Are you looking for a savings account for your child in Singapore? Standard Chartered eSaver is an online trust savings account that allows parents to control their children’s savings completely. With no minimum initial deposit and minimum balance requirement, you can open an account for your child and start saving for their future today.
Understanding the Standard Chartered eSaver Account is important before deciding if it is the right choice for your child’s savings. This account offers a competitive interest rate, no lock-in period, and the flexibility to maintain your desired balance. It is also easy to manage and monitor your child’s savings online, giving you peace of mind knowing that their money is safe and secure.
Eligibility Criteria for eSaver Accounts vary depending on the type of account you are applying for. For example, to open an eSaver Kids account, your child must be under 18 and have a valid identification document.
To open an eSaver account, you must be 18 and have a valid identification document. Keep reading to learn more about whether your child can have an eSaver account and how to maximise your savings with this account.
Key Takeaways
- Standard Chartered eSaver is a great savings account option for parents looking to save for their child’s future in Singapore.
- Understanding the eligibility criteria for eSaver accounts is important before applying.
- Maximise your savings with the flexibility and competitive interest rate offered by eSaver, while enjoying the peace of mind that comes with online management and monitoring.
Understanding the Standard Chartered eSaver Account
Key Features and Benefits
The Standard Chartered eSaver account offers a range of exciting features and benefits that make it an attractive option for savers in Singapore. With no lock-in period, you can withdraw funds anytime, providing peace of mind and easy access to your savings.
Additionally, the account allows instant account opening using MyInfo, ensuring a hassle-free experience.
Interest Rates Explained
The eSaver account offers a competitive interest rate of up to 3.60% p.a. on eligible deposit balances of S$2 million. This includes a prevailing interest rate of 0.05% on your deposit balance and a bonus interest rate on eligible incremental balances of 3.55% p.a. The total interest rate is calculated based on these components, providing an attractive opportunity for your savings to grow.
Eligibility Criteria for eSaver Accounts
If you’re considering opening an eSaver account with Standard Chartered in Singapore, it’s important to understand the eligibility criteria. Here’s what you need to know:
Minimum Initial Deposit
To open an eSaver account, you’ll typically need to make a minimum initial deposit. This amount may vary, so it’s best to check with Standard Chartered for the most up-to-date information on their requirements.
Minimum Balance Requirements
Once your eSaver account is open, you’ll need to maintain a minimum balance to avoid any fall-below fees. Be sure to review the specific minimum balance requirements with Standard Chartered to ensure you meet their criteria and make the most of your eSaver account.
Can Children Have eSaver Accounts?
Are you looking for a savings account for your child that offers high interest rates and is easy to manage? Look no further than the Standard Chartered eSaver Kids account. This online trust savings account is designed specifically for children, and it allows parents to maintain complete control of their children’s savings. Here’s what you need to know about opening an eSaver Kids account and understanding the terms and conditions.
Opening a Kids Savings Account
Opening an eSaver Kids account is easy, and there are no minimum deposit requirements. You can open an account for your child with no minimum initial deposit, and there is no minimum balance requirement. This means that you can maintain any balance you desire, as every child’s savings habits are unique.
To open an eSaver Kids account, you will need to have a SingPass account. This is a secure online account that allows you to access government e-services in Singapore. You will also need to provide your child’s birth certificate and your own identification documents.
Understanding the Terms and Conditions
Before opening an eSaver Kids account, it’s important to understand the terms and conditions. The account has no lock-in period, which means that you can withdraw funds at any time without penalty. There are also no account fees, making it a fuss-free option for parents.
The eSaver Kids account offers a competitive interest rate, which is calculated daily and credited monthly. The interest rate is subject to change, so be sure to check the latest rates before opening an account.
In conclusion, the Standard Chartered eSaver Kids account is a great option for parents looking to set up a savings account for their children. With no minimum deposit or balance requirements and no account fees, it’s a fuss-free option that offers competitive interest rates. Just make sure you have a SingPass account and understand the terms and conditions before opening an account.
Maximising Your Savings
When it comes to maximising your savings with Standard Chartered eSaver, there are a few things you can do to make sure you’re getting the most out of your account. Here are some tips to help you:
Utilising Bonus Interest Rates
One of the best ways to maximise your savings with eSaver is to take advantage of the bonus interest rates. These rates are offered on top of the standard interest rate and can help you earn more money on your savings. To qualify for the bonus interest rates, you’ll need to meet certain criteria, such as maintaining a minimum balance or making regular deposits. Be sure to check the terms and conditions of your account to see what you need to do to qualify for the bonus interest rates.
Investment Options with eSaver
If you’re looking to invest your money and grow your savings even further, eSaver offers a range of investment options. You can choose from a variety of unit trusts, which are professionally managed investment funds that allow you to invest in a diversified portfolio of assets. This can help you spread your risk and potentially earn higher returns than you would with a savings account alone. Be sure to do your research and choose an investment option that suits your risk tolerance and investment goals.
Overall, eSaver is a great option for anyone looking to maximise their savings and earn more on their money. Whether you’re looking to take advantage of bonus interest rates or invest in unit trusts, there are plenty of ways to make the most of your eSaver account. So why not open an account today and start growing your savings?
Additional Features and Considerations
Debit Card Accessibility
As an account holder of Standard Chartered e$aver, your child will have access to a debit card. This allows them to withdraw cash from ATMs and make purchases at merchants that accept the card. The debit card is linked to the e$aver account, so your child can only spend the available balance in the account. This ensures that your child does not overspend and helps them develop good financial habits.
Multi-Currency Flexibility
Standard Chartered e$aver also offers multi-currency flexibility, which means that you can hold and manage up to 12 foreign currencies in addition to Singapore dollars. This is useful if you frequently travel overseas or have investments in foreign currencies. You can easily transfer funds between your e$aver account and the foreign currency account using online banking.
Promotional Offers
Standard Chartered frequently offers promotional offers for its savings accounts, including e$aver. These offers may include cashback, bonus interest rates, or other perks. Make sure to check the promotion period and terms and conditions to take advantage of these offers.
Overall, Standard Chartered e$aver is a great option for parents who want to teach their children about saving and financial responsibility. With its debit card accessibility, multi-currency flexibility, and promotional offers, you can help your child develop good financial habits and achieve their savings goals.
Managing Your eSaver Account
If you have opened an eSaver account with Standard Chartered Bank for your child, you can easily manage it online or through the mobile app. Here are some important details to keep in mind when managing your eSaver account.
Online Banking and Mobile App
To manage your eSaver account, you can access Standard Chartered’s online banking platform or download the bank’s mobile app. Both options allow you to view your account balance, transaction history, and other account details. You can also use the online banking platform or mobile app to transfer funds to your child’s account, set up standing instructions for regular transfers, and more.
Customer Support Services
If you have any questions or concerns about your eSaver account, Standard Chartered Bank provides various customer support services to help. You can contact the bank’s customer service hotline or visit a branch to speak to a customer service representative in person. Additionally, the bank’s website has a comprehensive FAQ section that covers a wide range of topics related to eSaver accounts and other banking services.
When using Standard Chartered’s online banking platform or mobile app, it is important to keep your login details secure. Make sure to choose a strong password and never share your login details with anyone. You should also read and understand the bank’s terms of use, which outline the terms and conditions that apply to your eSaver account.
Overall, managing your child’s eSaver account with Standard Chartered Bank is easy and convenient, thanks to the bank’s online banking platform, mobile app, and customer support services. With these tools at your disposal, you can stay on top of your child’s savings and help them achieve their financial goals.
Comparison with Other Savings Accounts
If you are considering opening a savings account for your child, you may be wondering how Standard Chartered’s eSaver Kids account stacks up against other options available in Singapore. Here is a comparison with other savings accounts to help you make an informed decision.
DBS Multiplier vs eSaver
DBS Multiplier is another popular savings account that offers higher interest rates for customers who meet certain criteria. However, compared to eSaver Kids, the DBS Multiplier account has a higher minimum deposit and balance requirement. Additionally, DBS Multiplier requires customers to fulfill certain criteria such as salary credit and transaction volume to enjoy higher interest rates. On the other hand, eSaver Kids has no minimum deposit or balance requirement, making it a more flexible option for parents who want to start saving for their child’s future.
Fixed Deposit Rates Comparison
Another option to consider is fixed deposit accounts, which offer higher interest rates in exchange for locking your money away for a set period of time. However, compared to eSaver Kids, fixed deposit accounts have a higher minimum deposit requirement and offer less flexibility in terms of withdrawal. Furthermore, the interest rates offered by fixed deposit accounts may not be as competitive as eSaver Kids, which offers up to 2% interest per annum.
Bonussaver Account
Standard Chartered also offers a Bonussaver account, which offers bonus interest rates for customers who fulfill certain criteria such as credit card spend and bill payments. However, compared to eSaver Kids, the Bonussaver account has a higher minimum balance requirement and may not be as suitable for parents who want to save for their child’s future.
Standard Chartered Savings Accounts
Finally, it’s worth noting that Standard Chartered offers a range of savings accounts in addition to eSaver Kids and Bonussaver. These include the e$aver account, which offers competitive interest rates with no minimum balance requirement, and the SuperSalary account, which offers higher interest rates for customers who credit their salary to the account. However, for parents who want to save specifically for their child’s future, eSaver Kids remains a strong option due to its flexibility and competitive interest rates.
Important Fees to Consider
If you are considering opening a Standard Chartered e$aver Kids account for your child in Singapore, it is important to understand the fees associated with it. Here are the two main fees you should be aware of:
Understanding Fall-Below Fees
The Fall-Below Fee is a fee charged by Standard Chartered if the account balance falls below the minimum required amount. For e$aver Kids account, there is no minimum balance requirement, so you do not have to worry about this fee.
Early Account Closure Charges
If you decide to close your e$aver Kids account before the account has been opened for 6 months, you will be charged an Early Account Closure Fee of SGD 30. It is important to keep this in mind if you are unsure about how long you want to keep the account open.
In addition to these fees, it is important to note that there are no other account fees associated with the e$aver Kids account. This means that you do not have to pay any monthly account fees or transaction fees. This makes it a great option for parents who want to save money for their children without worrying about additional fees.
Overall, the Standard Chartered e$aver Kids account is a great way to save money for your child in Singapore without worrying about excessive fees. With no minimum balance requirement and no monthly account fees, it is a hassle-free way to start building your child’s savings.
Frequently Asked Questions
What’s the minimum balance required for a Standard Chartered eSaver account for my little one?
The best thing about the Standard Chartered eSaver Kids account is that there is no minimum initial deposit required. You can open an account for your child with no minimum deposit, and you can maintain any balance you desire. This flexibility is great for parents who want to start saving for their children’s future early on, without the pressure of meeting a minimum balance requirement.
How does the Standard Chartered eSaver account stack up? Any parent’s review out there?
According to reviews from parents, the Standard Chartered eSaver Kids account is a great option for families who want to start saving for their children’s future. The account is easy to set up, and the online platform is user-friendly. Parents appreciate the flexibility of being able to maintain any balance they desire, and the fact that there is no minimum initial deposit required.
What are the latest interest rates for the Standard Chartered eSaver account? I want the best for my child!
The Standard Chartered eSaver Kids account currently offers an interest rate of up to 0.30% p.a. on your child’s savings. This rate is subject to change, so it’s always a good idea to check the latest rates on the Standard Chartered website.
Are there any exciting promotions for the Standard Chartered eSaver account that families can benefit from?
Yes, there are often promotions available for the Standard Chartered eSaver Kids account. These promotions can include bonus interest rates, cashback rewards, and other perks. It’s always a good idea to check the Standard Chartered website for the latest promotions and offers.
Is there a debit card option for the kiddos with the Standard Chartered eSaver account?
No, there is no debit card option available for the Standard Chartered eSaver Kids account. However, parents can easily transfer funds from their own Standard Chartered account to their child’s eSaver account using the online platform.
Can I set up a Standard Chartered eSaver account for my child in Singapore? What’s the process?
Yes, you can set up a Standard Chartered eSaver Kids account for your child in Singapore. The process is simple and can be done online. You will need to provide some basic information about yourself and your child, such as your identification documents and your child’s birth certificate. Once your account is set up, you can start saving for your child’s future right away.
