Standchart eSaver

[maumu]

I just realised - after reading the tnc again - that SC will 'update' the bonus interest rates if the rates are higher.

5. Notwithstanding Clause 4 above, in the event that the bank offers to the Bank’s other customers holding Eligible Account(s), a bonus interest rate higher than Bonus Interest Rate (“Higher Bonus Interest Rate”) for any e$aver bonus interest promotion, indicated on our website as open to all Eligible Account(s) held during the Bonus Interest Earning Period, your Bonus Interest for that month will be computed at such Higher Bonus Interest Rate, subject to these terms.

I'm not sure if it applies to those who are on the older 1.8% if we will get "upgraded" to 2.2%? or because the 2.2% is for selected pool of clients the clause does not apply.

anyway.. currently parking at RHB/EGA until November so hopefully by then, there's more clarity.

anyone got invite for both 1.8% and 2.2%? I didn't get the 2.2% invite... not sure if it's because I'd already parked $100k on 31 Aug with them.

 

[Mickey01]

I just realised - after reading the tnc again - that SC will 'update' the bonus interest rates if the rates are higher.

5. Notwithstanding Clause 4 above, in the event that the bank offers to the Bank’s other customers holding Eligible Account(s), a bonus interest rate higher than Bonus Interest Rate (“Higher Bonus Interest Rate”) for any e$aver bonus interest promotion, indicated on our website as open to all Eligible Account(s) held during the Bonus Interest Earning Period, your Bonus Interest for that month will be computed at such Higher Bonus Interest Rate, subject to these terms.

I'm not sure if it applies to those who are on the older 1.8% if we will get "upgraded" to 2.2%? or because the 2.2% is for selected pool of clients the clause does not apply.

anyway.. currently parking at RHB/EGA until November so hopefully by then, there's more clarity.

anyone got invite for both 1.8% and 2.2%? I didn't get the 2.2% invite... not sure if it's because I'd already parked $100k on 31 Aug with them.

you left out the words after the comma ............ "indicated on our website as open to all eligible Account(s) ....." the 2.2% was by invite .... so call hush hush and not indicated in the website

 

[xXxJavierxXx]

Only priority customers are invited. Need 200k to be a priority customer.

I'm priority with around 500k with them. I didn't get any invitations before.

 

[sohguanh]

I'm priority with around 500k with them. I didn't get any invitations before.

Then you should write,call and check why they leave you out? Yours is way over the 200k another reader mention

 

[vsvs24]

I'm priority with around 500k with them. I didn't get any invitations before.

If you login to internet banking, there is a chat with RM function.

But the catch is the promo is for incremental funds. Which means you need to move out the funds (before invitation) then move in.

Makes me wonder if they are only inviting priority customers with low balance but have movement in the accounts.

 

[vsvs24]

i anticipate SCB will up bonus rate to 1.75% for the Oct to Nov 2022 promo

So conservative. I am expecting at least 1.9% but more likely exceed 2%.

They probably saw a lot of deposits flow in on 31 Aug only to be pulled out on first few days of Sep.

Btw I was pleasantly surprised that FAST transfer daily limit of Std Chart is 200k. I thought it was 100k initially.

 

[Mickey01]

So conservative. I am expecting at least 1.9% but more likely exceed 2%.

They probably saw a lot of deposits flow in on 31 Aug only to be pulled out on first few days of Sep.

Btw I was pleasantly surprised that FAST transfer daily limit of Std Chart is 200k. I thought it was 100k initially.

amongst the 3 local banks DBS/OCBC/UOB, OCBC lowered the daily limit to $100,000. The other 2 remained at $200,000.

 

[Mickey01]

So conservative. I am expecting at least 1.9% but more likely exceed 2%.

They probably saw a lot of deposits flow in on 31 Aug only to be pulled out on first few days of Sep.

Btw I was pleasantly surprised that FAST transfer daily limit of Std Chart is 200k. I thought it was 100k initially.

I am benchmarking against iSavvy promo ... which in the past, esaver promo and isavvy promo are always neck to neck.

 

[NTTDoCoMo]

amongst the 3 local banks DBS/OCBC/UOB, OCBC lowered the daily limit to $100,000. The other 2 remained at $200,000.

UOB Daily Max is $100,000. Do you have UOB Privilege Banking?

OCBC Premier FAST Max is $200,000 Daily.

 

[vsvs24]

I am benchmarking against iSavvy promo ... which in the past, esaver promo and isavvy promo are always neck to neck.

In the past these 2 were the highest so they just need to compete with each other.

Now so many more non-frills, including digital banks. FD rates are also high. SSB also higher. They too shortsighted if just look at Maybank isavvy.

If they don't up too much for esaver, means they more interested in developing Trust Bank with NTUC

 

[Mickey01]

UOB Daily Max is $100,000. Do you have UOB Privilege Banking?

OCBC Premier Max is $200,000 Daily.

oh .. so that's the difference. Yes, I do have Privilege Banking with UOB.

 

[Mickey01]

In the past these 2 were the highest so they just need to compete with each other.

Now so many more non-frills, including digital banks. FD rates are also high. SSB also higher. They too shortsighted if just look at Maybank isavvy.

If they don't up too much for esaver, means they more interested in developing Trust Bank with NTUC

1. digital bank GXS based only 0.08% up to $5k. Not too sure what is that 1.58% for pockets. I think SCB do not usually compete in this micro category

2. Trust Bank is 1% up to $50k (max) and then you add 0.2% or 0.4% depending whether you NTUC member or not with some card spend. This is a huge new potential customer base for SCB which can be acquired at a lower interest rates once they start to market to union members.

 

[maumu]

...

They probably saw a lot of deposits flow in on 31 Aug only to be pulled out on first few days of Sep.

I'm one of them haha. moved in on 31 Aug (to qualify for the 1.8%) and then move out the next day because of RHB's surprise promo.

shouldn't have moved in actually, could have caught the 2.2% promo instead. anyway it's inconsequential for now since I'm rotating between RHB and EGA for now until November at least.

hopefully RHB will extend the promo after November or the rates will go higher by then for most banks.

 

[vsvs24]

I'm one of them haha. moved in on 31 Aug (to qualify for the 1.8%) and then move out the next day because of RHB's surprise promo.

shouldn't have moved in actually, could have caught the 2.2% promo instead. anyway it's inconsequential for now since I'm rotating between RHB and EGA for now until November at least.

hopefully RHB will extend the promo after November or the rates will go higher by then for most banks.

Those on 1.8% won't get the 2.2%.

But should get the higher increase announced publicly for Oct to Nov.

 

[Mickey01]

I'm also one of them ... qualify for 1.75% in Aug and then move some out in Sep to RHB

 

[Mickey01]

actually RHB 3% bonus rate looks jaw dropping. But most will need musical chairs and participate only for 2 months. So it is (3% + 3%)/3 which is on average 2% p.a, which is comparable to EGA Premier/Jade promo. Of course the total EIR for RHB is attractive if you add base rate to the 2% average bonus rate

 

[vsvs24]

actually RHB 3% bonus rate looks jaw dropping. But most will need musical chairs and participate only for 2 months. So it is (3% + 3%)/3 which is on average 2% p.a, which is comparable to EGA Premier/Jade promo. Of course the total EIR for RHB is attractive if you add base rate to the 2% average bonus rate

RHB is higher. Just the bonus alone is equal to HSBC EGA if you can get the latest rate. Add the base, win hands down.

 

[maumu]

actually RHB 3% bonus rate looks jaw dropping. But most will need musical chairs and participate only for 2 months. So it is (3% + 3%)/3 which is on average 2% p.a, which is comparable to EGA Premier/Jade promo. Of course the total EIR for RHB is attractive if you add base rate to the 2% average bonus rate

move out on 1 Oct to another high yield account like EGA.. then move back on 1 Nov. it's still gonna earn something in October not sitting in RHB (you need incremental balance for Nov based on Oct).

 

[Mickey01]

move out on 1 Oct to another high yield account like EGA.. then move back on 1 Nov. it's still gonna earn something in October not sitting in RHB (you need incremental balance for Nov based on Oct).

that's for sure, since I have existing RHB and EGA accounts

 

[sohguanh]

RHB is higher. Just the bonus alone is equal to HSBC EGA if you can get the latest rate. Add the base, win hands down.

All is correct just the bonus interest credit is so far behind ppl may even forgot about it until someone in the forum informed. Then there is this reddevil reader talking about opportunity cost. That is the bonus interest come in late that monies can put elsewhere earn more interest if it come early say Oct can get bonus interest for Sep for e.g