff @Westgate (Edit: should be JEM) branch ma chiam acting agents for Prudential, kept hard-selling the so called "10-yr saving plan" together with Bonus$aver... end up never even open the E$saver for me... S H I T ! This is a branch to AVOID!

 

[kitkat2]

Their staff @Westgate branch ma chiam acting agents for Prudential, kept hard-selling the so called "10-yr saving plan" together with Bonus$aver... end up never even open the E$saver for me... S H I T ! This is a branch to AVOID!

most, if not all, branches are like that. you need to be firm, very firm. tell them you already bought the plan elsewhere. another trick that i have been using is to go the bank 5 minutes before they close.

 

[ngbc]

most, if not all, branches are like that. you need to be firm, very firm. tell them you already bought the plan elsewhere. another trick that i have been using is to go the bank 5 minutes before they close.

Thanks, may be sign online ... would be good if someone share SCB marketing calls no... so that I can block it... hate those survey/telesales calls...

 

[lewissac]

Their staff @Westgate branch ma chiam acting agents for Prudential, kept hard-selling the so called "10-yr saving plan" together with Bonus$aver... end up never even open the E$saver for me... S H I T ! This is a branch to AVOID!

Wow! Thanks for sharing. I was thinking to open eSaver account @ Westgate. but after hearing this, probably I going to back out. I srsly hate it when they just pushy over something they wanted and doesn't benefit users.

 

[868888]

and there are also benefit to e-saver than others, such as interest and sc online trading. savings plans you can politely decline if it doesnt suit you; given sales have their targets.

stanchart they send out a mailer or two at times.

 

[kitkat2]

Thanks, may be sign online ... would be good if someone share SCB marketing calls no... so that I can block it... hate those survey/telesales calls...

some people want to have 2 esaver accounts: one online, another over the counter

they will not call unless you explicitly allow them. there is this do not call registry in singapore.

 

[Maeda_Toshiie]

some people want to have 2 esaver accounts: one online, another over the counter

they will not call unless you explicitly allow them. there is this do not call registry in singapore.

So you can apply for the first esaver over the counter, then apply for the second online?

 

[ngbc]

some people want to have 2 esaver accounts: one online, another over the counter

they will not call unless you explicitly allow them. there is this do not call registry in singapore.

No leh, if apply online, you waived the PDPC right

 

[ngbc]

Your problem is pretty simple. It takes a bit of trial and error to understand how the fall-below deduction works. To stay safe, you can avoid the -$5 'window period' from last day of the month to 1st and 2nd day of the following month.

Eg. If you have $0 for the whole month of Jan, the bank will still try to deduct $5 from your account between last day of Jan to 1st-2nd day of Feb. Your account will never fall below $0 if you keep it empty into Feb. But if you deposit $$$ into that account within the window period (last day to 1st-2nd of a new month), you will get deducted. As simple as that.

I'm not gonna go into details, but treat it that some last day of the month falls on a Sunday (non-banking day). Another reason is that interests are credited on last day of the month after biz hours, so fall-below deduction takes place 1 day after to "reverse out" any interest given to punish customers who don't obey the minimum deposit rule in the previous month.

Conclusion: Do nothing during that window period. In order to avoid the fall-below fee, start your new deposit on the 3rd day onwards. A bit of interest lost is better than $5 off.

Bonus Conclusion: In order to avoid reversal of bonus interest, initiate your drawdown on the 1st day of the new month. You may drawdown on the last day itself, but make sure you drawdown to zero.

the FAQ said "If your e$aver account has S$0 balance for 30 days, then your account will automatically be closed." They really do that ?

 

[j1]

Wow! Thanks for sharing. I was thinking to open eSaver account @ Westgate. but after hearing this, probably I going to back out. I srsly hate it when they just pushy over something they wanted and doesn't benefit users.

You just have to tell them firmly you only wish to open esaver account and they will leave you alone. Also, from my experience, the hard sell is more for bonus saver

 

[j1]

the FAQ said "If your e$aver account has S$0 balance for 30 days, then your account will automatically be closed." They really do that ?

I have esaver accounts with zero balances for extended periods of time...no charges, no closures

 

[zoossh]

I have esaver accounts with zero balances for extended periods of time...no charges, no closures

maybe u should qualify if u r privi status

 

[babyrobo]

if balance is always maintained at $1K (both for CIMB and esaver) and using esaver+CIMB 1% fastsaver.. will this be correct? also will the transfer dates work for esaver? should not kena the $5 fall-below fees charge and will get the 1.6% interest?

1 Nov transfer Esaver $50K | Esaver ($51K), CIMB ($1K)
1 Dec transfer from Esaver to CIMB $50K | CIMB ($51K), Esaver ($1K)
1 Jan transfer CIMB to Esaver $50K | Esaver ($51K), CIMB ($1K)
1 Feb transfer from Esaver to CIMB $50K | CIMB ($51K), Esaver ($1K)

 

[deadravel]

if balance is always maintained at $1K (both for CIMB and esaver) and using esaver+CIMB 1% fastsaver.. will this be correct? also will the transfer dates work for esaver? should not kena the $5 fall-below fees charge and will get the 1.6% interest?

1 Nov transfer Esaver $50K | Esaver ($51K), CIMB ($1K)
1 Dec transfer from Esaver to CIMB $50K | CIMB ($51K), Esaver ($1K)
1 Jan transfer CIMB to Esaver $50K | Esaver ($51K), CIMB ($1K)
1 Feb transfer from Esaver to CIMB $50K | CIMB ($51K), Esaver ($1K)

keeping 1k (minimum daily average balance) inside ur esaver account should not be charged $5.
but im not sure how they calculate the 1.6% interest.

 

[babyrobo]

keeping 1k (minimum daily average balance) inside ur esaver account should not be charged $5.
but im not sure how they calculate the 1.6% interest.

was trying to imitate what someone else was sharing in the earlier posts on how to get the 1.6% (the 1.6% is on incremental amount only, on top of the base interest)

 

[henrylbh]

if balance is always maintained at $1K (both for CIMB and esaver) and using esaver+CIMB 1% fastsaver.. will this be correct? also will the transfer dates work for esaver? should not kena the $5 fall-below fees charge and will get the 1.6% interest?

1 Nov transfer Esaver $50K | Esaver ($51K), CIMB ($1K)
1 Dec transfer from Esaver to CIMB $50K | CIMB ($51K), Esaver ($1K)
1 Jan transfer CIMB to Esaver $50K | Esaver ($51K), CIMB ($1K)
1 Feb transfer from Esaver to CIMB $50K | CIMB ($51K), Esaver ($1K)

Esaver jan balance will be compared to Nov average daily balance. Like that, no bonus interest.

 

[kitkat2]

No leh, if apply online, you waived the PDPC right

not sure. when i applied bonus saver at branch, they asked me to sign a paper to allow them to call me to sell investment/insurance products.

 

[kitkat2]

So you can apply for the first esaver over the counter, then apply for the second online?

yes, this was mentioned here some time ago. i didnt do this myself as i rotate my funds with hsbc and uob.