Standchart eSaver

[Mecisteus]

was told by someone in the bank that even when you transfer funds from one esaver account to another esaver account, you will still get the bonus interest.

has anyone tried that?

Yes correct. It had been mentioned many times.

But for my case, both accounts are different names.

 

[havetheveryfun]

Agreed, there wasn't anyone that contacted me from the bank.

On a side note, ever since I've started opening 2 esavers account, I'm unable to tally my bonus interest i.e. it seems lower than expected. I've put in less than 50k but it seems like the amount collected is giving less than 0.7%.

Has anyone here checked their savings interest rates on their eSavers acc?

it has been correct for me for the past 3 rounds

 

[doody_]

Yes correct. It had been mentioned many times.

But for my case, both accounts are different names.

I think the caveat is you need to transfer to a "middleman" account in another bank, before you transfer in again.

 

[eDisFieD]

Interested after reading through, and would like to clarify on earning interests on this account.

Let's say I have 2 accounts, one with an initial deposit of 50K and the other is $0, and at a total of 1.20% interest p.a. (rate till 31 May).

Month 1:
Acct 1 - $50K
Acct 2 - $0

Month 2 (Acct 1 transfers to Acct 2):
Acct 1 - $0 + 1.2% p.a of 50K
Acct 2 - $50K

Month 3 (Acct 2 transfers to Acct 1):
Acct 1 - $50K
Acct 2 - $0 + 1.05% p.a of 50K (Bonus Interest Rate on Incremental Balance)

And so on.. Is this how the whole thing works to gain more interest?

And lastly, essentially am I expecting to lose that 0.15% p.a (Prevailing Interest Rate on Deposit Balance) every month after the first month?

 

[Trazora]

Interested after reading through, and would like to clarify on earning interests on this account.

Let's say I have 2 accounts, one with an initial deposit of 50K and the other is $0, and at a total of 1.20% interest p.a. (rate till 31 May).

Month 1:
Acct 1 - $50K
Acct 2 - $0

Month 2 (Acct 1 transfers to Acct 2):
Acct 1 - $0 + 1.2% p.a of 50K
Acct 2 - $50K

Month 3 (Acct 2 transfers to Acct 1):
Acct 1 - $50K
Acct 2 - $0 + 1.05% p.a of 50K (Bonus Interest Rate on Incremental Balance)

And so on.. Is this how the whole thing works to gain more interest?

And lastly, essentially am I expecting to lose that 0.15% p.a (Prevailing Interest Rate on Deposit Balance) every month after the first month?

No. Just need to transfer on the first day of the new promotional period (or asap if not yet done so) and leave it till end of the promotional period.

 

[cybercom8]

Yes correct. It had been mentioned many times.

But for my case, both accounts are different names.

oh crap, i didn't trust them and withdrew my funds to uob instead to play safe

the reason is my online account showed the transaction as "fund trf fr e/s" instead of the usual deposit etc.

 

[cybercom8]

I think the caveat is you need to transfer to a "middleman" account in another bank, before you transfer in again.

actually, what i was told is that you do not need to go through that hassle, just internal transfer from 1 esaver to another esaver account will entitle you to the bonus interest so long as your account is not manually flagged out.

it seemed too risky for me but the staff were extremely sure it will work although that clearly contravened the tncs of the promo

 

[kehyi4]

actually, what i was told is that you do not need to go through that hassle, just internal transfer from 1 esaver to another esaver account will entitle you to the bonus interest so long as your account is not manually flagged out.

it seemed too risky for me but the staff were extremely sure it will work although that clearly contravened the tncs of the promo

so the bank's own staff is advising you to contravene the bank's own TnC...

I think this says something about the integrity of the bank and their staff

 

[doody_]

actually, what i was told is that you do not need to go through that hassle, just internal transfer from 1 esaver to another esaver account will entitle you to the bonus interest so long as your account is not manually flagged out.

it seemed too risky for me but the staff were extremely sure it will work although that clearly contravened the tncs of the promo

It's no hassle at all, I set it up as scheduled transactions. Better than doing internal transfer and end up no interest...

 

[cybercom8]

so the bank's own staff is advising you to contravene the bank's own TnC...

I think this says something about the integrity of the bank and their staff

they will not be quoted officially but told me the system will still credit the bonus interest automatically

 

[cybercom8]

It's no hassle at all, I set it up as scheduled transactions. Better than doing internal transfer and end up no interest...

so you have tried transferring from one scb acct to another and yet receive the bonus interest without transferring out to another bank and back in or withdrawing in cash from 1 scb acct and depositing immediately into the esaver account?

 

[doody_]

so you have tried transferring from one scb acct to another and yet receive the bonus interest without transferring out to another bank and back in or withdrawing in cash from 1 scb acct and depositing immediately into the esaver account?

Nope, because I don't want to risk getting no bonus interest. The additional effort to transfer out to another bank doesn't take a lot of extra time.

 

[heng_ah]

actually, what i was told is that you do not need to go through that hassle, just internal transfer from 1 esaver to another esaver account will entitle you to the bonus interest so long as your account is not manually flagged out.

it seemed too risky for me but the staff were extremely sure it will work although that clearly contravened the tncs of the promo

Transfer intra accounts is also considered hassle. Lesser hassle, but still is hassle

 

[hygge island]

I understand the mechanics of transferring in and out to earn the higher interest by using 2 or more accounts.

But are you guys using 2 accounts of different names to do that?

I have an account under my name. And my 7 yr old son's esaver account (his name) but grouped under my account (when I logged internet banking, I see both accounts).

will I still get higher rates when transferring money out/in using these 2 accounts (using also a DBS as a middle bank)?

 

[Trazora]

I understand the mechanics of transferring in and out to earn the higher interest by using 2 or more accounts.

But are you guys using 2 accounts of different names to do that?

I have an account under my name. And my 7 yr old son's esaver account (his name) but grouped under my account (when I logged internet banking, I see both accounts).

will I still get higher rates when transferring money out/in using these 2 accounts (using also a DBS as a middle bank)?

Btw thought need to be min 18 year old to apply eSaver.

 

[hygge island]

E saver kids account

Btw thought need to be min 18 year old to apply eSaver.

 

[cybercom8]

I understand the mechanics of transferring in and out to earn the higher interest by using 2 or more accounts.

But are you guys using 2 accounts of different names to do that?

I have an account under my name. And my 7 yr old son's esaver account (his name) but grouped under my account (when I logged internet banking, I see both accounts).

will I still get higher rates when transferring money out/in using these 2 accounts (using also a DBS as a middle bank)?

Yes, that will work. I had been transferring in/out of 4 esaver accounts previously to get the bonus interest. 2 individual names and 2 joint name accounts.

 

[Byfrost]

Hi all, I chanced upon this thread and I actually read all the posts here.

I understand that the current promo period is 1 Apr to 31 May 2017.

Appreciate it if someone can confirm if my understanding is right.

My thoughts:

1) Assuming I open the account on 1 May 2017, I deposit in 10k on the same day.

2) On 31 May, I transfer out the entire 10k into my other personal POSB Account.

Do I still enjoy 1.15% interest for that month? I know I won't get the $5 fall below fee as the ADB with 10k for the entire month of May is definitely a safe amount.

Second question:

Now, ASSUMING the next promotional rates are the same for the period of 1 June 2017 to 31 July 2017. The "(compared to March 2017‘s average daily balance) sentence" means that since my ADB for May is already SGD10k, my next input to my eSaver account to enjoy the Bonus interest of 1.05% must be more than 10K?

Assuming for the next promotional period of June I transfer in 13K and hold on for the full 2 months till 31 July 2017..

This will be my interest calculations?

1) 13k X 0.10 (Base interest) x 31/365 = $1.10

2) 3k (Incremental difference based on May comparison of SGD10k) x 1.05% x 31/365 = SGD2.67?


Can I conclude that the strategy for this eSaver interest is to not "show hand" all your savings at one shot (else next promotional period the compared to previous months ADB your bonus interest you lugi out?

Example my entire savings I have is SGD10k. I open new eSaver account. I never think and deposit in the SGD10k. Enjoyed the first interest. Yay.

Next promotional period, after transferring out full 10K to my POSB account and transfer back in 11K, and hold it there. The "difference" in previous month ADB is only SGD1K so end up my bonus interest of 1.05% is only good for the increment of SGD1K?

Can I say it's better to slowly embrace the system to maximize the "incremental balances"? like the example below:

1) Promo period Apr to May - Deposit 2k, end of May transfer out (enjoy both base and bonus interest as no previous month ADB to compare)

2) Promo period June to July - Deposit 4k, end of July transfer out (enjoy the 2k incremental balance bonus interest as compared ADB of 2k from Promo period 1)

3) Promo period August to September - Deposit 7k, end of September transfer out (enjoy the 3k incremental balance bonus interest as compared ADB of 4k from Promo period 2)

4) Rinse and repeat.

In that case why need to transfer here and there? Just slowly increase your fresh funds can already?

Unless I open 2 eSavers account. Every 2 months (alternating promotional period you rotate between this 2. Hence, one account at any given moment will have 1K to prevent $5 fall below fee and the other account will earn the interest. By the time you go back to the first account, your incremental balance will be the new amount minus the 1K for the fall below fee to maximize the incremental fresh funds interest?

Appreciate someone to clarify if my thinking is correct, and also I'm curious about the CIMB account which i did see people mention on transferring between SCB and CIMB every 2 months alternating.

Sorry for bad my english getting late and drowsy now. So my train of thought a little derailed.

 

[unhinged_loon]

...snip...

Short version:

Why 2 ESaver acounts.
First promo -> everything into acc1
First promo ends -> everything out to non SCB account (just in case)
Second promo -> everything into acc2
Second promo ends -> everything out to non SCB account (just in case)
Third promo -> everything into acc1
Third promo ends -> everything out to non SCB account
...
Rinse and repeat.

If you don't want to use 2 ESaver accounts, use CIMB as the alternate account to wait out the first month of the promo.

 

[mdax23]

I'm thinking if this can be pair with the isavvy acc from Maybank instead.

But if u dun mind the high min balance, HSBC advance/premier might be a better choice.