If you’re looking for a way to grow your savings flexibly and conveniently, Standard Chartered account eSaver may be the answer. This high-interest savings account offers a range of benefits that make it an attractive option for those looking to save money.
With eSaver, you can earn up to 3.60% p.a. interest on eligible deposit balances of up to S$2 million, without any lock-in period. This means you can access your funds at any time without being penalised. Plus, with no minimum balance requirement, you can start saving with as little or as much as you like.
In addition to its competitive interest rates, eSaver comes with a range of features and benefits that make it a convenient and flexible savings option. From easy online account opening to 24/7 customer support, managing your eSaver account is simple and hassle-free. But that’s not all – there are also regular promotions and investment opportunities available to help you maximise your savings potential.
Key Takeaways
- Standard Chartered eSaver is a high-interest savings account that offers up to 3.60% p.a. interest on eligible deposit balances of up to S$2 million, with no lock-in period.
- eSaver comes with a range of features and benefits that make it a convenient and flexible savings option, including easy online account opening and 24/7 customer support.
- Regular promotions and investment opportunities are available to help you maximise your savings potential with eSaver.
What Is Standard Chartered eSaver?
If you’re looking for a savings account that offers high-interest rates with no lock-in period, then the Standard Chartered eSaver account might be the perfect option for you. This account is designed to help you grow your savings quickly and easily, without the need to commit to a long-term investment.
Understanding eSaver Accounts
The Standard Chartered eSaver account is a type of savings account that allows you to earn interest on your deposit balance. With no lock-in period, you have the flexibility to access your funds at any time without incurring any penalties. The account offers a base interest rate of 0.05% p.a. on your deposit balance, and a bonus interest rate of up to 3.55% p.a. on your eligible incremental balance, depending on the promotion period. You can earn up to 3.60% p.a. interest on eligible deposit balance up to S$2 million.
Benefits of eSaver
The eSaver account offers a range of benefits that make it an attractive option for savers. Here are some of the key benefits you can enjoy:
- High-interest rates: With up to 3.60% p.a. interest on eligible deposit balance up to S$2 million, you can earn more on your savings than with many other savings accounts.
- No lock-in period: You have the flexibility to access your funds at any time without incurring any penalties.
- Easy to open and manage: You can open an eSaver account online in just a few minutes, and manage your account easily through online banking.
- Bonus interest rate promotions: Standard Chartered Bank regularly offers bonus interest rate promotions that allow you to earn even more on your savings. For example, with the Bonus eSaver promotion interest of 3.35% p.a. on your eligible incremental balance, you get to enjoy a total interest rate of up to 3.40% p.a. on your incremental balance.
In summary, the Standard Chartered eSaver account is an excellent option for those looking for a high-interest savings account with no lock-in period. With its competitive interest rates and flexibility, it’s a great way to grow your savings quickly and easily.
Interest Rates and Bonus Interest
If you’re looking for a savings account with competitive interest rates, Standard Chartered’s eSaver account is definitely worth considering. Here’s what you need to know about the interest rates and bonus interest that you can earn with this account.
How Interest Is Calculated
The interest rate on the eSaver account is calculated daily and credited monthly. As of January 2024, the prevailing interest rate on deposit is 0.10% p.a. However, you can earn bonus interest on your eligible incremental balance when you participate in one of the bank’s promotions.
Maximising Your Interest Earnings
To maximise your interest earnings, you’ll want to take advantage of the bank’s promotional offers. For example, from now till 31 January 2024, you can earn up to 3.60% 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 November 2023 average daily balance. Another promotion that you can participate in is the Bonus eSaver promotion, which offers an interest rate of up to 3.40% p.a. on your eligible incremental balance compared to July 2023’s average daily balance.
Comparing Base and Bonus Interest Rates
The base interest rate on the eSaver account is quite low, but the bonus interest rates that you can earn are much more attractive. For example, the current promotional interest rate is up to 3.60% p.a. This is significantly higher than the base interest rate of 0.10% p.a.
Overall, if you’re looking for a savings account with competitive interest rates and bonus interest, the Standard Chartered eSaver account is definitely worth considering. With the right strategy, you can maximise your interest earnings and make the most of your savings.
Account Features and Requirements
If you’re looking for a savings account that offers competitive interest rates and flexible terms, the Standard Chartered eSaver account could be the perfect choice for you. Here are some of the key features and requirements of this account:
Minimum Account Balance
To open an eSaver account, you’ll need a minimum deposit of S$1,000. This initial deposit is considered your “fresh funds” and must come from an external source that is not already held with Standard Chartered. After that, there is no minimum balance required to maintain the account. However, to earn the bonus interest rate, you will need to maintain a minimum average daily balance of S$5,000 in your account.
Fall-below Fee and Charges
If your account balance falls below S$1,000, a fall-below fee of S$5 will be charged. However, this fee can be waived if you have a Priority Banking relationship with Standard Chartered. Additionally, there are no charges for account opening, monthly account maintenance, and online transactions.
Priority Banking Privileges
Standard Chartered’s Priority Banking customers can enjoy a range of exclusive benefits, including higher interest rates, dedicated relationship managers, and access to exclusive events and offers. To qualify for Priority Banking, you must maintain a minimum balance of S$200,000 across your accounts with Standard Chartered.
It’s important to note that the terms and conditions of the eSaver account are subject to change at any time. Be sure to read the terms and conditions carefully before opening an account to ensure that you understand all the requirements and fees associated with the account.
Promotions and Fresh Funds
If you’re looking for a savings account that offers a high-interest rate, you might want to consider the Standard Chartered eSaver account. With this account, you can earn bonus interest on your eligible deposit balances during the promotion period.
Current Promotions
As of January 2024, Standard Chartered is offering a promotional interest rate of up to 3.60% p.a. on eligible deposit balances of S$2 million with no lock-in period when you bring in incremental fresh funds. This promotion is valid until 31 January 2024 [1].
Fresh Funds Criteria
To be eligible for the promotional interest rate, you need to meet the fresh funds criteria. Fresh funds are defined as funds that do not originate from any existing account with the bank or funds that are not withdrawn and re-deposited within 30 days of the promotion period.
To qualify for the promotion, you need to be a Singapore citizen, Singapore permanent resident, or foreigner who is at least 18 years old. You also need to have a valid identification document and proof of address [3].
It’s important to note that the bonus interest rate is only applicable during the promotion period. After the promotion period ends, the prevailing interest rate on deposit will apply.
In summary, the Standard Chartered eSaver account is a great option for those looking for a high-interest savings account. With its current promotion and fresh funds criteria, you can earn bonus interest on your eligible deposit balances during the promotion period.
Investment Opportunities with eSaver
Are you looking for ways to grow your wealth? Standard Chartered’s eSaver account provides you with a gateway to investment opportunities. Here are some ways you can diversify your portfolio and increase your returns with eSaver.
Diversifying with Unit Trusts
Investing in unit trusts is a great way to diversify your portfolio and potentially earn higher returns. With eSaver, you can invest in eligible unit trusts and earn an additional interest rate of up to 1.5% p.a. [1] This means you can potentially earn up to 3.0% p.a. if you invest and insure with Standard Chartered.
Investing in Bonds
Bonds are a low-risk investment option that can provide you with a steady stream of income. By investing in bonds, you are essentially loaning money to a company or government entity in exchange for interest payments. With eSaver, you can invest in bonds and earn higher returns than you would with a traditional savings account.
eSaver as a Gateway to Investments
If you’re a new investor, eSaver is a great way to dip your toes into the market. By investing in eligible unit trusts and bonds, you can start building a diversified portfolio without taking on too much risk. Plus, with eSaver’s competitive interest rates, you can earn higher returns on your investments than you would with a traditional savings account.
In conclusion, eSaver is a great way to start investing and diversifying your portfolio. By investing in unit trusts and bonds, you can potentially earn higher returns and build a more robust investment portfolio. So why wait? Start investing with eSaver today!
[1] Source: Dollar and Sense
Managing Your eSaver Account
If you have opened a Standard Chartered eSaver account, you can manage it easily through the online banking portal or mobile app. You can access your account 24/7 and perform various transactions without visiting the bank.
Online Banking and Mobile App
With online banking and the mobile app, you can view your account balance, transaction history, and interest earned. You can also set up standing instructions to transfer funds to your other Standard Chartered accounts or external bank accounts.
Moreover, you can set up alerts to receive notifications about your account balance, transaction history, and other account-related activities. This feature helps you stay updated about your account activities and avoid any fraudulent transactions.
Deposits and Withdrawals
To deposit money into your eSaver account, you can transfer funds from your other Standard Chartered accounts or external bank accounts. You can also set up standing instructions to transfer funds regularly from your other accounts to your eSaver account.
To withdraw money from your eSaver account, you can transfer funds to your other Standard Chartered accounts or external bank accounts. You can also make a withdrawal request through the online banking portal or mobile app and receive the funds in your registered bank account within a few working days.
Remember, to earn bonus interest on your eSaver account, you need to maintain an average daily balance of S$1,000 and ensure that your deposits are considered “fresh funds.” Fresh funds refer to funds that are transferred from another bank account and not from your existing Standard Chartered accounts.
Managing your eSaver account is easy and convenient. With online banking and the mobile app, you can access your account anytime, anywhere, and perform various transactions without visiting the bank.
Comparing eSaver to Other Savings Options
If you’re looking for a savings account that offers higher interest rates than regular savings accounts, then the Standard Chartered eSaver account might be the right choice for you. In this section, we’ll compare the eSaver account to other savings options to help you make an informed decision.
eSaver vs Regular Savings Accounts
Regular savings accounts typically offer lower interest rates than eSaver accounts. For example, the eSaver account from Standard Chartered currently offers up to 0.30% p.a. interest rate, while some regular savings accounts offer rates as low as 0.05% p.a. With an eSaver account, you can earn more interest on your savings without having to lock your money away in a time deposit.
eSaver vs Time Deposits
Time deposits, also known as fixed deposits, offer higher interest rates than regular savings accounts but require you to lock your money away for a fixed period of time. The longer the lock-in period, the higher the interest rate. With an eSaver account, you can earn higher interest rates than regular savings accounts without having to commit to a lock-in period. Moreover, with the eSaver account, you can access your funds anytime without incurring any penalty.
In summary, the eSaver account from Standard Chartered is a great option if you’re looking for a savings account that offers higher interest rates than regular savings accounts and more flexibility than time deposits. With the eSaver account, you can earn higher interest rates on your savings without having to lock your money away for a fixed period of time.
Frequently Asked Questions
How exhilarating are the interest rates for the eSaver account with Standard Chartered?
The eSaver account with Standard Chartered offers an interest rate of up to 0.05% p.a. on your deposit balance and a bonus interest rate of up to 3.55% p.a. on eligible incremental balance. This means you can earn up to 3.60% p.a. on eligible deposit balances of up to S$2 million.
What’s the minimum amount I need to maintain in my eSaver account to avoid fees?
There is no minimum amount that you need to maintain in your eSaver account to avoid fees. However, please note that if your account balance falls below S$1,000, you will not earn any interest on your account balance for that month.
Are there any thrilling promotions currently available for the eSaver account?
Yes, Standard Chartered is currently offering a promotional interest rate of 3.8% p.a. for fresh funds deposited into the eSaver account. This promotion is available until 31 May 2023.
Could you share some glowing reviews of the eSaver account from existing customers?
Many customers have praised the eSaver account for its ease of use and competitive interest rates. One customer on GrowBeanSprout stated that “the eSaver account is a great way to earn higher interest rates on your savings with no minimum balance requirement.” Another customer on MoneySmart.sg said that “the eSaver account is a good option if you want to earn higher interest rates on your savings without having to commit to a fixed deposit.”
What are the delightful perks of using a Bonus Saver account compared to the eSaver?
The Bonus Saver account offers higher interest rates than the eSaver account, but it also requires a higher minimum balance to earn interest. Additionally, the Bonus Saver account offers cashback rewards on eligible transactions, whereas the eSaver account does not.
Is there a delightful debit card option available for the eSaver account holders?
Yes, eSaver account holders can apply for a debit card that is linked to their account. The debit card can be used to withdraw cash from ATMs and make purchases at merchants that accept Mastercard. However, please note that there may be fees associated with using the debit card, such as foreign transaction fees or ATM withdrawal fees.
