Standchart eSaver

[heng_ah]

yes.. but for the amount below $200k.. so the effective interest for the first $200k fresh fund is only about $3.135%

Already told you no interest tier for isavvy, dunno how you can come up with $3.135%.


It's so simple.
If your ADB below 200k but above 10k, you will get 3.30%!
I don't know how to explain to you already.

 

[ckman3]

I understand now.. thought too hard about it.. thanks! If my balance falls to $150k on one day, I can make it up with $250k the day and the average for the two days will still be $200k and thus I earn 3.5%.

If i am not wrong, for the day that your balance drop below 200K, you will receive the lower interest. Interest is computed daily.

 

[GrandJedi]

If i am not wrong, for the day that your balance drop below 200K, you will receive the lower interest. Interest is computed daily.

This is my confusion. I DON'T think this is the case for SCB eSaver and Maybank iSavvy promotion.

 

[Mickey01]

to those regular e$saver promo participants, how do you interprete this TnC which is featured in every Bonus Interest TnC document ?

https://www.sc.com/sg/terms-and-conditions/esav-ju24b/

e. 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.

Question: specifically is the "last day of a calendar month" a seperate distinction from "a Sunday, a public holiday or a bank holiday,"?
what if "the last day of a calendar month" is a regular working Tuesday?

thank you

if the last day of the month is a Sunday (for example 30 Jun 2024), if you deposit money into eSaver, SCB will pay the base interest (0.05%) for the deposit made on 30 Jun 2024 but SCB will not take the 30 Jun 2024 deposit into consideration for the calculation of ADB for Bonus Interest. Withdrawal same concept. If you noticed, base int and BI was credited on 29 Jun 2024 for eSaver.

31 Aug 2024 is last day of the month but a Sat ... so it will not be affected.

 

[Mickey01]

This is my confusion. I DON'T think this is the case for SCB eSaver and Maybank iSavvy promotion.

iSavvy based int are calculated based on daily balance, accrued and credited end of month. If your balance falls between a certain range (for eg $150k), the indicated base int % (0.8%) applies to the full account balance ($150k). If on certain days, your account balance increases beyond the range (for example $210k), then the base int of 1.8% applies for the full account balance of $210k for that few days

Then MB will use ADB to calculate the Bonus Int & and credit the following month.

 

[Lè Crayons]

Targeted / with Invitation, yet interest is only up to 3.40% !
Better deposit 200k fresh fund to Maybank iSavvy, no invitation required for 3.50% (Sep till Oct)

I just checked... for Prestige Account above 200k is 3.6%... I am parking there liao... hahaha

 

[a4973]

if the last day of the month is a Sunday (for example 30 Jun 2024), if you deposit money into eSaver, SCB will pay the base interest (0.05%) for the deposit made on 30 Jun 2024 but SCB will not take the 30 Jun 2024 deposit into consideration for the calculation of ADB for Bonus Interest. Withdrawal same concept. If you noticed, base int and BI was credited on 29 Jun 2024 for eSaver.

31 Aug 2024 is last day of the month but a Sat ... so it will not be affected.

I get what you mean about 31 Aug being a Saturday however if we read the TnC literally the last day of the calendar month and the Sun is separated by a comma so my concern is will a non Sun, non PH, non bank holiday last calendar day of the month be similarly treated as per your illustration?

 

[ckman3]

This is my confusion. I DON'T think this is the case for SCB eSaver and Maybank iSavvy promotion.

Sorry, I was referring to MB iSavvy only.

 

[Mickey01]

I get what you mean about 31 Aug being a Saturday however if we read the TnC literally the last day of the calendar month and the Sun is separated by a comma so my concern is will a non Sun, non PH, non bank holiday last calendar day of the month be similarly treated as per your illustration?

last day of the month falls on a Sunday, last day of the month falls on a PH, last day of the month falls on a bank holiday - all these 3 same treatment. The rest normal treatment.

 

[Joseph99]

If I trf money to esaver today, will it have any interest ?

 

[Froggyman]

If I trf money to esaver today, will it have any interest ?

No for the new transfer amount.

 

[Hwsemb]

For GXS, seems like Sundays can be a value date for incoming funds.

Email reply from GXS to me in 2023:
" We support funds transfer via FAST and Paynow.

Both fund transfer options are typically immediate and are valued on the day of transaction.

The value date will also be reflected in your statement. "


Anyone can advise how about for MariBank ?

 

[sgdividends]

Did anyone manually calculate the interest for august ?

I seem to be getting more interest than calculated. I know it's 31 days and I manually calculate daily interest using EOD balance.

3.35% /365 times EOD balance

 

[sglandscape]

Did anyone manually calculate the interest for august ?

I seem to be getting more interest than calculated. I know it's 31 days and I manually calculate daily interest using EOD balance.

3.35% /365 times EOD balance

Try divide by 366 since it is a leap year

 

[a4973]

if the last day of the month is a Sunday (for example 30 Jun 2024), if you deposit money into eSaver, SCB will pay the base interest (0.05%) for the deposit made on 30 Jun 2024 but SCB will not take the 30 Jun 2024 deposit into consideration for the calculation of ADB for Bonus Interest. Withdrawal same concept. If you noticed, base int and BI was credited on 29 Jun 2024 for eSaver.

31 Aug 2024 is last day of the month but a Sat ... so it will not be affected.

hi @Mickey01 please bear with me. i have $106k in e$aver from 1 Aug to 29 Aug , on 30 Aug i had withdrawn $105k leaving $1k to meet minimum balance requirements, am i still able to get Bonus Interest for ADB $106k for 1 Aug to 29 Aug and also Bonus Interest for ADB $1k for 30 Aug to 31 Aug? or is there a requirement that the 31 Aug EOD balance must be = / > than some previous balance? i am on the Invited Batch B June to August promo. Many Thanks

 

[royalmix]

Did anyone manually calculate the interest for august ?

I seem to be getting more interest than calculated. I know it's 31 days and I manually calculate daily interest using EOD balance.

3.35% /365 times EOD balance

Be savvy! Keep to yourself when you get more! But be prepared for "clawback" if the bank realise any "mistake" but will they do it if they want to "save face"?

 

[maumu]

Did anyone manually calculate the interest for august ?

I seem to be getting more interest than calculated. I know it's 31 days and I manually calculate daily interest using EOD balance.

3.35% /365 times EOD balance

shhh...

 

[sohguanh]

shhh...

You do know that banks can do clawback correct? If you think you can siam then quickly withdraw all out before they found out. I kena SCB before and the description got English word clawback.

 

[Mickey01]

hi @Mickey01 please bear with me. i have $106k in e$aver from 1 Aug to 29 Aug , on 30 Aug i had withdrawn $105k leaving $1k to meet minimum balance requirements, am i still able to get Bonus Interest for ADB $106k for 1 Aug to 29 Aug and also Bonus Interest for ADB $1k for 30 Aug to 31 Aug? or is there a requirement that the 31 Aug EOD balance must be = / > than some previous balance? i am on the Invited Batch B June to August promo. Many Thanks

@4973
1 to 29 Aug - Bal $106k
30 & 31 Aug - Bal $1k
Your ADB for Aug will be $99,225.81
Since u are on Exclusive Invitation your ADB $99k++ is eligible for the bonus rate stated in the invitation.

 

[Mickey01]

Did anyone manually calculate the interest for august ?

I seem to be getting more interest than calculated. I know it's 31 days and I manually calculate daily interest using EOD balance.

3.35% /365 times EOD balance

how can a bank using banking software be wrong?

1. Based interest is 0.05% - you use end of day balance everyday *0.05% and then sum it up
2. Bonus interest is based on ADB. You sum up the EOD for 31 days and then divide by 31. you multiply this by the BI rate % * 31/365. I assume you are on Exclusive Invite
3. Then sum #1 & #2
4. If you have very little transactions in your account, you can use ADB*(Base Rate % + BI Rate %)*31/365 for a quick calculation. This number should equal the total from #3.

SCB has been running the promo for so many years. Cannot be a their mistake bah