Standchart eSaver

[dango_daikazoku]

I have been on the 3.55% Special Esaver Invite from 1st July to 30th September 2023, with the ONLY condition being each month's MONTH END BALANCE must be higher than 30th June's day end balance.

There is no incremental ADB comparison and the 3.55% p.a. is paid on the entire account balance. The only thing to watch is the bonus interest(s) can be split into 2 components to be paid out, but when added together, it will be 3.50% + 0.05% (base) = 3.55% p.a.

I have now been invited for a similar 3.55% Special Esaver Invite from 1st October 2023 to 31st January 2024, where the ONLY condition being 31st October's end of day balance must be $100k above 30th September's end of day balance.

Once again, no mention of any ADB comparison.

I have saved a copy of the TNCs to be safe, but from my observation of the July to September workings, I would not be too worried about it.

I hope Redglue23 'hidden clause' is a miscalculation or a system glitch because it would definitely result in a significant loss to me since my August or September ADB would be high as I was participating in the earlier Special Invite too.

Any idea how I can be invited for the promo too?

 

[dango_daikazoku]

huh, sure anot?

​ Dear Valued Client, As our valued client, you can earn up to 3.65% p.a. interest for 5 months on your e$aver balances. From now till 31 January 2‌024, you will earn interest on balances in your eligible e$aver account(s) in the manner as set out below. Simply top up your account with fresh funds^ of minimum S$100,000 by 30 September 2‌023, such that your deposit balance on 30 September 2‌023 is at least S$100,000 higher as compared to your deposit balance on 31 August 2‌023, to qualify for the promotion.​

e$aver Exclusive Bonus Interest (September 2‌023) Promotion Terms and Conditions:

This e$aver Exclusive Bonus Interest (September 2‌023) Promotion ("Promotion") is available starting from 1 September 2‌023 to 31 January 2‌024 ("Promotion Period"). This communication sent to you, notifying you of the Promotion and inviting you to participate in this Promotion ("Invitation Notice"), is non-transferrable and only existing customers who have received the Invitation Notice from the Bank are eligible for this Promotion. Your existing e$aver, e$aver Kids! and/or World Partner Savings account(s) of which you are the primary account holder, and any new e$aver, e$aver Kids! and/or World Partner Savings account(s) which you open as the primary account holder during the Promotion Period, shall be collectively referred to as "Eligible Account(s)" and each, an "Eligible Account".

To qualify for the Promotion, (i) you must have received the Invitation Notice, (ii) you must deposit fresh funds^ into your Eligible Account(s), such that the end-of-day deposit balance on 30 September 2‌023 is at least S$100,000 higher than the end-of-day deposit balance on 31 August 2‌023, and (iii) your Eligible Account(s) must be validly existing, in good standing, and conducted in a proper and satisfactory manner at all times including at the time of crediting of Bonus Interest (as defined below). Where these requirements are satisfied, your Eligible Account(s) shall be referred to as "Qualifying Account(s)".

In addition to prevailing interest of 0.05% p.a. ("Prevailing Interest") earned on your entire deposit balance in the Qualifying Account(s), you may earn the relevant bonus interest ("Bonus Interest") at the bonus interest rate of 3.60% p.a. ("Bonus Interest Rate") on the first S$5,000,000 of the average daily balance ("ADB") in your Qualifying Account(s) during the Promotion Period. The Bonus Interest Rate shall apply from 1 September 2‌023 to 31 January 2‌024 (both dates inclusive). Any amount of ADB exceeding S$5,000,000 shall earn the Prevailing Interest only. Visit the link above for full terms and conditions that apply.

If the invitation sent via email only or you will get a message on the app/website also?

 

[CaptainWu]

Call to clarify then ask them send you email with the correct version.

I am on Exclusive Bonus interest invite and chatted CSO the T&C https://www.sc.com/sg/terms-and-conditions/esav-s23/ is correct. No need for ADB comparision for Bonus interest as long as end month balance for Sep > Aug for 100k with fresh fund.

 

[magicming]

If the invitation sent via email only or you will get a message on the app/website also?

This time mine was sent by email only.

 

[magicming]

Any idea how I can be invited for the promo too?

Previously I ever share my thoughts. But got some nasty comment from some other poster.

 

[dango_daikazoku]

Previously I ever share my thoughts. But got some nasty comment from some other poster.

Can pm me please?

 

[xRenol]

The eg is based on ADB right? Conflicting with your first sentence?

I wanted to say that there is a difference between comparing against the last day and ADB of previous month.

I have edited my post as Imhthc mentioned that it has always been using ADB to calculate the bonus interest.

 

[magicming]

Can pm me please?

You can check Post #5,075 or do a search. For my view.

 

[redglue23]

Yes, confirmed by black and white email on the July ADB for the 3.65% exclusive promo beginning in Sep 2023 up to $5MM. I was also on the 4% exclusive promo ending 31 August 2023. Both had referenced July ADB for interest calculations.

The branch RM used a locked calculator (excel?) on her laptop that was done up by the SCB product team and the July ADB was needed as an input. Since my July ADB was only ~$2 vs my incoming AUM of ~$2MM, it was insignificant for my case.

My subsequent email to the branch manager, I mentioned my July ADB ~$2 in the calculation for both August and September 2023, branch manager confirmed in writing that the calculations was true and correct. I did warned the SCB staff to be extra careful on my account and seek immediate clarification from the product team immediately as my AUM is significant.

I was so anal on black and white written confirmation by senior SCB staff (aka branch Manager) as I just came out of a FIDReC case.

 

[Imhthc]

If got BankA using ADB and BankB using month end balance, both same interest rate, I can put BankA 100k for 29 days and BankB on the last day, then collect almost 200% interest from both sides?

Interest is calculated by number of days ur money is with the bank. If u put 100k in bank A for 29 days and transfer it to bank B on the last day, the interest will come out to be 100%. One is 29/365 and the other is 1/365*$100K. How to get 200% interest?

 

[DevilPlate]

Yes, confirmed by black and white email on the July ADB for the 3.65% exclusive promo beginning in Sep 2023 up to $5MM. I was also on the 4% exclusive promo ending 31 August 2023. Both had referenced July ADB for interest calculations.

The branch RM used a locked calculator (excel?) on her laptop that was done up by the SCB product team and the July ADB was needed as an input. Since my July ADB was only ~$2 vs my incoming AUM of ~$2MM, it was insignificant for my case.

My subsequent email to the branch manager, I mentioned my July ADB ~$2 in the calculation for both August and September 2023, branch manager confirmed in writing that the calculations was true and correct. I did warned the SCB staff to be extra careful on my account and seek immediate clarification from the product team immediately as my AUM is significant.

I was so anal on black and white written confirmation by senior SCB staff (aka branch Manager) as I just came out of a FIDReC case.

So shiok received invite back to back.

Mine ended April and no more special invite

 

[dango_daikazoku]

Yes, confirmed by black and white email on the July ADB for the 3.65% exclusive promo beginning in Sep 2023 up to $5MM. I was also on the 4% exclusive promo ending 31 August 2023. Both had referenced July ADB for interest calculations.

The branch RM used a locked calculator (excel?) on her laptop that was done up by the SCB product team and the July ADB was needed as an input. Since my July ADB was only ~$2 vs my incoming AUM of ~$2MM, it was insignificant for my case.

My subsequent email to the branch manager, I mentioned my July ADB ~$2 in the calculation for both August and September 2023, branch manager confirmed in writing that the calculations was true and correct. I did warned the SCB staff to be extra careful on my account and seek immediate clarification from the product team immediately as my AUM is significant.

I was so anal on black and white written confirmation by senior SCB staff (aka branch Manager) as I just came out of a FIDReC case.

Can ask them sic the excel calc to be triple sure?

 

[heng_ah]

Moving temporary to here from CIMB since they offered same rate but SCB gives out BI much earlier ( no need to wait till 20th)

 

[magicming]

Moving temporary to here from CIMB since they offered same rate but SCB gives out BI much earlier ( no need to wait till 20th)

Yes. That is a good move. I just advised a Friend to do this. Since cimb still not yet activate his account.

 

[twosix]

For normal customers, put the money in cimb and can forget for 6 months. Here, u have to change 2 months later.

 

[Cookie Muncher]

thanks to this forum then i realise i'm an unvalued client. i gotten zero invites, so many years of PB

 

[Ark Law]

thanks to this forum then i realise i'm an unvalued client. i gotten zero invites, so many years of PB

Bank KPI for promos only care about new customer acquisitions and fresh funds. Just like how banks cycle through their salespersons RMs, you should cycle through your banking relationships.

 

[twosix]

thanks to this forum then i realise i'm an unvalued client. i gotten zero invites, so many years of PB

you're not alone.

 

[Intel888]

For normal customers, put the money in cimb and can forget for 6 months. Here, u have to change 2 months later.

Yup, normal customers can do that.

But some may want to cap amount at a particular bank to 75k, so have to find alternative.

 

[twosix]

Yup, normal customers can do that.

But some may want to cap amount at a particular bank to 75k, so have to find alternative.

Good to spread out the eggs.

Also can consider t-bill that has better rates, but 6 months lock-in. Good for those who have no plans in the next few months for their spare cash.