What is your average monthly bal for Mar ? Is it 8k+ ?
Standchart eSaver
- Thread starter mdax23
- Start date
If you have $8.5K in esaver for whole of Mar, and now you add you new $20K into esaver, your $28.5K will be earning an interest of 2.68% till end of May. If can find better rate than this, then withdraw from esaver and park it together with your new $20K somewhere else. Otherwise just dump everything in esaver.
Yes.
Thanks, can screenshot your calculator working?
How come till end of may not April? May no ADB increase...
If your ADB for Mar is $8.5K, this 8.5K will only earn 0.05% in the esaver for Apr and May. If you put in your $20K, this will be the new fund earning 3.80% starting now till end May. I simplify calculation to be per annum.
(8500*0.05%+20000*3.8%)/28500 = 2.68%.
May also compared with ADB for Mar and not Apr. That's the beauty of putting in scb.
I see, thank you!
It is the same game play mechanics for Maybank iSavvy just to share to other readers.
Should be lower right ? Because the 20k is deposited in mid month and not on 1 Apr
from the day he places the $20K into esave, his $28.5K will earn 2.68% interest p.a.
I will calculate and compare the absolute interest I can get on 28.5k in esaver vs rhb to make my decision. My estimates, esaver will give you more!
The best way to earn full and best interest on esaver is to have zero adb in the comparison mth. Since the current promo ends in May, it is definitely not worth it for you to continue in May, should you choose esaver for April. I will wait for isavvy next mth, if rate remain at 3.8% or better, move all your funds to maybank isavvy for 3 mths.
Seriously is this difficult to understand or I have made a mistake somewhere?
Isavvy now 3.6% only cannot fight.
Think I would just open another esaver account under a family name and throw it in there.
But then I worry for next cycle after May will my current account balance for 2 weeks be taken as the ADB comparison month?
If I remember correctly before this April May cycle, esaver don't have ADB comparison right?
U never do your homework! Isavvy is 3.8% total (but if you have >200k it is 4%), but it ends this mth. I transferred out on 1 April to zeroise (oops 500 min, at least 10k adb to earn bonus) the balance to prepare for next promo. My funds now sitting in esaver. Esaver has always been fresh funds, adb comparison, same as isavvy! I have been with esaver for donkey years! 2 esaver is the way I played the game in the past, but now I learn of isavvy with same interest. But if isavvy cannot beat esaver, I might have to open joint esaver in June!
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Good idea to open a new eSaver account. Try to park your $28.5K in the new account by end of this month. The whole sum will enjoy 3.80% till end May and the ADB of your current esaver account will be $0 for the month of May.
If there is a new promo in end May, it will be for period 1 Jun to 31 Jul and new fund will be compared to the ADB for the month of May. So it will be just nice to play musical chair to transfer the amount from your new esaver account to another account and then to your current esaver to enjoy the bonus interest for jun and jul.
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How about this scenario. Let's say I only have 1 acct and if my reference month is Mar (1K inside to avoid fall below fee):
1st Apr deposit: 20K (so 19k earn 3.8% for Apr-May)
15th Apr deposit: 10K (so 9K earn 3.8% for 15th Apr-May)
1st May deposit: 20K (so 19K earn 3.8% for May)
Is my understanding of the above correct? Forget about the absolute interest. I only want to know if I deposit more along the way, does it affect the incremental thingy, and affect the 3.8% bonus interest? Thanks.
Firstly, you should always keep zero in the account (if u are not earning bonus interest on the account), no fall below fee if balance is zero on the last day of mth!
Bonus Interest of 3.75% is paid on all incremental adb as compared to Mar. So u can do your own maths to calculate the absolute interest you can get for April and May.
I prefer to use absolute interest instead of interest % to compare between 2 solutions because the amt is small for him , 28.5k, interest differential is about less than $4, why waste time/effort moving here and there just to get $4 more (assuming RHB pays more), not for me!
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So ADB for Mar is $1K. Promo for period 1 Apr to 31 May. Simply dump your new fund of $40K on 1 Apr and the whole $40K will earn 3.80% interest from 1 Apr till 31 May. The new fund is compared with ADB of Mar for both Apr and May. There is no need for you to put in new fund in May in order to earn bonus interest. Your ADB of $1K for Mar (to avoid fall below fee) will earn 0.05% for Apr and May.
I am aware of the straight forward way. The thing is some of my other funds only come in along the way, hence this scenario. I only worry the other 'along the way fund' does not earn the bonus 3.8% due to the incremental thingy coz I'm not too fully sure how it works. Or it doesn't matter coz it will only based on Mar as reference month so whatever fund in during the 2 mths will still earn 3.8%. I did tried to live chat with SCB but they just copy paste the TnCs and ended the chat very fast even before I can finished typing. And this is not the 1st time it happened.
After live chat should have a feedback screen give that CS one star and type feedback why one star. Try second time to live chat they will be nicer. Happen for my Smart card bonus points not showing. CS KPI some is based on customer ratings.
U mean with the simple example on how to calculate BI in the tnc, u still dun understand?
https://av.sc.com/sg/content/docs/sg-esaver-tnc.pdf
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