Standchart eSaver

[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.

 

[Lasogette]

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

Spread out better. I did that earlier this week

 

[sohguanh]

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

All along I practise diversification. UT , FD , high yield savings account etc. Hence I always ask forum minimum balance fall below fee etc for those new lobang readers posted.

But agree there is only that many you can put up to 75k so some will have more but that is still better than all into one. I know previous RHB bonus promo some readers here share they all in but I did not.

 

[havetheveryfun]

back to eSaver topic, next cycle (Apr to May) most likely gonna be less than 3.8% ? everything trending down (FDs, T-bills) even though rate hike is expected.. so weird

 

[sglandscape]

back to eSaver topic, next cycle (Apr to May) most likely gonna be less than 3.8% ? everything trending down (FDs, T-bills) even though rate hike is expected.. so weird

yup but expectation now is a massive rate cut from June onwards, that's why everything is trending down. think the banks also do not want to lock in high rates now (both for normal deposit accounts and FDs)

 

[Joseph99]

Hi all, if I withdraw from my esaver, will I still be eligible for interest 3.8% ? No need to ear mark any amount hor ?

 

[royalmix]

Hi all, if I withdraw from my esaver, will I still be eligible for interest 3.8% ? No need to ear mark any amount hor ?

If you are in the current normal cycle which ends in Mar, just make sure your ADB for the mth of Mar ending 31 Mar is at least 1k ( assuming your Jan ADB is zero).