Standchart eSaver

[FlyGuardX]

Maybank is better 3.5%

 

[ThreeSteps]

For public: e$aver Savings Account Bonus Interest Promotion (1 April 2024 to 31 May 2024)
From now till 31 May 2024, earn up to 3.45% p.a. interest on eligible deposit balance of S$2 million with no lock-in period when you bring in incremental fresh funds* (compared to March 2024 average daily balance)

https://www.sc.com/sg/save/savings-...nCode=IBRM&referID=IBAT&instance=EShpretarget

T&Cs: https://av.sc.com/sg/content/docs/s...07C0600168480A495FE2%40AdobeOrg|TS=1711936842

 

[iosnewbie]

to 31 May 2024)
From now till 31 May 2024, earn up to 3.45% p.a. interest on eligible deposit balance of S$2 million with no lock-in period when you bring in incremental fresh funds* (compared to March 2024 average daily balance)

Is the interest paid out monthly based on the prevailing promo? Let’s say I open an esaver account before 1st May and put in 100k. On 31 May should I receive (3.45% x 100k)/12 = 287.5? If the promo terms is changed for Jun and Jul to 3.2%pa, should I be getting (3.2% x 100k)/12 = 266.7 at end of Jun and 266.7 at end of Jul?

 

[1l92041H]

For me yes it is Maybank. If you have Prestige Account then it is 3.6%.

prestige exists separately from isavvy hor?

so if say i already enjoyed mar-apr, I can open prestige for may bonus if it is extended?

 

[CrashWire]

Maybank is better 3.5%

iSavvy need $200k to hit 0.4% right? Plus 3.1% topup to make 3.5%.

Unless I'm looking at the wrong account.

 

[CaptainWu]

Time to lock up higher rate as it will just be decreasing every month...

 

[GrandJedi]

For me yes it is Maybank. If you have Prestige Account then it is 3.6%.

Effective rate is lower because 1st $10k/$20k, will not give you the 3.6%, unlike eSaver which starts from the 1st dollar.

 

[testingabc]

prestige exists separately from isavvy hor?

so if say i already enjoyed mar-apr, I can open prestige for may bonus if it is extended?

Prestige is 300K right ? If not get iSavvy ?

 

[1l92041H]

Prestige is 300K right ? If not get iSavvy ?

got isavvy already but will only enjoy for apr. Month of May I cannot use isavvy and esaver

 

[Lè Crayons]

prestige exists separately from isavvy hor?

so if say i already enjoyed mar-apr, I can open prestige for may bonus if it is extended?

Yes. Correct.

For me I transfer to Prestige for Apr. Then May to June will transfer to isavvy if there is promotion.

I do this all the time.

 

[DevilPlate]

Time to lock up higher rate as it will just be decreasing every month...

im waiting to lock up some funds into upcoming 10y SGS later this mth.

 

[idiots]

Effective rate is lower because 1st $10k/$20k, will not give you the 3.6%, unlike eSaver which starts from the 1st dollar.

I don't think your understanding is correct. 1st $10k/$20k will still give you the 3.1%/ 3.2%.

For eg...if your Mar ADB is $500 and you top up 10k on 1 Apr... your 1 Apr incremental ADB is 10k, which meets the criteria of bonus interest. You are not entitled to the bonus interest only if you top up < 10k/20k.

 

[DevilPlate]

Yes. Correct.

For me I transfer to Prestige for Apr. Then May to June will transfer to isavvy if there is promotion.

I do this all the time.

But T&Cs got state must be fresh fund outside from Maybank right?

https://www.maybank2u.com.sg/iwov-resources/sg/pdf/promos/fresh-funds-topup-tnc.pdf
Deposits made in relation to the Promotion must be in fresh funds; Maybank cheques or transfers made from the Account Holder’s existing Maybank account(s) (if any) shall not qualify.

 

[reiser]

To deposit for April, when is the month that’s benchmarked for the incremental balance?

 

[xRenol]

To deposit for April, when is the month that’s benchmarked for the incremental balance?

I believe you can get your answer from their website.

 

[Lè Crayons]

But T&Cs got state must be fresh fund outside from Maybank right?

https://www.maybank2u.com.sg/iwov-resources/sg/pdf/promos/fresh-funds-topup-tnc.pdf
Deposits made in relation to the Promotion must be in fresh funds; Maybank cheques or transfers made from the Account Holder’s existing Maybank account(s) (if any) shall not qualify.

But all these years I just merry go round between isavvy and prestige account. So far no problems.

 

[Lè Crayons]

To deposit for April, when is the month that’s benchmarked for the incremental balance?

March 2024

 

[iosnewbie]

I’m having difficulty understanding the definition of “eligible incremental balance” for esaver.
It sounds like I have to keep increasing the amount of deposit each month. Is this correct?

Lets say if I deposit 30k into esaver (starting balance is zero) on 15 Apr. How do I derive the bonus amount to be credited back to me? And do I need in infuse more and more funds in the subsequent months to continue getting the 3.45% pa interest?

 

[lzydata]

I’m having difficulty understanding the definition of “eligible incremental balance” for esaver.
It sounds like I have to keep increasing the amount of deposit each month. Is this correct?

Lets say if I deposit 30k into esaver (starting balance is zero) on 15 Apr. How do I derive the bonus amount to be credited back to me? And do I need in infuse more and more funds in the subsequent months to continue getting the 3.45% pa interest?

You will not need to keep increasing the amount. It is compared against a fixed number, which in your case is zero.

If you deposit 30k into your ESaver on 15 Apr and leave it there until 31 May, you earn daily interest of 3.40% pa on that 30k for the 47 days. You'll also earn base interest of 0.05% pa. Both the base interest and the bonus interest are credited on the last day of the month.

If say you need to withdraw the 30k on 30 Apr, then you will earn 16 days' bonus interest (30-15+1) for it.

If then you put 20k back again on 15 May and keep it there till 31 May, you earn 17 days' bonus interest on $20k. In short it is computed daily and credited monthly.

 

[royalmix]

You will not need to keep increasing the amount. It is compared against a fixed number, which in your case is zero.

If you deposit 30k into your ESaver on 15 Apr and leave it there until 31 May, you earn daily interest of 3.40% pa on that 30k for the 47 days. You'll also earn base interest of 0.05% pa. Both the base interest and the bonus interest are credited on the last day of the month.

If say you need to withdraw the 30k on 30 Apr, then you will earn 16 days' bonus interest (30-15+1) for it.

If then you put 20k back again on 15 May and keep it there till 31 May, you earn 17 days' bonus interest on $20k. In short it is computed daily and credited monthly.

You write as though you never have an esaver account at all!