If you’re looking for a savings account that offers a competitive interest rate and a range of features and benefits, Standard Chartered eSaver may be the perfect choice for you. This comprehensive review and comparison guide will provide you with all the information you need to make an informed decision about whether this account is right for you.
In this guide, we’ll take a close look at the features and benefits of the Standard Chartered eSaver account, including eligibility requirements, interest rates and calculations, investment opportunities, and additional features and services. We’ll also compare this account to other popular savings accounts in Singapore, so you can see how it stacks up against the competition.
By the end of this guide, you’ll have a clear understanding of whether Standard Chartered eSaver is the right choice for your savings needs, as well as some tips and tricks for maximizing your savings and taking advantage of all the features and benefits this account has to offer. So let’s get started!
Key Takeaways
- Standard Chartered eSaver is a competitive savings account that offers a range of features and benefits.
- Eligibility requirements and interest rates are important factors to consider when choosing a savings account.
- By comparing Standard Chartered eSaver to other popular savings accounts in Singapore, you can make an informed decision about which account is right for you.
Understanding Standard Chartered eSaver
If you’re looking for a savings account that offers a competitive interest rate, then Standard Chartered eSaver is worth considering. Here’s what you need to know about this account.
What Is eSaver?
eSaver is a savings account offered by Standard Chartered Bank. It is a digital savings account that allows you to manage your funds online. With eSaver, you can enjoy a higher interest rate on your savings compared to a regular savings account.
Features and Benefits
eSaver offers a range of features and benefits that make it an attractive option for those looking to save money. Here are some of the key features of eSaver:
- No minimum balance requirement: You can open an eSaver account with as little as $1 and there is no minimum balance requirement.
- No monthly fees: There are no monthly fees associated with the eSaver account.
- Competitive interest rates: eSaver offers a total interest rate of up to 3.60% per annum on eligible deposit balances of up to $2 million. This includes a prevailing interest rate of 0.05% p.a. on your deposit balance and a bonus interest rate of up to 3.55% p.a. on eligible incremental balance.
- No lock-in period: There is no lock-in period associated with the eSaver account, which means you can withdraw your funds at any time without penalty.
Understanding Interest Rates
Interest rates are an important factor to consider when choosing a savings account. With eSaver, you can earn a higher interest rate on your savings compared to a regular savings account. The interest rate you receive depends on your deposit balance and the amount of fresh funds you bring in.
Here’s how the interest rate works:
- Prevailing interest rate: This is the base interest rate you earn on your deposit balance. For eSaver, the prevailing interest rate is 0.05% per annum.
- Bonus interest rate: In addition to the prevailing interest rate, you can earn bonus interest on eligible incremental balances. The bonus interest rate is up to 3.55% per annum.
- Total interest rate: The total interest rate you earn is the sum of the prevailing interest rate and the bonus interest rate. With eSaver, you can earn a total interest rate of up to 3.60% per annum on eligible deposit balances of up to $2 million.
Overall, eSaver is a great option for those looking for a savings account with a competitive interest rate and no minimum balance requirement. With the ability to manage your funds online and no lock-in period, eSaver is a convenient and flexible way to save money.
Eligibility and Account Opening
Who Can Open an eSaver Account?
Opening an eSaver account with Standard Chartered is a fuss-free process that is open to anyone who meets the eligibility criteria. To open an eSaver account, you must be a Singapore citizen, a Singapore permanent resident, or a foreigner with a valid Singapore employment pass. You must also be at least 18 years old.
Account Opening Process
Opening an eSaver account with Standard Chartered is a quick and easy process. You can apply for the account online or at any Standard Chartered branch in Singapore. To apply online, you will need to have a SingPass account. If you do not have a SingPass account, you can still apply for an eSaver account at a Standard Chartered branch.
To apply for an eSaver account, you will need to provide the following documents:
- A copy of your NRIC or passport
- Proof of address (e.g. a utility bill or bank statement)
- Proof of income (e.g. your latest payslip or income tax statement)
Once your application has been approved, you will receive an email confirmation from Standard Chartered. You can then fund your account and start earning interest on your savings.
Overall, opening an eSaver account with Standard Chartered is a simple and straightforward process that can be completed in just a few minutes. With no minimum balance requirements and a competitive interest rate, the eSaver account is a great option for anyone looking to grow their savings.
Interest Rates and Calculations
How Interest Is Calculated
When it comes to the Standard Chartered eSaver account, you can earn up to 3.60% p.a. interest on eligible deposit balance of S$2 million with no lock-in period. The interest is calculated on a daily basis and credited monthly, allowing you to watch your savings grow consistently. With no minimum balance required, this account offers you the flexibility to manage your funds while earning competitive interest rates.
Bonus Interest Rate Criteria
To qualify for the bonus interest rate, you need to bring in incremental fresh funds. The Bonus eSaver promotion offers an attractive interest of 3.35% p.a. on your eligible incremental balance, allowing you to enjoy a total interest rate of up to 3.40% p.a. on your incremental balance. This means you can maximise your savings without the need for a lock-in period, providing you with a great opportunity to grow your wealth.
Comparative Analysis
Comparing Standard Chartered eSaver with Other Banks
If you are looking for a savings account in Singapore, you may be wondering how Standard Chartered eSaver compares to other banks. Here’s a quick comparison of Standard Chartered eSaver with some of the other popular savings accounts in Singapore.
Standard Chartered Bonus Saver
Standard Chartered Bonus Saver is another savings account offered by Standard Chartered Bank. While the Bonus Saver offers a higher interest rate of 7.88%, it requires you to meet certain conditions before you can earn the bonus interest. On the other hand, eSaver offers a competitive interest rate of up to 3.60% p.a. without any conditions.
OCBC 360
OCBC 360 is another popular savings account in Singapore that offers a higher interest rate of 7.65%. However, to earn the bonus interest, you need to meet certain conditions such as credit card spend, insurance, and investment. In contrast, eSaver offers a competitive interest rate of up to 3.60% p.a. without any conditions.
UOB One
UOB One is a savings account that offers a tiered interest rate of up to 5.00% p.a. However, to earn the highest interest rate, you need to meet certain conditions such as salary credit, credit card spend, and investment. In contrast, eSaver offers a competitive interest rate of up to 3.60% p.a. without any conditions.
DBS Multiplier
DBS Multiplier is a savings account that offers a tiered interest rate of up to 4.10% p.a. However, to earn the highest interest rate, you need to meet certain conditions such as salary credit, credit card spend, and investment. In contrast, eSaver offers a competitive interest rate of up to 3.60% p.a. without any conditions.
Maybank iSAVvy
Maybank iSAVvy is a savings account that offers a higher interest rate of 3.50% p.a. However, to earn the bonus interest, you need to meet certain conditions such as minimum deposit and minimum balance. In contrast, eSaver offers a competitive interest rate of up to 3.60% p.a. without any conditions.
CIMB FastSaver
CIMB FastSaver is a savings account that offers a higher interest rate of 3.50% p.a. However, to earn the bonus interest, you need to meet certain conditions such as minimum deposit and minimum balance. In contrast, eSaver offers a competitive interest rate of up to 3.60% p.a. without any conditions.
Compare Savings Accounts Tool
If you want to compare savings accounts in Singapore, you can use the Compare Savings Accounts tool on the MoneySmart website. This tool allows you to compare the interest rates, fees, and features of different savings accounts in Singapore.
Market
Overall, Standard Chartered eSaver offers a competitive interest rate without any conditions. While there are other savings accounts in Singapore that offer higher interest rates, they often require you to meet certain conditions. If you are looking for a savings account that offers a competitive interest rate without any conditions, Standard Chartered eSaver may be a good option for you.
Maximising Your Savings
Are you looking for ways to maximise your savings with the Standard Chartered e$aver Savings Account? Here are some strategies that can help you earn higher returns.
Strategies for Higher Returns
One way to maximise your savings is to take advantage of promotional interest rates. Standard Chartered often offers attractive interest rates during certain periods, so keep an eye out for these promotions. During the promotion period, you can earn higher returns on your deposit balance. However, it is important to note that these promotional rates may come with certain criteria that you need to fulfill.
Another strategy is to understand market trends. This can help you make informed decisions about when to deposit or withdraw your funds. Financial insights can be helpful in predicting market trends and making the most of your savings.
Understanding Market Trends
Beansprout recently reported that Singapore banks have kept interest rates on savings accounts high in December 2023. This means that it is a good time to consider opening a high yield savings account like the Standard Chartered e$aver Savings Account. However, it is important to note that interest rates can change quickly, so it is important to keep an eye on the market.
To summarise, by taking advantage of promotional interest rates and understanding market trends, you can maximise your savings with the Standard Chartered e$aver Savings Account. Keep in mind that there is no lock-in period with this account, so you can withdraw your funds at any time.
Investment Opportunities
Investing your money can be a great way to grow your wealth and achieve your financial goals. With Standard Chartered eSaver account, you can diversify your portfolio and invest in a variety of different entities.
Diversifying With Standard Chartered
One way to diversify your portfolio is by investing in Singapore stocks, REITs, bonds, and ETFs. Standard Chartered offers a wide range of investment options to help you achieve your financial goals. You can choose from a variety of different investment products to suit your investment needs and risk tolerance.
Investing in Singapore stocks can be a great way to grow your wealth over the long term. With Standard Chartered, you can invest in a variety of different stocks and take advantage of the growth potential of Singapore’s economy.
REITs are another popular investment option for investors looking for stable returns. With Standard Chartered, you can invest in a variety of different REITs and take advantage of the steady income streams they provide.
Bonds are a great way to diversify your portfolio and reduce your overall risk. With Standard Chartered, you can invest in a variety of different bonds and take advantage of the steady income streams they provide.
ETFs are another popular investment option for investors looking for diversification. With Standard Chartered, you can invest in a variety of different ETFs and take advantage of the growth potential of a variety of different markets.
In addition to these investment opportunities, Standard Chartered also offers a range of financial wellness tools to help you achieve your financial goals. Whether you’re a seasoned investor or just starting out, Standard Chartered has the resources you need to succeed.
Additional Features and Services
As a Standard Chartered eSaver account holder, you can enjoy a range of additional features and services that enhance your digital banking experience and provide you with customer support and financial advice.
Digital Banking Experience
Standard Chartered Bank provides a user-friendly digital banking platform that allows you to manage your eSaver account with ease. You can access your account details, check your account balance, view your transaction history, and make fund transfers, all from the comfort of your home or on-the-go. With the bank’s mobile app, you can also enjoy the convenience of banking from your smartphone or tablet.
Customer Support and Financial Advice
Standard Chartered Bank is committed to providing excellent customer support and financial advice to its eSaver account holders. The bank offers a dedicated customer service team that is available 24/7 to assist you with any queries or concerns you may have about your account. You can contact the bank’s customer service team via phone, email, or live chat.
In addition, Standard Chartered Bank provides its eSaver account holders with access to a range of financial planning tools and resources. These tools and resources can help you manage your finances more effectively and make informed decisions about your money. If you have a Junior account, you can also access resources and tools that are specifically designed to help you teach your child about money management.
Overall, Standard Chartered eSaver account offers a range of additional features and services that can enhance your digital banking experience and provide you with the support and advice you need to manage your finances effectively.
Frequently Asked Questions
How does the interest rate for Standard Chartered’s eSaver compare with other banks in Singapore?
Standard Chartered’s eSaver account is one of the best savings accounts in Singapore, offering an interest rate of up to 3.60% p.a. on eligible deposit balances up to S$2 million. This rate is highly competitive compared to other banks in Singapore. For instance, DBS Multiplier account offers up to 3.00% p.a. interest rate, while OCBC 360 account offers up to 2.45% p.a.
What are the latest promotions available with the Standard Chartered eSaver account?
Standard Chartered Bank frequently offers promotions for its eSaver account. Currently, they are offering a promotion where you can earn up to S$200 cashback when you open an eSaver account and deposit fresh funds. To be eligible for the promotion, you must deposit a minimum of S$50,000 fresh funds into the account. Do check their website for the latest promotions and terms and conditions.
Can you explain the benefits of the Standard Chartered eSaver over the Bonus Saver account?
The Standard Chartered eSaver account is a high-interest savings account that offers a higher interest rate of up to 3.60% p.a. on eligible deposit balances up to S$2 million. In contrast, the Bonus Saver account offers a lower interest rate of up to 1.88% p.a. The eSaver account also does not require a minimum balance or lock-in period, giving you the flexibility to access your funds anytime.
Is there a special rate for fresh funds deposited into the Standard Chartered eSaver account?
Yes, Standard Chartered Bank offers a special interest rate of up to 3.60% p.a. on fresh funds deposited into the eSaver account. This rate is valid for the first 6 months from the date of account opening. After 6 months, the interest rate reverts to the prevailing rate.
What are the perks of having a debit card linked to my Standard Chartered eSaver?
Linking a debit card to your Standard Chartered eSaver account gives you the convenience of accessing your funds anytime, anywhere. You can withdraw cash from any Standard Chartered or Visa Plus ATMs worldwide. Additionally, you can earn up to 1% cashback on eligible spending with your debit card.
Which bank in Singapore offers the highest interest rate for savings accounts currently?
Standard Chartered Bank offers one of the highest interest rates for savings accounts in Singapore currently. Their eSaver account offers up to 3.60% p.a. interest rate on eligible deposit balances up to S$2 million. However, do note that interest rates are subject to change, and it is always best to check with the bank for the latest rates and promotions.
