Standchart eSaver

[ckman3]

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?

As rightly pointed out by someone, and ur TnC, the word used "throughout" seem to indicate must maintain same amt throughout Promo period. Abit confusing with subsequent statement.
Best to verify with SCB the official interpretation.

It makes more sense that u are free to use the funds within the month, so long end of mth amt meets the eligibility criteria for BI. With lower ADB for month, ur BI will be correspondingly lower.

 

[royalmix]

As rightly pointed out by someone, and ur TnC, the word used "throughout" seem to indicate must maintain same amt throughout Promo period. Abit confusing with subsequent statement.

I interpret the para as follows:

after the comma, that part serves to explain what needs to be maintained throughout the Promotion period, it is the end of day balance on the last day of the mth.

"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."

 

[EveMuffins]

I interpret the para as follows:
after the comma, that part serves to explain what needs to be maintained throughout the Promotion period, it is the end of day balance on the last day of the mth.
"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."

meaning if I have $5k on 31 May, then I must have at least $5k everyday until 31 Aug to be eligible?

 

[EveMuffins]

As rightly pointed out by someone, and ur TnC, the word used "throughout" seem to indicate must maintain same amt throughout Promo period. Abit confusing with subsequent statement.
Best to verify with SCB the official interpretation.
It makes more sense that u are free to use the funds within the month, so long end of mth amt meets the eligibility criteria for BI. With lower ADB for month, ur BI will be correspondingly lower.

I'll give them a call and update here. if really 'throughout' the promo period, then it's like FD already cos a certain amount is being locked in..though can withdraw but won't be eligible for 3.5%.

 

[royalmix]

meaning if I have $5k on 31 May, then I must have at least $5k everyday until 31 Aug to be eligible?

No, only last day must have 5k! second part of the para clearly explained the condition.

I have zero, so definitely no invite

 

[oceanicmanta]

I'll give them a call and update here. if really 'throughout' the promo period, then it's like FD already cos a certain amount is being locked in..though can withdraw but won't be eligible for 3.5%.

and hope the CSO engrish complehensen is better than a royal's

 

[royalmix]

I'll give them a call and update here. if really 'throughout' the promo period, then it's like FD already cos a certain amount is being locked in..though can withdraw but won't be eligible for 3.5%.

It does not make sense to impose a stringent rule which they know you cannot comply cos u already withdrawn all monies on 1 June. If they want you to return with monies, it does not make sense to impose a daily requirement.

It is only a mth end, last day requirement. Then they hope you forget, then forfeit your BI
If I were the bank, that would be my strategy!

 

[EveMuffins]

2. How do I qualify to receive Bonus Interest under this promotion?

To qualify for bonus interest, you must maintain your end-of-day deposit balance on 31 May 2023 (“Minimum Balance”) in your Qualified Account(s) such that the end-of-day deposit balance on 30 June 2023, 31 July 2023 and 31 August 2023 is not lower than Minimum Balance.

If you do not maintain the Minimum Deposit in your Qualified Account for a particular month during the Promotion Period, you will not receive any Bonus Interest for that particular month.

 

[EveMuffins]

ok. have spoken to the CSO, if I have $5k on 31 May (minimum balance), I must have at least $5k everyday from 1-30 Jun to be eligible for the bonus interest for Jun. that is why the T&C said 'must maintain minimum balance'..CSO said keyword is 'maintain throughout the period'.

moved back to ocbc for 3.25% after ending the call. coz I only have $1k from 1-6 Jun which is below minimum balance.

1 Jul then move back to eSaver for 3.5%.

 

[royalmix]

2. How do I qualify to receive Bonus Interest under this promotion?

To qualify for bonus interest, you must maintain your end-of-day deposit balance on 31 May 2023 (“Minimum Balance”) in your Qualified Account(s) such that the end-of-day deposit balance on 30 June 2023, 31 July 2023 and 31 August 2023 is not lower than Minimum Balance.

If you do not maintain the Minimum Deposit in your Qualified Account for a particular month during the Promotion Period, you will not receive any Bonus Interest for that particular month.

You extracted this from FAQ, just noticed the FAQ section. This is clearer and better english, and differs from that in the tnc as "throughout the promotion period" was removed.

I suspect something is wrong with scb! I dun have, so mai kaypoh!

 

[EveMuffins]

You extracted this from FAQ, just noticed the FAQ section. This is clearer and better english, and differs from that in the tnc as "throughout the promotion period" was removed.
I suspect something is wrong with scb!

I dun have, so mai kaypoh!

and the SMS say this

<ADV> Earn up to 3.5% p.a. interest on your e$aver balance (capped at S$5mil) from now till 31 Aug'23. To qualify, ensure the month end balance in your account ending xxxx during Jun-Aug'23 is not lower than the balance on 31 May 2023.

 

[vsvs24]

and the SMS say this

<ADV> Earn up to 3.5% p.a. interest on your e$aver balance (capped at S$5mil) from now till 31 Aug'23. To qualify, ensure the month end balance in your account ending xxxx during Jun-Aug'23 is not lower than the balance on 31 May 2023.

When did you receive the SMS ?

 

[EveMuffins]

When did you receive the SMS ?

6 Jun which is too late to be eligible for Jun's bonus interest cos I moved funds out on 1 Jun.

what's month end balance?

 

[vsvs24]

6 Jun which is too late to be eligible for Jun's bonus interest cos I moved funds out on 1 Jun.

what's month end balance?

Maybe you should ask the CSO this.

 

[PC-User]

Seems like SCB wants to compete with HSBC in T&C confusion. Sweat.

But logically no bank is so good to only consider that one single last day balance to determine deposit calculation. Doesn't make sense. 那有那麽便宜的事？？

 

[royalmix]

and the SMS say this

<ADV> Earn up to 3.5% p.a. interest on your e$aver balance (capped at S$5mil) from now till 31 Aug'23. To qualify, ensure the month end balance in your account ending xxxx during Jun-Aug'23 is not lower than the balance on 31 May 2023.

If I were you, I will use this sms and the faq to "challenge" them that tnc only require mth end balance, ie last day of mth to be not lower than May 31 balance.

No bank, if my bank, will make the system to check daily balances to make sure you comply before giving BI, it is "expensive" and crazy to stress the system! Asking the system to check mth end balance makes business sense!

 

[EveMuffins]

ok guys..i tried the app chat as well. the chat CSO replied me by copying and pasting the T&C over and over again. I gave up.

then I saw this 'chat with my client service manager'. I pasted my SMS inside and one lady called and explained to be qualified, my end of day balance on 30 Jun/31 Jul/31 Aug must not be lower than 31 May. 3.5% BI is on ABD. it's ok if I only have $1k from 1-6 Jun so long 30 Jun balance is not lower than 31 May.

then she joke and ask me don't 1-29 Jun keep $1k then 30 Jun deposit $50k coz the 3.5% BI for ABD will be very low.

 

[royalmix]

ok guys..i tried the app chat as well. the chat CSO replied me by copying and pasting the T&C over and over again. I gave up.

then I saw this 'chat with my client service manager'. I pasted my SMS inside and one lady called and explained to be qualified, my end of day balance on 30 Jun/31 Jul/31 Aug must not be lower than 31 May. 3.5% BI is on ABD. it's ok if I only have $1k from 1-6 Jun so long 30 Jun balance is not lower than 31 May.

then she joke and ask me don't 1-29 Jun keep $1k then 30 Jun deposit $50k coz the 3.5% BI for ABD will be very low.

Fantastic!

I will joke with them, can't you simply write daily balance if it is daily balance!

 

[vsvs24]

ok guys..i tried the app chat as well. the chat CSO replied me by copying and pasting the T&C over and over again. I gave up.

then I saw this 'chat with my client service manager'. I pasted my SMS inside and one lady called and explained to be qualified, my end of day balance on 30 Jun/31 Jul/31 Aug must not be lower than 31 May. 3.5% BI is on ABD. it's ok if I only have $1k from 1-6 Jun so long 30 Jun balance is not lower than 31 May.

then she joke and ask me don't 1-29 Jun keep $1k then 30 Jun deposit $50k coz the 3.5% BI for ABD will be very low.

So you will transfer back to esaver ?

You put where now ?

 

[EveMuffins]

So you will transfer back to esaver ?
You put where now ?

yes transfered back to esaver again. was in ocbc 360 for 3.25%.