Standchart eSaver

[EveMuffins]

did you receive this from your RM, or SMS or email? Thanks.

I received the SMS

 

[vsvs24]

I just received invite for 3.5% on ABD from 1 jun to 31 aug. condition is ABD for jun/jul/aug must not be lower than May.

The ADB condition seems new

 

[stevenlsf]

I received the SMS

thanks I didn't receive any. Mine promotion period is ended by May.

 

[ckman3]

I just received invite for 3.5% on ABD from 1 jun to 31 aug. condition is ABD for jun/jul/aug must not be lower than May.

Is it ADB or the minimum amount at end of each month of the promotion period that must match or exceed the reference 31 May end of day amt in order to qualify for the bonus interest?

 

[EveMuffins]

Is it ADB or the minimum amount at end of each month of the promotion period that must match or exceed the reference 31 May end of day amt in order to qualify for the bonus interest?

may I know what's the difference between amount at end of each month and ADB?

my T&C:
you must maintain your end-of-day deposit balance on 31 May 2023 (“Minimum Balance”) in your Eligible Account(s) throughout the Promotion Period, such that the end-of-day deposit balance on 30 June 2023, 31 July 2023 and 31 August 2023 is not lower than the Minimum Balance.

does it mean for example, I have $5k on 31 May, so long I have $5,001 on 30 Jun/31 Jul/31 Aug, I'll be eligible for 3.5% even though I only have $1k on some days?

 

[Guojing88]

I received the SMS

Ironically, I only received their SMS warning me not to believe any SMS promised FD promotions

 

[paurusu]

may I know what's the difference between amount at end of each month and ADB?

my T&C:
you must maintain your end-of-day deposit balance on 31 May 2023 (“Minimum Balance”) in your Eligible Account(s) throughout the Promotion Period, such that the end-of-day deposit balance on 30 June 2023, 31 July 2023 and 31 August 2023 is not lower than the Minimum Balance.

does it mean for example, I have $5k on 31 May, so long I have $5,001 on 30 Jun/31 Jul/31 Aug, I'll be eligible for 3.5% even though I only have $1k on some days?

31 May 2023 deposit balance to be maintained throughout the Promotion period. The subsequent wordings after comma is a bit misleading - I will say. You can try asking Contact centre or their chat agent if you need clarification (and hopefully they give the correct advice).

However - it doesn't make sense to withdraw your money in the first place regardless of how it was worded, assuming you want the higher interest. Banks always calculate interest (or bonus) based on ADB (monthly) or daily balance. So in either scenario - you won't get your good interest on other days when your balance is pushed down. No bank will ever calculate interest on a single date to determine monthly interest.

 

[Maserati]

Hi anyone recently sign up new esaver account for the priority banking before 31 may ?
Is there a comfirmation or some sort to inform the account is Qualified for the promotion until 31Nov?

 

[travbug]

I also received the sms invite, but only for bonus interest of 3.35%, ie total 3.4%.

The full terms and conditions of the sms invite can be found in scb website by searching #jn23. It seems that there are 2 types of invites termed phase A and phase B. Phase A gets 3.5% whereas Phase B gets 3.4%.

 

[royalmix]

No bank will ever calculate interest on a single date to determine monthly interest.

Do you have DBS multiplier?

 

[Mickey01]

I also received the sms invite, but only for bonus interest of 3.35%, ie total 3.4%.

The full terms and conditions of the sms invite can be found in scb website by searching #jn23. It seems that there are 2 types of invites termed phase A and phase B. Phase A gets 3.5% whereas Phase B gets 3.4%.

This Jun 2023 BI invite seems to be more restrictive compared to the previous 2022/early 2023 BI invites. I guess SCB is more savvy now. Need you to maintain the minimum balance (compared to May 2023) to qualify for BI.

In the previous invite, once you top up with fresh funds ($100k for example) in Jun (for example) and qualify for BI for next XXX months, you can move funds in and out for the next XXX months. The lower remainaing balance still qualify for the BI.

 

[ahnyaahnya]

If open the esaver account, what is the minimum balance to avoid fall below fees ?

 

[EveMuffins]

31 May 2023 deposit balance to be maintained
throughout
the Promotion period. The subsequent wordings after comma is a bit misleading - I will say. You can try asking Contact centre or their chat agent if you need clarification (and hopefully they give the correct advice).
However - it doesn't make sense to withdraw your money in the first place regardless of how it was worded, assuming you want the higher interest. Banks always calculate interest (or bonus) based on ADB (monthly) or daily balance. So in either scenario - you won't get your good interest on other days when your balance is pushed down. No bank will ever calculate interest on a single date to determine monthly interest.

I've no intention to withdraw my funds for the next few months..however, my ADB for 1-5 Jun was only $1k which was lower than 31 May. I moved funds back in on 6 Jun upon receiving the invite so I'm not sure if I'm still eligible for 3.5% in Jun.

 

[royalmix]

I've no intention to withdraw my funds for the next few months..however, my ADB for 1-5 Jun was only $1k which was lower than 31 May. I moved funds back in on 6 Jun upon receiving the invite so I'm not sure if I'm still eligible for 3.5% in Jun.

My interpretation is same as yours, so long last day of mth balance >= 31 May, you will get bonus interest. If you are worried, chat with scb, if there is a chat in the app, me not an app user nor did I receive the invite. Even if I get invite, I will still keep my funds with another bank more than 4%

 

[ckman3]

My interpretation is same as yours, so long last day of mth balance >= 31 May, you will get bonus interest. If you are worried, chat with scb, if there is a chat in the app, me not an app user nor did I receive the invite. Even if I get invite, I will still keep my funds with another bank more than 4%

I read the TnC as qualifying for bonus interest(BI) depends on the end of day amt on 30 Jun as compared to 31 May. The ADB is for calculation of the BI. If need to maintain amt throughout the period of Jun to Aug, it may be better off putting in short 3mth FD instead.

 

[royalmix]

I read the TnC as qualifying for bonus interest(BI) depends on the end of day amt on 30 Jun as compared to 31 May. The ADB is for calculation of the BI. If need to maintain amt throughout the period of Jun to Aug, it may be better off putting in short 3mth FD instead.

only need to make sure last of mth balance is more than or equal to 31 May balance, other days can be different, so is better than FD. Of course to max BI, keep more, but if need money, also need not worry so long remember last day must do it right. If forget to do it right on last day, then bye bye BI!

I prefer flexibility to FD!

 

[EveMuffins]

My interpretation is same as yours, so long last day of mth balance >= 31 May, you will get bonus interest. If you are worried, chat with scb, if there is a chat in the app, me not an app user nor did I receive the invite. Even if I get invite, I will still keep my funds with another bank more than 4%

tks..I moved back to this for 3.5% coz OCBC only 3.25% and I do not have HSBC. just have to make sure every last day of the month must have more money than 31 May.

 

[limjohnny]

If open the esaver account, what is the minimum balance to avoid fall below fees ?

1K

 

[lzydata]

If open the esaver account, what is the minimum balance to avoid fall below fees ?

$1k

 

[ckman3]

only need to make sure last of mth balance is more than or equal to 31 May balance, other days can be different, so is better than FD. Of course to max BI, keep more, but if need money, also need not worry so long remember last day must do it right. If forget to do it right on last day, then bye bye BI!

I prefer flexibility to FD!

Agree flexibility is a plus point. Just need to remember to match or exceed 31 May end of day amt.