Standchart eSaver

[magicming]

ok thanks, so it does make sense to do this right? say i got $400k exactly in scb now, i trf out $200k today to cimb and tomr $200k. i dont really lose much in esaver since 1oct i will only get base interest of 0.05% but i will get cimb 3.5% on $400k fr 2oct. hope my understanding is correct.

CIMB might even consider Sunday to be interest calculation date. I know UOB does not. But RHB does. All the banks got different rules.

 

[getreal88]

CIMB might even consider Sunday to be interest calculation date. I know UOB does not. But RHB does. All the banks got different rules.

Yes i did the transfer can see the value date as 1Oct in both SCB and CIMB

 

[maumu]

it's a grey area but does the bank use value date or posting date when calculating interest?

 

[vsvs24]

Yes i did the transfer can see the value date as 1Oct in both SCB and CIMB

Check SCB again. Should be 2 Oct

 

[magicming]

it's a grey area but does the bank use value date or posting date when calculating interest?

I also don’t know. But to me value date means the money is IN the account. Can take out if u want. So transfer in today, should logically have a “value” date of 1 Oct for all banks in SG. But this value date might not be the interest calculation date. This is my 2 cents.

 

[AlvinDj]

it's a grey area but does the bank use value date or posting date when calculating interest?

Based on my excel sheet calculation of base interest credited last night..

They took the value date in to calculate and derive our ADB / MAB..

Value date can only be seen if you login to SCB's iBanking.. SC's app only will show you the transaction date..

There was a couple of times I had inward / outward transfers during Sunday's last month and there was a special bracket with value date stated on iBanking transfer history

 

[maumu]

Based on my excel sheet calculation of base interest credited last night..

They took the value date in to calculate and derive our ADB / MAB..

Value date can only be seen if you login to SCB's iBanking.. SC's app only will show you the transaction date..

There was a couple of times I had inward / outward transfers during Sunday's last month and there was a special bracket with value date stated on iBanking transfer history

like you, I also kept an excel sheet to calculate the ADB, interest etc... but the last two months for eSaver they don't always tally and idk why.

e.g. Sep BI I calculated is 2 cents off. lol... not as significant as the previous month's $2.90 off and I couldn't figure out why.

anyways, I decided to transfer (back) in tomorrow just to not mess with the weekends.

 

[reiser]

New promo is 01 oct to nov 31, base on incremental amount of sep.

Based on incremental amount of Sep? Are you saying if i won’t get any interest if my savings do not increase? Or if I have $100k in the account, and if I only deposit $1000 into the account this month, I’ll only get interest for that $1000?

 

[sglandscape]

Based on incremental amount of Sep? Are you saying if i won’t get any interest if my savings do not increase? Or if I have $100k in the account, and if I only deposit $1000 into the account this month, I’ll only get interest for that $1000?

Yes

 

[tinsel77]

if my spouse moved her funds out on 1st Aug to my acct, now i can moved it back to her acct and she will enjoy the new 1st Oct promo right?

 

[i_dun_understand]

if my spouse moved her funds out on 1st Aug to my acct, now i can moved it back to her acct and she will enjoy the new 1st Oct promo right?

Funds origin from SCB will not be eligible. You must transfer out to another bank then transfer back in

 

[martin]

I have never gotten the special invite so moving my funds to cimb fast saver. Same rate but no need to move about for 6 months.

 

[reiser]

Yes

Thank you. Now I transfer my savings out.

 

[magicming]

I have never gotten the special invite so moving my funds to cimb fast saver. Same rate but no need to move about for 6 months.

Yes. That’s the right strategy.

 

[hwarzoner]

Based on incremental amount of Sep? Are you saying if i won’t get any interest if my savings do not increase? Or if I have $100k in the account, and if I only deposit $1000 into the account this month, I’ll only get interest for that $1000?

101000 earn 0.05%, the same 1000 also earn 3.45%, the reference month is always September for this promo.

 

[tinsel77]

Funds origin from SCB will not be eligible. You must transfer out to another bank then transfer back in

Oh. But when she moved her funds from SC to my SC in August, I got the 2 months promo interest.

 

[reiser]

101000 earn 0.05%, the same 1000 also earn 3.45%, the reference month is always September for this promo.

That means I can’t transfer back my money for Oct and Nov. Why are they penalising existing customers?

 

[i_dun_understand]

Oh. But when she moved her funds from SC to my SC in August, I got the 2 months promo interest.

ermm accordingly to Tnc, it say fresh funds that do not originate from the bank.

up to you to decide if wana take the risk.

 

[henrylbh]

given today is sunday, anyone tried b4 if i can fast trf out $200k today to cimb and $200k tomr? as i hv a high sep adb so need to move funds out. wondering if do-able or not.

If I were you, I will transfer 200k today and $200k tomorrow as there is no way to transfer $400k in a day to earn interest on 2 Oct. The interest forgone on today's out going transfer is pittance.

 

[Imhthc]

if my spouse moved her funds out on 1st Aug to my acct, now i can moved it back to her acct and she will enjoy the new 1st Oct promo right?

The reference month is sept. If her Oct and Nov adb is higher than sept, regardless of which acct the money comes from, she will get the base plus bonus interest. Coming from someone who had tried many years since esaver started this type of promo.