Standchart eSaver

[Mickey01]

SCB eSaver (by invitation) promotion till end Mar 2023. Top up fresh funds and maintain at least $100000 higher compared to July 2022 by 31 Aug 2022. Bonus interest 1.75%. Bonus interest payment credit by 20th of the following month. Up to max of $5000000.

 

[Froggyman]

It is for August AND September, against July balance.

Just to confirm my understanding.. New to this eSaver account
If I opened the account today and transfer in $100k, I will get 1.5% for Aug and Sep assuming I did not withdraw any $ out( Sep bal is compare to Jul($0) and not Aug)
In 1st Oct, I will have to withdrawal al out and put in Nov to qualify for interest on the incremental sum.
Is my understanding correct?
Thanks.

 

[lzydata]

Just to confirm my understanding.. New to this eSaver account
If I opened the account today and transfer in $100k, I will get 1.5% for Aug and Sep assuming I did not withdraw any $ out( Sep bal is compare to Jul($0) and not Aug)
In 1st Oct, I will have to withdrawal al out and put in Nov to qualify for interest on the incremental sum.
Is my understanding correct?
Thanks.

Correct for Aug and Sep. On 1st Oct you probably should withdraw all out (except the minimum balance) to prepare for the next round of promo For example, in October, they may have the same promo but on incremental balances compared to August average daily balance, then you wouldn't qualify (with the same money). Then in November, if they have the same promo on October average daily balance, that works out well for you. But when they have these future rounds is not fixed.

 

[lzydata]

Thanks lzydata. However, I was thinking of withdrawing some funds to apply for the 5-year SGS bond and if it gets refunded, I will deposit it back into eSaver. So, under this scenario, you would not earn any bonus on the funds returned. So, I think eSaver bonus interest is more strict compared to other savings account like HSBC EGA, CIMB Starsaver (previously for months May - Jun). Just sharing I'd thought. Thanks.

Well, here is my experience with eSaver to share with you, as I have held this account and taken part in many rounds of this promo. I have also put in incremental funds and had to withdraw part of them for needs like yours. In 1 month, 1 transfer in, partial transfer out. The bonus interest is accessed on each day's balance and credited at the end of the month. Not once did I lose out on the bonus interest, and I counted it carefully.

Illustration:

1 Aug - put in $100k
16 Aug - take out $50k
31 Aug - you earn bonus interest for $100k x 15 days and $50k x 16 days

Maybe it is because it is clear enough for me that they are fresh funds i.e. I never transferred from or to another Stanchart account, but something else outside. I suppose if they want to be picky, they can argue about whether they are fresh funds, but it has been fine for me.

 

[ice_angel]

SCB eSaver (by invitation) promotion till end Mar 2023. Top up fresh funds and maintain at least $100000 higher compared to July 2022 by 31 Aug 2022. Bonus interest 1.75%. Bonus interest payment credit by 20th of the following month. Up to max of $5000000.

Where can I find this info? Doesn't seem to be available from their web site..

 

[Mickey01]

Where can I find this info? Doesn't seem to be available from their web site..

By Invitation. If you are invited, you should have the notification in your app Inbox. Previously they used to follow up via email a couple of days later. I have yet to receive the email though.

 

[Kayeesha]

Well, here is my experience with eSaver to share with you, as I have held this account and taken part in many rounds of this promo. I have also put in incremental funds and had to withdraw part of them for needs like yours. In 1 month, 1 transfer in, partial transfer out. The bonus interest is accessed on each day's balance and credited at the end of the month. Not once did I lose out on the bonus interest, and I counted it carefully.

Illustration:

1 Aug - put in $100k
16 Aug - take out $50k
31 Aug - you earn bonus interest for $100k x 15 days and $50k x 16 days

Maybe it is because it is clear enough for me that they are fresh funds i.e. I never transferred from or to another Stanchart account, but something else outside. I suppose if they want to be picky, they can argue about whether they are fresh funds, but it has been fine for me.

Based on your illustration, what if you brought back $50k say on 17 Aug. Would you still earn the bonus interest for the $50k brought in from 17 Aug? My interpretation is you'd probably not earn any bonus interest on the $50K from 17 Aug which you otherwise would with HSBC EGA. Am I correct? Thanks.

 

[Squaredot]

Thanks lzydata. However, I was thinking of withdrawing some funds to apply for the 5-year SGS bond and if it gets refunded, I will deposit it back into eSaver. So, under this scenario, you would not earn any bonus on the funds returned.

not true lah, fortunately

 

[Squaredot]

Based on your illustration, what if you brought back $50k say on 17 Aug. Would you still earn the bonus interest for the $50k brought in from 17 Aug? My interpretation is you'd probably not earn any bonus interest on the $50K from 17 Aug which you otherwise would with HSBC EGA. Am I correct? Thanks.

not correct

 

[viv4080]

Thanks lzydata. However, I was thinking of withdrawing some funds to apply for the 5-year SGS bond and if it gets refunded, I will deposit it back into eSaver. So, under this scenario, you would not earn any bonus on the funds returned. So, I think eSaver bonus interest is more strict compared to other savings account like HSBC EGA, CIMB Starsaver (previously for months May - Jun). I thought I'd share. Thanks.

I am not sure whether they change the rules.

In the past, I have withdrawn and deposit funds during the month.

I will just take the daily balance at the end of each day during the month, add it up and divide by the no. of days to get the average daily balance (ADB). And I use this formula to calculate the bonus interest rate.

Bonus Interest rate = (ADB for Aug - ADB for Jul) x 1.45% / 365 x 31

 

[sohguanh]

I am not sure whether they change the rules.

In the past, I have withdrawn and deposit funds during the month.

I will just take the daily balance at the end of each day during the month, add it up and divide by the no. of days to get the average daily balance (ADB). And I use this formula to calculate the bonus interest rate.

Bonus Interest rate = (ADB for Aug - ADB for Jul) x 1.45% / 365 x 31

If this is how they calculate ADB then it is good since it just count the days of the month the monies stay inside the account. This mean as customer we can withdraw and then put back many times in a month. But eSaver T&C always mention fresh funds cannot withdraw and re-deposit back within X days which confuse me also. Becuz why have this T&C if the way they calculate is just the number of days in a month the monies stay inside the account correct?

 

[lzydata]

Based on your illustration, what if you brought back $50k say on 17 Aug. Would you still earn the bonus interest for the $50k brought in from 17 Aug? My interpretation is you'd probably not earn any bonus interest on the $50K from 17 Aug which you otherwise would with HSBC EGA. Am I correct? Thanks.

Granted I have not tried to transfer in and out a large sum of money within days, but I think you are incorrect.

 

[viv4080]

It is for August AND September, against July balance.

But if you read further, and I quote from the website:

"From now till 31 August 2022, earn up to 1.50% p.a. interest on eligible deposit balance of S$1 million with no lock-in period when you bring in incremental fresh funds* (compared to July 2022’s average daily balance)"

I hope it is a typo error, and nothing more.

 

[lzydata]

But if you read further, and I quote from the website:

"From now till 31 August 2022, earn up to 1.50% p.a. interest on eligible deposit balance of S$1 million with no lock-in period when you bring in incremental fresh funds* (compared to July 2022’s average daily balance)"

I hope it is a typo error, and nothing more.

Yes it is a typo. Obviously. The big headline on the top says

e$aver Bonus Interest (1 August 2022 to 30 September 2022) Promotion​

I mean, if you are really uncomfortable with putting your money in Stanchart, or with this promo, by all means don't do it. But really, picking on their typos? You think Stanchart is trying to cheat you but fortunately you saw their typo so...?

 

[demoforce1]

Do we need to register (sms) for esaver to get 1.5%?
I come from HSBC which always needs to send SMS and very late bonus interest

 

[hwarzoner]

Do we need to register (sms) for esaver to get 1.5%?
I come from HSBC which always needs to send SMS and very late bonus interest

no need, just place new fund into esaver can liao, since is a new account for u. whatever u put will be fresh fund

 

[hwarzoner]

starting from today 1 August 2022 to 30 September 2022 nice!​

 

[Panerex]

This fresh funds clause is talking about funds that you are transferring from another Stanchart account into the eSaver account. So long as you make it clear that you are transferring into the eSaver from an account with another bank, it will be fine. You are too obsessed with their T&Cs.

So that means, if I transfer $ out from ESAVER A to POSB, and then transfer from POSB into ESAVER B, I will be eligible for the 1.5% pa interest assuming my JUL ADB in ESAVER B is zero?

 

[lzydata]

So that means, if I transfer $ out from ESAVER A to POSB, and then transfer from POSB into ESAVER B, I will be eligible for the 1.5% pa interest assuming my JUL ADB in ESAVER B is zero?

From other Stanchart accounts than eSaver. Others have shared that usually one is allowed to have only one eSaver account.

 

[Panerex]

From other Stanchart accounts than eSaver. Others have shared that usually one is allowed to have only one eSaver account.

Some people may indeed have 2 ESAVER accounts from the good old days