Standchart eSaver

[crossfitter]

Mine is in too.

 

[iduncheckmail]

This is like when in office someone click reply all, only to say “stop replying to all” .
Just don’t respond. The more you respond the more the topic is raised.

 

[twosix]

This is like when in office someone click reply all, only to say “stop replying to all” .
Just don’t respond. The more you respond the more the topic is raised.

Worst is replying to a mailing lists for the whole company. LoL.

 

[zippo1979]

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.

So in the end, the numbers are all correct for the 3.8% Exclusive Esaver promo.

I got:

28th Feb = 0.05% p.a. interest
28th Feb = 0.2% p.a. Bonus Interest
16th Mar = 3.55% p.a. Exclusive Bonus Interest

Total is 3.8% p.a. on ENTIRE FEBRUARY 2023 balance. Incremental Balance does not play a part at all.

From what I see, I think SCB made a fundamental change to the way they credit the interest in order to cater for the Normal and Exclusive Esaver clients.

Month End, SCB will give the base interest and 3.8% p.a. Bonus interest using the 'usual' incremental ADB method. So the Bonus interest will not make sense for Exclusive Esaver clients.

Then before 20th Mar (16th Mar in this case), SCB will calculate / make up the difference in the Exclusive Bonus interest such that Exclusive Bonus Esaver clients will get the full 3.8% p.a. interest on the ENTIRE FEBRUARY 2023 balance (Base+Bonus+Exclusive).

I will just use an Excel to keep track and as long I add up the lines and it gives me 3.8% p.a. total interest on ENTIRE balance, that's fine for me.

 

[konan~]

So in the end, the numbers are all correct for the 3.8% Exclusive Esaver promo.

I got:

28th Feb = 0.05% p.a. interest
28th Feb = 0.2% p.a. Bonus Interest
16th Mar = 3.55% p.a. Exclusive Bonus Interest

Total is 3.8% p.a. on ENTIRE FEBRUARY 2023 balance. Incremental Balance does not play a part at all.

From what I see, I think SCB made a fundamental change to the way they credit the interest in order to cater for the Normal and Exclusive Esaver clients.

Month End, SCB will give the base interest and 3.8% p.a. Bonus interest using the 'usual' incremental ADB method. So the Bonus interest will not make sense for Exclusive Esaver clients.

Then before 20th Mar (16th Mar in this case), SCB will calculate / make up the difference in the Exclusive Bonus interest such that Exclusive Bonus Esaver clients will get the full 3.8% p.a. interest on the ENTIRE FEBRUARY 2023 balance (Base+Bonus+Exclusive).

I will just use an Excel to keep track and as long I add up the lines and it gives me 3.8% p.a. total interest on ENTIRE balance, that's fine for me.

For me, I only get 0.05% Interest at end of month and the 3.75% Exclusive Bonus Interest by 20th of following month.

 

[maumu]

So in the end, the numbers are all correct for the 3.8% Exclusive Esaver promo.

I got:

28th Feb = 0.05% p.a. interest
28th Feb = 0.2% p.a. Bonus Interest
16th Mar = 3.55% p.a. Exclusive Bonus Interest

Total is 3.8% p.a. on ENTIRE FEBRUARY 2023 balance. Incremental Balance does not play a part at all.

...

Month End, SCB will give the base interest and 3.8% p.a. Bonus interest using the 'usual' incremental ADB method. So the Bonus interest will not make sense for Exclusive Esaver clients.

...

sorry can share how you arrive at 0.2% on 28 Feb?

 

[zippo1979]

sorry can share how you arrive at 0.2% on 28 Feb?

i took the "Bonus Interest" figure on 28th Feb / 28 days * 365 days / my Excel calculated ADB. But as said, this 0.2% p.a. which I calculated is likely to be different from every exclusive customer.

This "0.2% p.a." is very likely 3.75% p.a. of my INCREMENTAL ADB over January (which is what is being applied for normal customers but not exclusive customers). I believe SCB just applied the same incremental ADB calculation for all customers so it is easier for them to process. Then make up for the missing interest amounts using Manual Calculation for the Exclusive Customers by 20th of the month. (MY GUESS).

 

[zippo1979]

For me, I only get 0.05% Interest at end of month and the 3.75% Exclusive Bonus Interest by 20th of following month.

yeah this was what I would have expected. Just a BASE INTEREST and a EXCLUSIVE INTEREST is what I usually get. Don't know why for February, i got a total of 3 lines interest, but it was all correct after I added all 3 lines.

 

[MrConfused]

Does anyone know if there is a way for a person to have multiple eSaver accounts?

 

[maumu]

Does anyone know if there is a way for a person to have multiple eSaver accounts?

it used to be possible. have you tried to apply online again for another one?

I had two, but closed down one of them (when the rates dropped a few years back to 0.xx%)

 

[zippo1979]

Does anyone know if there is a way for a person to have multiple eSaver accounts?

open joint esaver accounts.

as far as i know, for single name accounts, you are only allowed one per type.

 

[addict951]

Guys, srs hor
Wif the current banking sector turmoil, anyone here alrdy distributed your cash from a single bank account (no matter how high the interest is) to various other bank accounts so that your cash held in each bank is falls under the $75K coverage? Thanks

 

[yiron]

Guys, srs hor
Wif the current banking sector turmoil, anyone here alrdy distributed your cash from a single bank account (no matter how high the interest is) to various other bank accounts so that your cash held in each bank is falls under the $75K coverage? Thanks

If really worried, keep to $75k per bank, and park the excess in SSB/SGS.

I'm not shifting for now.

 

[vsvs24]

Guys, srs hor
Wif the current banking sector turmoil, anyone here alrdy distributed your cash from a single bank account (no matter how high the interest is) to various other bank accounts so that your cash held in each bank is falls under the $75K coverage? Thanks

If really worried and if you have someone that you trust, open joint account so that SDIC coverage is $150k ($75k per person per bank).

 

[lzydata]

Guys, srs hor
Wif the current banking sector turmoil, anyone here alrdy distributed your cash from a single bank account (no matter how high the interest is) to various other bank accounts so that your cash held in each bank is falls under the $75K coverage? Thanks

I think let's bear in mind that in all the recent banks that failed, all depositors have been covered and no one has lost money. You think if a systematically important bank in Singapore failed, or is at risk of failing, that MAS would just let it fail?

 

[item2sell]

I think let's bear in mind that in all the recent banks that failed, all depositors have been covered and no one has lost money. You think if a systematically important bank in Singapore failed, or is at risk of failing, that MAS would just let it fail?

From wuhan virus experience, they will save the bank, and the staffs.

You and me don't know if they will save the depositors, or bond holders, or shareholders.

 

[yiron]

From wuhan virus experience, they will save the bank, and the staffs.

You and me don't know if they will save the depositors, or bond holders, or shareholders.

Which incident was that? I don’t think I have ever seen any banking regulator prioritize the bank employees over depositors.

 

[vsvs24]

From wuhan virus experience, they will save the bank, and the staffs.

You and me don't know if they will save the depositors, or bond holders, or shareholders.

They will save the bank (and hence the staff).

Will protect deposits, otherwise there will be a run on all banks.

Bondholders and shareholders unlikely.

 

[havetheveryfun]

Guys, srs hor
Wif the current banking sector turmoil, anyone here alrdy distributed your cash from a single bank account (no matter how high the interest is) to various other bank accounts so that your cash held in each bank is falls under the $75K coverage? Thanks

is this why ppl often say buy property at least property u wont face the possibility of bank collapsing. ur property wont go to 0, or even if go to 0 at least u can still enjoy living in it

 

[sohguanh]

is this why ppl often say buy property at least property u wont face the possibility of bank collapsing. ur property wont go to 0, or even if go to 0 at least u can still enjoy living in it

Problem is property down payment alot mah. Can use $1 or $100 or $1000 they sell to us? So while what you say is logical but come down to the nitty gritty details another story.