Martin Lee @ Sg
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Esaver Topup Bonus Promotion

I received a mailer from Standard Chartered Bank (SCB) on a promotion of higher interest rates for incremental topups into my E$saver Account.

Deposit balance less than $50,000

Current rate 0.10% p.a.
Bonus rate 0.408% p.a.
Total interest on topup 0.508% p.a.

Deposit balance $50,000 to $200,000

Current rate 0.20% p.a.
Bonus rate 0.508% p.a.
Total interest on topup 0.708% p.a.

Deposit balance more than $200,000.

Current rate 0.30% p.a.
Bonus rate 0.608% p.a.
Total interest on topup 0.908% p.a.

The bonus rates are applicable up to 31 December 2011.

Looks like quite a decent deal given that the funds do not need to be locked in unlike a fixed deposit.

I am however not sure why Standard Chartered Banks wants to offer a higher interest rate to attract more funds. After all, interest rates are at all time low and SCB had even cut all their fixed deposit and saving accounts interest rate from 1 September 2011 in line with falling interest rates elsewhere. The rate for the E$aver account was actually cut from 0.15%, 0.25% and 0.35% to 0.1%, 0.2% and 0.3% respectively.

Leave a Comment:

sender says 12 years ago

CIMB starsaver – New customers now get 0.8%, not bad. If i recall correctly, need to maintain minimum of $5k to earn daily interest. It has no fall below penalty. Account comes with a check-book (free unlimited), and internet banking access to do all your e-banking services. Optionals include ATM and credit Card.

I think it is ideal account for most people.

(Rating agencies credit ratings somewhere in the region of BBB+ to A- with stable/positive outlook ; not as solid as our locals but about the same as Malayan banking.)

Disclaimers: Information is for sharing purposes only. Not financial advice.

James says 12 years ago

Thanks for this sharing, however i have cancelled all dealings with Standard Charted Bank (SCB) due to a number of bad practices.

1) Secretly approving a Personal Loan to me
The bank called me 19 times and told me i can apply 4 times my salary, i did not want but the telemarketeer was very persuasive. So i submitted for a 10k loan. Of course that was not approved, i received a letter 2 weeks later. Then a month later while banking in my salary cash. i noticed my bank balance had an extra SGD$4900/-. The bank had credited my esaver account without my knowledge a loan of 5k less the admin fees! Moreover the 14 day cooling period had lapsed!!

2) Annual Fees wavered but with late payment fees and overdue penalties and interest fines!
After i had full settled my loan, the annual fees came. i personally went to the branch to ask for waiver, APPROVED, but the next month showed Annual Fee SGD$80/- waived but Non-payment fine SGD80/- was imposed! I called call center, said all will be sorted out.
Two months later my bill was SGD80 fine + SGD 80 new non-payment fine + SGD5 for interest on the 80 i did not pay the previous month!
Boy was i hopping mad! Charged into the nearest SCB branch and closed all my credit cards and all savings accouts Esaver + Xsaver

Beware of SCB.., horrible bank!

Seth says 12 years ago

I just use CIMB’s account, still the best interest rate.

    Martin Lee says 12 years ago

    Seth, do you mean their savings account? What is their rate?

      Seth says 12 years ago

      Basic rate is 0.5% p.a., and if there’s an increment of $100 per month, it becomes 0.8% on the whole account. Very easy to meet so it’s essentially a 0.8% p.a. savings account. Want to sign up? I got referral perks, lol 😀

        Martin Lee says 12 years ago

        That’s quite a decent rate for a savings account. Do they have online bill payment services to the securities firms?

          Seth says 12 years ago

          Not sure leh I don’t use this kind of feature. I think only to CIMB Securities. I just dump spare cash in there. Don’t even know where my ATM card is.

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