If you’re looking for a savings account in Singapore, you might have come across the Standard Chartered eSaver account. But is it the right account for you? In this ultimate guide, we’ll take a closer look at the features and benefits of the eSaver account and help you understand whether it’s the best choice for your savings goals.
One of the main draws of the eSaver account is its high interest rate. With a promotional interest rate of 3.6% p.a., the account offers one of the best interest rates in Singapore. But there’s more to the eSaver account than just high-interest rates. In this guide, we’ll explore the various features and benefits of the account and help you understand how you can maximise your savings with it.
Whether you’re a first-time saver or an experienced investor, the Standard Chartered eSaver account might be the right choice. Keep reading to learn more about this savings account and how it can help you achieve your financial goals.
Key Takeaways
- The Standard Chartered eSaver account offers a promotional interest rate of 3.6% p.a., making it one of the best savings accounts in Singapore.
- In addition to high-interest rates, the eSaver account offers a range of features and benefits to help you maximise your savings.
- Before opening an eSaver account, it’s important to understand the eligibility requirements, fees, and other factors that may affect your savings.
Why Choose Standard Chartered eSaver?
If you’re looking for a savings account with competitive interest rates, no lock-in period, and bonus interest opportunities, Standard Chartered eSaver may be the account for you.
Competitive Interest Rates
With Standard Chartered eSaver, you can earn up to 3.60% p.a. on your savings. This interest rate is higher than many other savings accounts in Singapore. Plus, the interest calculation is done daily and credited monthly, so you can earn interest on your interest.
No Lock-In Period
Another great feature of Standard Chartered eSaver is that there is no lock-in period. This means that you can withdraw your money at any time without any penalty. This gives you the flexibility to use your savings whenever you need it.
Bonus Interest Opportunities
Standard Chartered eSaver also offers bonus interest opportunities. For example, you can earn bonus interest on fresh funds deposited into your account. This means that if you deposit new money into your account, you can earn even more interest on top of the base interest rate.
Overall, Standard Chartered eSaver is a great savings account option for those looking for competitive interest rates, no lock-in period, and bonus interest opportunities.
Understanding Interest Rates
If you are looking for a savings account that can help you earn high-interest rates, then the Standard Chartered eSaver savings account could be the right choice for you. This account offers an attractive interest rate, which is comprised of a base interest rate and a bonus interest rate.
Base Interest Rate
The base interest rate is the interest rate that you earn on the entire deposit balance in your account. As of January 2024, the base interest rate for the Standard Chartered eSaver account is 0.05% p.a. This rate is subject to change, so it is important to check the latest rates before opening an account.
Bonus Interest Rate
In addition to the base interest rate, the Standard Chartered eSaver account also offers a bonus interest rate. The bonus interest rate is earned on eligible incremental balances in your account. This means that you will earn more interest on any additional money that you deposit into your account.
The bonus interest rate is currently up to 3.35% p.a. (as of January 2024) with the Bonus eSaver promotion. The promotion offers an interest rate of 3.35% p.a. on your eligible incremental balance (compared to July 2023’s average daily balance), which means you can enjoy a total interest rate of up to 3.40% p.a. on your incremental balance.
Total Interest Rate
The total interest rate that you earn on your Standard Chartered eSaver account is the sum of the base interest rate and the bonus interest rate. As of January 2024, the maximum total interest rate that you can earn on your Standard Chartered eSaver account is 3.40% p.a.
It is important to note that the interest rates offered by the Standard Chartered eSaver account are subject to change. The bank may change the interest rates at any time without prior notice. Therefore, it is important to keep an eye on the latest interest rates and promotions to make sure that you are getting the best deal.
In summary, the Standard Chartered eSaver account offers an attractive interest rate that comprises of a base interest rate and a bonus interest rate. With the Bonus eSaver promotion, you can earn up to 3.40% p.a. on your incremental balance. Keep an eye on the latest interest rates and promotions to make sure that you are getting the best deal.
Maximising Your Savings
If you’re looking for a savings account in Singapore that offers high-interest rates and flexibility, the Standard Chartered eSaver account might be the right choice for you. However, to make the most of this account, you need to know how to maximise your savings. Here are some tips to help you do just that.
Meeting Eligibility Criteria
To be eligible for the eSaver account, you need to be a Singapore citizen or permanent resident and at least 18 years old. You also need to have a minimum initial deposit of $1,000 and maintain an average daily balance (ADB) of at least $1,000 to earn interest.
Optimising Average Daily Balance
To earn higher interest rates, you need to maintain a higher ADB. The interest rate for ADB of up to $200,000 is 0.05% p.a., while the interest rate for ADB of $200,000 and above is 0.10% p.a. Therefore, it’s important to keep your ADB as high as possible to maximise your savings.
You can also use the eSaver account to save fresh funds, which are funds that are not transferred from any existing Standard Chartered account. By doing so, you can earn promotional interest rates of up to 3.60% p.a. for the first six months, subject to terms and conditions.
Utilising Promotions
Standard Chartered offers various promotions from time to time that can help you earn even higher interest rates. For example, you can earn bonus interest rates of up to 1.80% p.a. when you save fresh funds and maintain a minimum ADB of $200,000 for six months during the promotion period.
It’s important to keep an eye on the latest promotions and take advantage of them to maximise your savings. However, make sure to read the terms and conditions carefully before participating in any promotion.
By meeting the eligibility criteria, optimising your ADB, and utilising promotions, you can maximise your savings with the Standard Chartered eSaver account.
Account Features and Benefits
Are you looking for a savings account that offers flexibility and convenience? Look no further than the Standard Chartered e$aver Savings Account. This account comes with a range of features and benefits that make it the perfect choice for anyone looking to save money in Singapore.
Account Flexibility
One of the key benefits of the e$aver Savings Account is its flexibility. There is no lock-in period, which means you can withdraw your money at any time without incurring any penalties. This makes it an ideal choice for anyone who wants to save money but also wants the flexibility to access their funds when they need them.
Digital Banking Services
Standard Chartered is committed to providing its customers with the latest digital banking services. With the e$aver Savings Account, you can easily manage your account online through the bank’s website or mobile app. This means you can check your account balance, transfer funds, and make payments from the comfort of your own home.
Additional Financial Products
In addition to the e$aver Savings Account, Standard Chartered offers a range of other financial products that can help you achieve your financial goals. These include credit cards, personal loans, and investment products. By choosing Standard Chartered, you can enjoy the convenience of having all your financial products in one place.
Overall, the Standard Chartered e$aver Savings Account is an excellent choice for anyone looking for a flexible and convenient savings account in Singapore. With its range of features and benefits, it’s easy to see why this account is so popular with customers. So why wait? Open an account today and start saving for your future!
Eligibility and Opening an Account
If you’re looking for a savings account that offers a high-interest rate, then the Standard Chartered eSaver account might be the perfect choice for you. But before you can start earning interest, you need to make sure you meet the eligibility criteria and complete the account opening process.
Documentation Required
To open a Standard Chartered eSaver account, you need to provide the following documents:
- Your NRIC (National Registration Identity Card) if you’re a Singaporean or Permanent Resident
- Your passport if you’re a foreigner
- Your Employment Pass if you’re a foreigner working in Singapore
SingPass Integration
Standard Chartered Bank has integrated the SingPass system into their online banking platform, making it easier for Singaporeans and Permanent Residents to open an account. If you have a SingPass account, you can use it to verify your identity and complete the account opening process online.
Online Application Process
Opening a Standard Chartered eSaver account is easy and can be done entirely online. Here’s what you need to do:
- Visit the Standard Chartered website and click on the “Apply Now” button for the eSaver account.
- Fill in the online application form with your personal details and upload the required documents.
- Verify your identity using SingPass or by visiting a Standard Chartered branch.
- Once your account is approved, you can start depositing funds and earning interest.
It’s important to note that you need to have a Standard Chartered Bank account to open an eSaver account. If you don’t have one, you’ll need to open a new account before you can apply for the eSaver account.
Overall, the Standard Chartered eSaver account is a great choice if you’re looking for a high-interest savings account in Singapore. With its easy online application process and SingPass integration, opening an account has never been easier.
Fees and Charges to Consider
When choosing a savings account, it’s essential to consider the fees and charges that come with it. Here are some of the fees and charges you should consider before opening a Standard Chartered e$aver account.
Minimum Balance Requirements
To earn the highest interest rate of 3.60% p.a., you need to maintain a minimum average daily balance of S$200,000. If your balance falls below this amount, you will only earn 0.05% p.a. interest on your deposit balance.
Fall-Below Fees
If you fail to maintain the minimum average daily balance, you will be charged a fall-below fee of S$5 per month. This fee will be deducted from your account until you top up your balance to the minimum required amount.
Other Potential Costs
Apart from the minimum balance requirements and fall-below fees, there are other potential costs to consider. For instance, if you close your account within six months of opening it, you will be charged an early account closure fee of S$30. Additionally, you may be charged for particular transactions, such as overseas funds transfers.
Overall, the Standard Chartered e$aver account is an excellent option if you can maintain the minimum average daily balance and avoid fall-below fees. It offers a competitive interest rate and the flexibility to access your funds at any time. However, it’s essential to consider the fees and charges before opening the account to ensure it’s the right fit for you.
Comparing With Other Savings Accounts
If you’re looking for a high-yield savings account in Singapore, the Standard Chartered eSaver account may be the right choice for you. However, it’s always a good idea to compare your options before making a decision. Here’s how the eSaver account stacks up against some other popular savings accounts in Singapore.
OCBC 360 vs eSaver
OCBC 360 is another popular savings account in Singapore. It offers a base interest rate of 0.05% p.a., but you can earn up to 1.2% p.a. bonus interest by fulfilling specific criteria, such as crediting your salary to the account and making at least three bill payments per month.
Compared to the eSaver account, OCBC 360 may be a better choice if you’re looking for a savings account that rewards you for your spending and bill payments. However, if you’re looking for a high-yield savings account with no strings attached, the eSaver account may be a better fit.
DBS Multiplier vs eSaver
DBS Multiplier is another savings account that offers bonus interest based on your spending and bill payments. You can earn up to 2.4% p.a. bonus interest if you fulfil specific criteria, such as spending at least S$2,000 on your DBS/POSB credit card each month.
Compared to the eSaver account, DBS Multiplier may be a better choice if you’re looking for a savings account that rewards you for your spending. However, if you’re looking for a high-yield savings account with no strings attached, the eSaver account may be a better fit.
UOB One vs eSaver
UOB One is a savings account that offers bonus interest based on your spending and bill payments. You can earn up to 2.5% p.a. bonus interest if you fulfil specific criteria, such as spending at least S$500 on your UOB credit card each month.
Compared to the eSaver account, UOB One may be a better choice if you’re looking for a savings account that rewards you for your spending. However, if you’re looking for a high-yield savings account with no strings attached, the eSaver account may be a better fit.
When comparing savings accounts, it’s essential to consider your own financial needs and goals. While the eSaver account may be an excellent choice for some, others may find that a different savings account better suits their needs. Remember to compare interest rates, fees, and other features before making a decision.
Investment Opportunities
If you’re looking to grow your wealth, the Standard Chartered e$aver account offers a range of investment opportunities to help you achieve your financial goals. Here are some of the investment options available to you:
Unit Trusts and Bonds
One way to invest your money is through unit trusts and bonds. With unit trusts, your money is pooled with other investors to buy a portfolio of assets such as stocks, bonds, and other securities. This can help you diversify your investments and potentially reduce your risk. Bonds, on the other hand, are debt securities issued by companies or governments that pay a fixed rate of interest. They can provide a steady stream of income and may be less volatile than stocks.
Singapore Stocks and ETFs
Investing in Singapore stocks and exchange-traded funds (ETFs) can be a great way to gain exposure to the local market. Singapore has a vibrant stock market with a wide range of companies listed on the Singapore Exchange (SGX). ETFs are a type of investment fund that tracks the performance of an index, such as the Straits Times Index (STI), which comprises the top 30 companies listed on the SGX.
Multi-Currency Accounts
If you’re a frequent traveller or have international investments, a multi-currency account can help you manage your money more efficiently. With a multi-currency account, you can hold and transact in multiple currencies, which can help you avoid expensive currency conversion fees. Standard Chartered offers a range of multi-currency accounts, including the Multi-Currency e$aver account, which lets you earn interest on your deposits in up to 11 currencies.
In addition to these investment options, Standard Chartered also offers other products and services such as Invest, which allows you to invest in a range of funds and portfolios, and REITs, which provide exposure to real estate investments. Whatever your financial goals, the Standard Chartered e$aver account can help you achieve them by providing a range of investment opportunities to suit your needs.
Additional Banking Services
In addition to the e$aver savings account, Standard Chartered Singapore provides a range of banking services to cater to your needs. Here are some of the additional banking services offered by Standard Chartered:
Credit and Debit Cards
Standard Chartered offers a variety of credit and debit cards that come with various benefits and rewards. Some of the popular credit cards offered by Standard Chartered include the Unlimited Cashback Credit Card, the Manhattan World Mastercard, and the Rewards+ Credit Card. These cards offer cashback, rewards points, and other benefits such as discounts on dining and entertainment.
Standard Chartered also offers debit cards that come with various features, such as contactless payments, online and overseas transactions, and cash withdrawals at ATMs.
Insurance Options
Standard Chartered offers a range of insurance products to help you protect yourself and your loved ones. These insurance products include life insurance, health insurance, and travel insurance. Standard Chartered also offers insurance products that cover accidents and critical illnesses.
Loan Facilities
If you’re in need of a loan, Standard Chartered offers a range of loan facilities to cater to your needs. These loan facilities include personal loans, home loans, and car loans. Standard Chartered also offers loans for business purposes.
Whether you’re looking for a credit card, insurance, or a loan facility, Standard Chartered Singapore has got you covered. With its range of additional banking services, you can be sure that you’ll find the right product to suit your needs.
Financial Wellness and Planning
Are you looking for a savings account that can help you achieve your financial goals? Standard Chartered eSaver account might be the perfect fit for you. However, opening this account is just the first step towards financial wellness. To make the most of your money, you need to have a solid financial plan in place.
Setting Financial Goals
To achieve financial wellness, it’s essential to have clear financial goals. Whether you want to save for a down payment on a house, pay off your debt or build an emergency fund, having a specific goal in mind can help you stay motivated and focused.
When setting your financial goals, it’s important to make them SMART – specific, measurable, achievable, relevant, and time-bound. This means setting a specific target, such as saving $10,000 in the next 12 months and tracking your progress towards that goal.
Budgeting and Spending
One of the most important aspects of financial wellness is managing your budget and spending. It’s essential to know where your money is going and to have a plan for your expenses.
Start by tracking your spending for a few weeks or months to get a clear picture of your expenses. Once you have an idea of where your money is going, you can create a budget that aligns with your financial goals.
Remember, the key to successful budgeting is to be realistic and flexible. Your budget should allow for unexpected expenses and changes in your income or expenses.
Seeking Professional Advice
If you’re not sure where to start with your financial plan or need help with a specific aspect of your finances, consider seeking professional advice. A financial advisor can help you create a comprehensive plan that takes into account your financial goals, risk tolerance, and overall financial situation.
When choosing a financial advisor, be sure to do your research and choose someone who is qualified and experienced. Look for advisors who are registered with a reputable financial institution and have a good track record of helping clients achieve their financial goals.
By setting clear financial goals, managing your budget and spending, and seeking professional advice when needed, you can achieve financial wellness and make the most of your money. With the Standard Chartered eSaver account, you can earn high-interest rates on your savings, making it an excellent choice for investors looking for a reliable financial institution.
Terms and Conditions
Are you considering opening a Standard Chartered eSaver account in Singapore? Before you sign up, it’s important to understand the terms and conditions of the account.
Understanding the Fine Print
When you open an eSaver account, you’ll need to maintain a minimum average daily balance of S$1,000. If you fall below this balance, you’ll be charged a fall-below fee of S$5 per month.
It’s important to note that the interest rate on the eSaver account is not fixed and may change at any time. The current promotional interest rate of up to 3.60% p.a. is valid until 31 January 2024. After this date, the interest rate will revert to the prevailing rate.
Additionally, the promotional interest rate is only applicable to incremental fresh funds, which means that you’ll need to deposit new money into the account to qualify for the bonus interest.
Changes and Updates
Standard Chartered reserves the right to change the terms and conditions of the eSaver account at any time. If there are any changes, Standard Chartered will notify you in advance.
It’s important to read any notifications or updates carefully to ensure that you understand any changes to the account. If you have any questions or concerns, you can contact Standard Chartered customer service for assistance.
In summary, the Standard Chartered eSaver account can be a great option for savers in Singapore, but it’s important to understand the terms and conditions before signing up. Be sure to maintain the minimum average daily balance and keep an eye out for any changes or updates to the account.
Resources and Tools
When it comes to choosing the right savings account, it’s important to have access to the right resources and tools to help you make an informed decision. Here are some resources and tools that can help you decide whether the Standard Chartered eSaver account is the right option for you.
Online Comparison Platforms
Online comparison platforms like Moneysmart.sg can be a great resource for comparing the features and benefits of different savings accounts. These platforms allow you to compare interest rates, fees, and other features side-by-side, making it easy to see which account offers the best value for your needs.
Financial Calculators
Financial calculators can also be a useful tool when it comes to choosing a savings account. These calculators can help you estimate how much interest you’ll earn over time, how much you’ll need to save to reach your financial goals and more. Standard Chartered Bank’s website offers a range of financial calculators that can help you make informed decisions about your finances.
Customer Support
If you have any questions about the Standard Chartered eSaver account or any other savings account, the bank’s customer support team is always available to help. You can contact the bank by phone, email, or live chat to get answers to your questions or to get help with any issues you may be experiencing.
By using these resources and tools, you can make an informed decision about whether the Standard Chartered eSaver account is the right option for you. With objective analysis and comparison tools at your fingertips, you can be confident that you’re making the best decision for your financial future.
Frequently Asked Questions
What perks come with the Standard Chartered eSaver account in Singapore?
The Standard Chartered eSaver account offers a high-interest rate of up to 3.60% p.a. on eligible deposit balances up to S$2 million with no lock-in period. Additionally, there is no fall-below fee, which means that there are no penalties if you do not maintain a minimum balance in your account. You can also access your funds at any time with no restrictions.
How does the Standard Chartered eSaver account’s fall-below fee work?
There is no fall-below fee for the Standard Chartered eSaver account. This means that you do not need to maintain a minimum balance in your account to avoid any penalties.
Can you tell me about the fresh fund’s promotion by Standard Chartered?
Standard Chartered offers a fresh funds promotion for new customers who open an eSaver account. You can earn up to 1.80% p.a. bonus interest on the first S$200,000 of fresh funds deposited into your account. This promotion is subject to terms and conditions, so make sure to read them carefully.
Is there a debit card option available with the eSaver account?
No, there is no debit card option available with the Standard Chartered eSaver account. This account is designed for savings purposes only and is not meant for daily transactions.
How does the Standard Chartered eSaver account compare to the Bonus Saver?
The Standard Chartered eSaver account offers a higher interest rate of up to 3.60% p.a. compared to the Bonus Saver, which offers up to 1.40% p.a. Additionally, the eSaver account has no lock-in period and no fall-below fee; while the Bonus Saver requires a minimum balance of S$5,000 to avoid penalties.
Which bank offers the best interest rates for savings accounts in Singapore?
The interest rates for savings accounts in Singapore vary from bank to bank. Standard Chartered is one of the banks that offer competitive interest rates for savings accounts. However, it is recommended that you compare the interest rates and features of different banks before opening an account to find the one that best suits your needs.
