Standchart eSaver

[hygge island]

just discovered "esaver kids!" also can earn the higher interest. Considering opening an account since I had intended to open one for my son anyway.

Couple of questions, hope someone can advise.
1) It says no min balance required for kids. So can I withdraw all the cash once the promotion ends (after 2 mths) and leave it empty? Then 2 mths later, when higher interest promotion starts again, I put money back in?
So I don't even have the deadweight 1k min balance required for normal adults esaver?!

2) Somewhere it says trustee (since esaver is a joint acct) must have standing instruction for $50 monthly deposit. I called the customer service hotline and they say I can take out the $50 immediately once it enters the account. A bit bo liao in my opinion? Any one knows more?

 

[preakshox]

Any news on the next period's rates so far?
Cheers.

 

[opt1m4l]

Any idea if funds need to be transferred out of the bank to fulfil the fresh funds requirement? From what I've read it seems like this additional step is not (necessarily) needed

 

[hygge island]

Any idea if funds need to be transferred out of the bank to fulfil the fresh funds requirement? From what I've read it seems like this additional step is not (necessarily) needed

This is necessary.

Any news on the next period's rates so far?
Cheers.

No. Based on experience over the last 4 mths. It is either on day 1 (morning) of new month OR close to midnight before turn of a new month. We are still 7 days away.

Now, any advice on my earlier questions for Esaver kids?

 

[opt1m4l]

This is necessary.

<snip>

Darn, looks like I have to do multiple transfers in and out then. Headache la . Sorry I can't help you with the eSaver Kids since I have no personal experience with that, but looking at the main terms and conditions it seems correct - no fall below fee (so yes, withdraw then deposit in future) and don't see why you can't withdraw the $50. Might wish to double check if there's some restrictions on withdrawals though.

 

[hygge island]

Guys with 2 accounts (1 personal, 1 joint account)...

Do u use the same card token and do u use the same log in iD and password?

 

[zoossh]

Guys with 2 accounts (1 personal, 1 joint account)...

Do u use the same card token and do u use the same log in iD and password?

the joint account - u can apply two login id / password under two different token. technically the phone no can be the same, but if u applied both at the branch, they may block u manually.

u can access both personal and joint using your login. if u use the 2nd login under your partner name, can only see the joint, cannot see your personal account under your name only.

there is no need to use the card token unless u need to change limit or other personal particulars. can use phone for most purposes.

 

[gnooliew]

On which day should the transfer out be done for the funds to be considered fresh fund? Interest calculation is done by last day of the period but interest only comes 7 days later.

If i transfer out to another bank and transfer in same amount from another bank it doesn't net off right coz technically bank balance didn't increase.

 

[lewissac]

On which day should the transfer out be done for the funds to be considered fresh fund? Interest calculation is done by last day of the period but interest only comes 7 days later.

If i transfer out to another bank and transfer in same amount from another bank it doesn't net off right coz technically bank balance didn't increase.

As far as I can recall, interest is based on ADB (average daily balance) which is your total end-to-day balance divide by no. of days of that particular month.

If im not mistaken if you transfer out X amount to Bank A, and then use Bank B to transfer in the same X amount on the same day, the end-to-day balance is still the same.

Correct me if Im wrong.

 

[gnooliew]

As far as I can recall, interest is based on ADB (average daily balance) which is your total end-to-day balance divide by no. of days of that particular month.

If im not mistaken if you transfer out X amount to Bank A, and then use Bank B to transfer in the same X amount on the same day, the end-to-day balance is still the same.

Correct me if Im wrong.

So should transfer out 1 day before end of period and lose 1 day of interest. And re-pump in when new month start?

 

[alt2015]

So should transfer out 1 day before end of period and lose 1 day of interest. And re-pump in when new month start?

Tfr from my e saver to another e saver ... qualify as fresh fund for the other E saver account?

 

[maumu]

As far as I can recall, interest is based on ADB (average daily balance) which is your total end-to-day balance divide by no. of days of that particular month.

If im not mistaken if you transfer out X amount to Bank A, and then use Bank B to transfer in the same X amount on the same day, the end-to-day balance is still the same.

Correct me if Im wrong.

So should transfer out 1 day before end of period and lose 1 day of interest. And re-pump in when new month start?

need two esavers for this to work. so supposed u have one esaver account (esaver1). u can do this on 1 dec:

1. transfer all but $1k from esaver1 to another local bank, bankA.
2. open a new esaver account (esaver2).
3. transfer the amount in step 1 from bankA to esaver2.

but for me I play safe by using another bank (bankB). so:
1. esaver1 --> bankA
2. bankA --> bankB
3. bankB --> esaver2

 

[lewissac]

Curious, usually how much min deposit/freshfunds would this e$saver makes us "profitable" more as compared to our existing BOC Smartsaver, UOB One, OCBC 360 assume they're all able to fulfill the criteria?

 

[alt2015]

need two esavers for this to work. so supposed u have one esaver account (esaver1). u can do this on 1 dec:

1. transfer all but $1k from esaver1 to another local bank, bankA.
2. open a new esaver account (esaver2).
3. transfer the amount in step 1 from bankA to esaver2.

but for me I play safe by using another bank (bankB). so:
1. esaver1 --> bankA
2. bankA --> bankB
3. bankB --> esaver2

Oh i mean on the 1st Dec withdraw all from my e saver at Scb bank and bank into my spouse esaver. Like tat can ?

 

[chuanz]

Oh i mean on the 1st Dec withdraw all from my e saver at Scb bank and bank into my spouse esaver. Like tat can ?

Pls note for eSaver:
Counter transaction S$5 per cash withdrawal

https://www.sc.com/sg/save/saving-esaver.html -> "Key Charges" section

 

[lewissac]

Just to check if my calculations were correct,

I was trying to analyse the deposit amount in order to maintain the ADB by keeping the lowest amt inside.

Would it work? Since I got <10k to play around. As I wanted to maintain the ADB

 

[aKaGiz]

Why cannot just put 1k there???

 

[eliteFX]

It's possible to leave the balance for esaver A at 0 instead of 1k right?
Saw a post pages back that they won't close the account nor incur the fall below fee.

 

[maumu]

It's possible to leave the balance for esaver A at 0 instead of 1k right?
Saw a post pages back that they won't close the account nor incur the fall below fee.

i think no penalty for fall below fee only for privilege/priority customers... anyway, just play safe

 

[lewissac]

Why cannot just put 1k there???

1k is alot of $$ to earn some interest. I rather dump it somewhere where I can generate better interest than in e$aver for nth.