Standchart eSaver

[cherry6]

lots of ppl called up scb to enquire about non Pymt of bonus interest rates
According to a frd who works there (no name mentioned plse )this is the game they play
eg lock yr money up by withholding bonus interest pymt which is legally their rights as per the terms n conditions,so that you can’t move yr fund to another place.They are fully aware HSBC’s EGA has a 1st March to 31st March promotion giving up to 4.70% on fresh fund…..make sense to me if more of their client hold back before they pull out to HSBC,,,,

I don't think there is any T&C to avoid paying the interest. The only T&C in their favour now is to let them pay by 20th of the month.

Even their phone customer service is very confused. They say that bonus is either on the ADB (additional daily balance compared with Jan 2023) for non invitees or 3.8% on the entire balance for invitees, there is no in-between.

So he has asked the 'department concerned ' to directly reply me in 2-3 working days.

IMHO, this won't stop me from withdrawal of my funds , save $1k min balance to place with HSBC etc, because by contract, SCB has to pay interest according to their offer for February 2023.

Everyone should call SCB to enquire about their policies and if as u say, they are playing dirty tricks to get money at cheap rates.

 

[Informant]

any1 know if i fresh deposit 10k fund to e$aver today. would i still qualify for 3.75% p.a. since the promo ends this month.

 

[lzydata]

any1 know if i fresh deposit 10k fund to e$aver today. would i still qualify for 3.75% p.a. since the promo ends this month.

Yes, if the fresh funds are incremental compared to January's ADB, they will still earn bonus interest for these 31 days until the end of March.

 

[Informant]

Yes, if the fresh funds are incremental compared to January's ADB, they will still earn bonus interest for these 31 days until the end of March.

Does fund from sc jumpstart to esaver a/c consider fresh fund? If 2-3 days later then transfer. the promo will be void? or still eligible dk why this dbs rejected my fund transfer to sc esaver a/c

 

[maumu]

They could have changed their mechanics of their interest calculation to be consistent.

So:
28th Feb = They give 0.05% Base Interest for all clients
28th Feb = They give 3.75% Bonus interest for all client (based on INCREMENTAL ADB approach)
20th Mar = They give the dued Exclusive Bonus Interest for Exclusive Clients (based on full balance approach - what was already paid out on 28th Feb).

This is my guess so I will not contact my RM until I see what happens on 20th March.

As long as Item 2 + Item 3 = 3.75% p.a. on my entire Feb balance, that's fine.

I tried your method but it didn't tally (for 28 Feb based on incremental ADB approach)

wonder what's their formula...

anyways, so far I checked the past months, the bonus interest (3.75%) tallies, but is split into two credits - one on the last day of the month, and another at the following month (no consistent date). the good thing is that the transactions will describe the month it is tagged to.

 

[wutawa]

Does fund from sc jumpstart to esaver a/c consider fresh fund? If 2-3 days later then transfer. the promo will be void? or still eligible dk why this dbs rejected my fund transfer to sc esaver a/c

not fresh fund if jumpstart and esaver are under the same name. u have to jumpstart to bank b, then bank b to esaver. what was dbs error msg on the transfer rejection? maybe u can chk with dbs?

 

[zippo1979]

I tried your method but it didn't tally (for 28 Feb based on incremental ADB approach)

wonder what's their formula...

anyways, so far I checked the past months, the bonus interest (3.75%) tallies, but is split into two credits - one on the last day of the month, and another at the following month (no consistent date). the good thing is that the transactions will describe the month it is tagged to.

what did you get on 28th Feb for your "Bonus Interest". How many % p.a. effectively?

I got about 0.2% p.a., another user got 0.1% p.a. (previous posts).

I am waiting till 20th March to see if another Exclusive Bonus Interest line is posted.

 

[maumu]

what did you get on 28th Feb for your "Bonus Interest". How many % p.a. effectively?

I got about 0.2% p.a., another user got 0.1% p.a. (previous posts).

I am waiting till 20th March to see if another Exclusive Bonus Interest line is posted.

I really can't tell because the amount is miniscule (based on balance of ~$1000).. it was credited as $0.01 but if following your approach it should be $0.02

 

[zippo1979]

I really can't tell because the amount is miniscule (based on balance of ~$1000).. it was credited as $0.01 but if following your approach it should be $0.02

not to worry.. you are the 3rd person that I know of that is affected. So we can quite confirm it is SCB system issue / change of presentation or crediting dates, not we do wrongly.

 

[maumu]

not to worry.. you are the 3rd person that I know of that is affected. So we can quite confirm it is SCB system issue / change of presentation or crediting dates, not we do wrongly.

but it can be quite certain that the bank will post the bonus interest in two separate transactions lah... one on last day of month, and another some time later.

e.g.
BONUS INTEREST PAYMENT
FOR THE PERIOD 2022-12-01-2022-12-31
- this is the first credit of bonus interest for December 2022, credited on 31 Dec 2022

EXCLUSIVE BONUS INTEREST PROMO
INTEREST FOR DEC22 (05 OF 11)
- this is the second credit of bonus interest for December 2022, credited on 19 Jan 2023

 

[zippo1979]

but it can be quite certain that the bank will post the bonus interest in two separate transactions lah... one on last day of month, and another some time later.

e.g.
BONUS INTEREST PAYMENT
FOR THE PERIOD 2022-12-01-2022-12-31
- this is the first credit of bonus interest for December 2022, credited on 31 Dec 2022

EXCLUSIVE BONUS INTEREST PROMO
INTEREST FOR DEC22 (05 OF 11)
- this is the second credit of bonus interest for December 2022, credited on 19 Jan 2023

yup this is what i am expecting, except my BONUS INTEREST PAYMENT on 28th Feb is very off. It is neither 1% or 2.75% or 3.75%.. It is 0.2%

 

[BlackTortoise]

yesterday online created account sucessful but till now no receive ID/Password to login. SmlJ?

 

[Devilsire]

they created this mess themselves with all the various different invite only bonus + exclusive bonus
my bonus / exclusive bonus / interests are weird in a way they may be credited on last day, 10th or 20th in no fixed manner
hard to monitor to exact cents as there'll be in/out movements affecting the ADB but i guess end of the day the monthly interests are pretty accurate

 

[Mickey01]

I tried your method but it didn't tally (for 28 Feb based on incremental ADB approach)

wonder what's their formula...

anyways, so far I checked the past months, the bonus interest (3.75%) tallies, but is split into two credits - one on the last day of the month, and another at the following month (no consistent date). the good thing is that the transactions will describe the month it is tagged to.

I am also on invite until Jun 2023. Also have the same problem, can never understand the % of bonus interest credit at end of the month. But based on all previous credits, the total (month end bonus + bonus credit by 20th next month) is always per the % promised.

 

[vsvs24]

they created this mess themselves with all the various different invite only bonus + exclusive bonus
my bonus / exclusive bonus / interests are weird in a way they may be credited on last day, 10th or 20th in no fixed manner
hard to monitor to exact cents as there'll be in/out movements affecting the ADB but i guess end of the day the monthly interests are pretty accurate

Be grateful they offered you the invite. Some people want to get invited also can't.

Could it be issue this mth is because the invite and public rate was the same at 3.8%. Rare since invite rate usually higher. So the program logic did not cater for same rate

 

[saintgtril]

Hi all, I ganna fall below fee for the very first time. Anyone else? Sian!

 

[sglandscape]

Hi all, I ganna fall below fee for the very first time. Anyone else? Sian!

I believe for priority banking, the fall below fee is waived.

 

[Imhthc]

Did anyone have issues with the new app? I find it very unstable. My friend paynow me but it doesn’t reflect in my transaction.

 

[wutawa]

Hi all, I ganna fall below fee for the very first time. Anyone else? Sian!

Always leave the balance $0 to avoid the fee.

 

[3XTR3M1ST]

tried to ask 2 separate CSO for their criteria to select customers to invite for the 4.2% promo, and each of them refuse to answer. Ask them to escalate if they don't know how to answer, also refused. HAHA BUGGERS!