Standchart eSaver

[sglandscape]

Yes, I was invited and also primary account holder. Did the tnc mentioned that bonus interests is only applicable for incremental amount compared to end Nov ADB? It only mentioned that to participate in the promo, need to top up at least 100k compared to end nov adb. Anyway will call sc to confirm this.

To be part of the promo you need incemental balance of 100k by end of the month. However all balance get to earn the interest.

 

[royalmix]

Actually their clauses are rather vague. In clause 3:

3. Under this Promotion, you will be eligible to receive prevailing interest (“Prevailing Interest”) on your entire deposit balance (“Deposit Balance”) in the Qualifying Account(s), at the prevailing interest rate of 0.05% p.a.

0.05% is always on deposit balance!

But in clause 4, they did not mention the term “deposit balance”. Very much up to their interpretation alr.

4. In addition to Prevailing Interest, if you meet the eligibility criteria in Clause 2 above, you will also earn bonus interest (“Bonus Interest“) of 3.75% 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, subject to the following:

1. The ADB in your Qualifying Account(s) is used to determine the amount of Bonus Interest you are entitled to receive during the Promotion Period;
2. ADB is the sum of end-of-day account balancesof all days in a particular calendar month, divided by the number of days in that month, where “end-of-day account balances” means account balances as of 2359 hours of each day:
   1. If there are n days in a calendar month and X1, X2, X3, …, Xn are the end-of-day account balances from Day 1 to Day n respectively, the ADB for the account will be:X1 + X2 + X3 +… + Xn/n
   2. For example, and strictly for illustration purposes: if (i) there are 31 days in December 2023, (ii) the end-of-day account balance on each day between 1 December 2023 and 15 December 2023 is S$0, and (iii) the end-of day account balance on each day between 16 December 2023 and 31 December 2023 is S$1,000, the ADB for the account will beS$0 x 15) + (S$1,000 x 16)/31 = S$516.13
   3. Any amount of ADB exceeding S$5,000,000 in your Qualifying Account(s) shall earn the Prevailing Interest only;
   4. If you have more than one Eligible Account(s), you must deposit fresh funds of minimum S$100,000 into each individual account in order for each of them to qualify for Bonus Interest; and
   5. For the avoidance of doubt, any deposit, withdrawal or otherwise transaction in relation to your Qualifying Account(s) that takes place on the last day of a calendar month, falling on either a Sunday, a public holiday or a bank holiday, will not be taken into consideration for the purposes of the Bank’s computation of ADB and crediting of Bonus Interest.

Bonus interest is based on ADB and it state first 5m of ADB!

It is so clear, just dun try to create your own definitions!

For public, BI is based on incremental ADB!

 

[maumu]

banks not so stupid to let you earn interest for the whole month based on the balance on the last day.

it's either interest calculated daily based on end-day balance each day, or based on ADB for the month.

the incremental balance of 100k by end-month is just a criteria to qualify for the promo. so end-day balance for 31 Dec >= end-day balance for 30 Nov + $100000.

 

[royalmix]

banks not so stupid to let you earn interest for the whole month based on the balance on the last day.

it's either interest calculated daily based on end-day balance each day, or based on ADB for the month.

the incremental balance of 100k by end-month is just a criteria to qualify for the promo. so end-day balance for 31 Dec >= end-day balance for 30 Nov + $100000.

This month, I already parked my fund in CIMB, so if I transfer all my $100,000 to SCB on 31 Dec, I would get 3.8% from SCB + 3.5% from CIMB concurrently? Huat Ahhh.....

You only get from CIMB!

You did NOT catch the most crucial point of my reply!

 

[sohguanh]

banks not so stupid to let you earn interest for the whole month based on the balance on the last day.

it's either interest calculated daily based on end-day balance each day, or based on ADB for the month.

the incremental balance of 100k by end-month is just a criteria to qualify for the promo. so end-day balance for 31 Dec >= end-day balance for 30 Nov + $100000.

This is a very good reply. As for your sentence "banks not so stupid to let you earn interest for the whole month based on the balance on the last day." <- this is logical but there are rare moments like the reader open/own the bank themselves then it is entirely possible

 

[havetheveryfun]

0.05% is always on deposit balance!

Bonus interest is based on ADB and it state first 5m of ADB!

It is so clear, just dun try to create your own definitions!

For public, BI is based on incremental ADB!

thats why i rather sacrifice that 0.1-0.3% interest to have a peace of mind, cos the interest comes immediately also on the first day of the month rather than having to wait till 20th

 

[havetheveryfun]

Can clarify why we need to move money every 2 months for the public promo ?
should it not be 2 months on and 1 month of ?
I’ve been doing 2 months for a long time and now can’t recall why
Since its nov adb , and last 30 days …

its a marketing gimmick, one to get ppl to open new accs with stand chart

second is that there will surely be ppl who forget to move out their funds and SC get those funds for free without having to pay more interest, and many more other reasons

 

[Imhthc]

0.05% is always on deposit balance!

Bonus interest is based on ADB and it state first 5m of ADB!

It is so clear, just dun try to create your own definitions!

For public, BI is based on incremental ADB!

It is not me to create my own definition, but the bank rm and their staff. I have encountered once with this bank on the cc sign up and u will be amazed by how they interpret the clause. Best part is each of them interpret their own way with the jargons in the clause.

 

[wira]

just moved my funds over from HSBC EGA to SC esaver !

 

[1l92041H]

does SCB value incoming funds on holiday and sunday?

 

[sglandscape]

does SCB value incoming funds on holiday and sunday?

Value next working day. Saturday it's a half day.

 

[Arandalo]

Value next working day. Saturday it's a half day.

Any idea what’s the cut off timing for incoming funds for Standard Chartered? They don’t seem to publish the information.

 

[dreamwork7878]

In the month of Jan 2024 , the total ADB balance is compared to Nov 23 ?
is that correct ?

 

[Imhthc]

In the month of Jan 2024 , the total ADB balance is compared to Nov 23 ?
is that correct ?

If you are referring to the current promotion, yes. Dec 23 and Jan 24 period incremental bonus interests are compared to ADB of Nov 23.

 

[badkham07]

For the 3.8% invite, anyone knows if joint esavers (the invitee is the primary acct holder) is eligible?

Thank you.

 

[sglandscape]

For the 3.8% invite, anyone knows if joint esavers (the invitee is the primary acct holder) is eligible?

Thank you.

Meaning? If your funds in the joint account, and you're the primary account holder yes funds inside is eligible. The joint holder other accounts won't be. The tnc or invite clause was very clear about this.

 

[a4973]

Meaning? If your funds in the joint account, and you're the primary account holder yes funds inside is eligible. The joint holder other accounts won't be. The tnc or invite clause was very clear about this.

In SCB's context, is the joint account Primary holder the 1st name in the account? Thank you.

 

[a4973]

My situation:
1. Have only a wealthsaver account currently at $0 after I enjoyed 5% for 6 months.
2. Have just received an invite via the SC app inbox to sign up for esaver for up to 3.6% for Dec and Jan comparing against Nov adb .
I have no questions about the promo itself however since I have received this invitation does this mean that I am in the group of invitees and will likely be receiving such invites moving forward? Currently I am in CIMB 3.5% + some referral bonus thingy up to 31 Jan so 3.6% at esaver not much difference however I am already looking for where to go to after 31 Jan so if I am already in the group of invitees at SCB then at least there's a chance I can get another invite for subsequent months after January 2024?

 

[sglandscape]

In SCB's context, is the joint account Primary holder the 1st name in the account? Thank you.

Yes if you click details in the app, the first name is the primary

 

[sglandscape]

My situation:
1. Have only a wealthsaver account currently at $0 after I enjoyed 5% for 6 months.
2. Have just received an invite via the SC app inbox to sign up for esaver for up to 3.6% for Dec and Jan comparing against Nov adb .
I have no questions about the promo itself however since I have received this invitation does this mean that I am in the group of invitees and will likely be receiving such invites moving forward? Currently I am in CIMB 3.5% + some referral bonus thingy up to 31 Jan so 3.6% at esaver not much difference however I am already looking for where to go to after 31 Jan so if I am already in the group of invitees at SCB then at least there's a chance I can get another invite for subsequent months after January 2024?

No one knows how the promo is being sent out, but people are guessing it's based on your balance in the esaver account dropping below your past balances, so encourage you to bring the funds back. But no one knows for sure.