Standchart eSaver

peppermint7

peppermint7

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GrandJedi said:
SCB's online trading platform is quite messed up.

I wonder if I have a balance in my Securites Settlement Account, it means I have the fulilled the "wealth holding" criteria? The online platform shows that I have bought and own 100 shares of Equity A worth $350, but my Securities Settlement Account still reflects $350 in it.

“Customers with wealth holdings” are defined as customers who hold either an Eligible Investment Product or Insurance Product purchased through the bank. An “Eligible Investment Product” refers to (i) Unit Trust(s), (ii) Bonds, (iii) Structured Notes, or (iv) Equities.
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I believe so cos it is true you indeed hold wealth holding based on their tnc. I only intend to transfer my funds in start July but i may be placing an order for equity this month. So long i have something in there they can't deny me from having higher interest.
 
peppermint7

peppermint7

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Mickey01 said:
I think there are some internal SCB bank promotions going on for selling certain "recommended" funds. This happens all the time even with other banks, like sometimes you walk into a branch wanting to place FD, the staff will "recommend" an alternative product
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They only serve their own needs. Not customer's needs. But what to do? So long they offer higher than market interest rate i have to suck it up and move on.
 
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maumu

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are y'all playing this because of the extra 0.x% for "wealth holdings" or using it to qualify for the invest category under bonus saver?
 
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GrandJedi

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maumu said:
is it worth all the work for the extra?

was thinking may as well park in bonus saver for +2.5% if want to go this route...
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Bonus Saver you need to a minimum of $20k? But eSaver with Wealth holdings, you dont need to have that minimum investment requirement.
 
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CrashWire

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GrandJedi said:
SCB's online trading platform is quite messed up.

I wonder if I have a balance in my Securites Settlement Account, it means I have the fulilled the "wealth holding" criteria? The online platform shows that I have bought and own 100 shares of Equity A worth $350, but my Securities Settlement Account still reflects $350 in it.

“Customers with wealth holdings” are defined as customers who hold either an Eligible Investment Product or Insurance Product purchased through the bank. An “Eligible Investment Product” refers to (i) Unit Trust(s), (ii) Bonds, (iii) Structured Notes, or (iv) Equities.
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The balance will disappear once your buy transaction has settled. For US markets, that is T+1.
 
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GrandJedi

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maumu said:
salary credit + invest = 1.5% + 2.5%?

seems like still manageable without cc spend...

the 20k funds can sell the next month and BI can still collect for 6 mths.
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Hmm... sounds good... Salary credit can be just $3k FAST transfer under "SALA". 4% is a lot more than eSaver. (If Priority, no fall below balance fee). Also for Bonus$aver, there is not fresh funds requirement (no need to merry go round). Am I correct in these assumptions? Did I miss anything?

For the investment category, what happens after 6 month? Need to purchase a minimum investment of $20k again?
 
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maumu

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GrandJedi said:
Hmm... sounds good... Salary credit can be just $3k FAST transfer under "SALA". 4% is a lot more than eSaver. (If Priority, no fall below balance fee). Also for Bonus$aver, there is not fresh funds requirement (no need to merry go round). Am I correct in these assumptions?

For the investment category, what happens after 6 month? Need to purchase a minimum investment of $20k again?
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yeah, buy a new one after 6 months (and can sell the month after).

only uncertainty is how the fund will perform when you're holding it.

planning to go through this route in August when I don't foresee anymore 3.xx% available... next month still can rejoin EGA for a last hurray (provided they don't drop the '7-transactions' rate below 2%)
 
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GrandJedi

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maumu said:
yeah, buy a new one after 6 months (and can sell the month after).

only uncertainty is how the fund will perform when you're holding it.

planning to go through this route in August when I don't foresee anymore 3.xx% available... next month still can rejoin EGA for a last hurray (provided they don't drop the '7-transactions' rate below 2%)
Click to expand...

remember bonus interest is capped for <$100k
 
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maumu

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GrandJedi said:
If I plan to go this route in JULY, I should open account in June and buy $20k investment in June.
( The TnC for investment -
Bonus Interest Crediting Month
For investment in Eligible Unit Trust or Online Equities: One month after investment settlement month)
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err, I think what it means is that you will receive the BI in July (based on ADB of June), if you buy/settle in June.

it's the same as for other categories (Salary, Spend, Insure)
 
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GrandJedi

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maumu said:
I guess the rest can benefit with eSaver (cos also satisfied the "wealth holdings" criteria)?

kill two birds with one stone...
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Hopefully! Fingers crossed! Thanks for your advise... I will go open account the next few days start my Bonus$aver journey from June! $50k can get $198 of SPDR ETF too!
 
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maumu

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just wondering - do we need to have the SC online trading account set up first before we can buy UT?

after reading the past few posts about the confusing opening process with SC, I'm wondering if I'm doing it correctly.

the settlement accounts are up liao, but no investment account number yet (system still prompting me to open an online trading account despite me already submitted once).

this "UT trading account" is *another* account that we need to open after the online trading account is up?

very mafan...

p.s. haven't done the CAR (customer account review) yet as well - I think need to wait for trading account to be up first?
 
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bought $20k unit trust to meeting wealth holding criteria, lost $150 after a day :cry:
somemore is SC preferred fund
 
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ThreeSteps

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maumu said:
just wondering - do we need to have the SC online trading account set up first before we can buy UT?

after reading the past few posts about the confusing opening process with SC, I'm wondering if I'm doing it correctly.

the settlement accounts are up liao, but no investment account number yet (system still prompting me to open an online trading account despite me already submitted once).

this "UT trading account" is *another* account that we need to open after the online trading account is up?

very mafan...

p.s. haven't done the CAR (customer account review) yet as well - I think need to wait for trading account to be up first?
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Trading a/c - if you want to buy/sell shares.
Unit Trust (‘Fund’) a/c - if you want to subscribe/redeem unit trusts (generally known as Funds)

Settlement accounts are required if you want to buy/sell shares. You transfer funds from eg. e$aver a/c, Bonus$saver a/c to the appropriate Settlement account(s) before you can place a Buy order. When you sell shares, the system will put the proceeds into the Settlement account, then you transfer the funds back into eg. e$aver a/c, Bonus$saver a/c. Settlement accounts are internal a/cs, cannot transfer directly with external banks.

When you submit a request for new Trading a/c, it will take a few days before you see it appear with an account number.
 
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