If you’re looking to open a savings account in Singapore, you might have come across the Standard Chartered eSaver account. This account offers a high-interest rate, making it an attractive option for those looking to grow their savings. However, before you sign up, it’s important to understand the minimum balance requirements and other eligibility criteria.
To start with, the Standard Chartered eSaver account does have a minimum balance requirement. You’ll need to maintain an average daily balance of S$1,000 to avoid any fees. It’s important to note that this is an average balance, so you can dip below S$1,000 as long as you bring the balance back up to the required amount by the end of the month. If you fall below the minimum balance requirement, you’ll be charged a fall-below fee of S$5 per month.
Overall, the Standard Chartered eSaver account is a great option for those looking to earn a high interest rate on their savings. However, it’s important to understand the minimum balance requirements and other eligibility criteria before signing up. With the right management, you can enjoy the benefits of this account and watch your savings grow over time.
Key Takeaways
- The Standard Chartered eSaver account has a minimum balance requirement of S$1,000 to avoid fees.
- Falling below the minimum balance requirement can result in a fall-below fee of S$5 per month.
- The eSaver account is a great option for those looking to earn a high interest rate on their savings.
Understanding eSaver Accounts
What Is an eSaver Account?
An eSaver account is a type of savings account that allows you to earn competitive interest rates on your deposits. These accounts are typically offered by banks and other financial institutions and are designed to help you save money for your short-term and long-term financial goals.
One of the key benefits of an eSaver account is that it offers a higher interest rate than a regular savings account. This means that you can earn more money on your deposits over time, which can help you reach your financial goals faster.
Benefits of eSaver Accounts
There are many benefits to opening an eSaver account. Here are some of the most important ones:
-
Competitive Interest Rates: eSaver accounts typically offer higher interest rates than regular savings accounts. This means that you can earn more money on your deposits over time.
-
Bonus Interest Rates: Some eSaver accounts offer bonus interest rates if you meet certain criteria, such as maintaining a minimum balance or making regular deposits. This can help you earn even more money on your deposits.
-
Convenience: eSaver accounts are typically very convenient to use. You can access your account online or through a mobile banking app, which makes it easy to check your balance, transfer money, and make deposits and withdrawals.
-
No Monthly Fees: Many eSaver accounts do not charge monthly account maintenance fees. This means that you can keep more of your money in your account and earn more interest over time.
Overall, if you’re looking for a savings account that offers competitive interest rates, convenience, and other benefits, an eSaver account may be a great option for you. Just be sure to compare different accounts and choose one that meets your specific needs and financial goals.
Eligibility and Account Activation
Who Can Open an eSaver Account?
To open an eSaver account with Standard Chartered Singapore, you must meet the following eligibility criteria:
- You must be a Singaporean citizen or a Permanent Resident.
- You must be at least 18 years old.
- You must have a valid SingPass account.
How to Activate Your Account
Once you have met the eligibility criteria and have successfully opened an eSaver account, you will need to activate your account to start using it. Account activation usually involves setting up online banking credentials and depositing the minimum required amount into the new account. Here is a step-by-step guide to activating your Standard Chartered eSaver account:
- Log in to your SingPass account and navigate to the Standard Chartered website.
- Click on the “Apply Now” button and fill in the application form with your personal details.
- Once your application is approved, Standard Chartered will send you an email with your account number and instructions on how to activate your account.
- To activate your account, log in to your Standard Chartered online banking account and follow the instructions provided.
- You will need to transfer a minimum initial deposit of S$1,000 into your eSaver account via FAST (Fast and Secure Transfers) from your account with another bank using Internet banking.
- Once you have completed the above steps, your account will be activated and you can start using it.
It is important to note that if your average daily balance in your eSaver account falls below S$1,000 in a calendar month, a fall below fee of S$5 per calendar month will be charged. Therefore, it is recommended that you maintain a minimum balance of S$1,000 in your account at all times to avoid this fee.
Minimum Balance Requirements
If you are considering opening an e$aver savings account with Standard Chartered Singapore, it is important to understand the minimum balance requirements. In this section, we will discuss the minimum balance requirements for an e$aver savings account and the consequences of falling below the minimum balance.
Understanding Minimum Balance
To open an e$aver savings account with Standard Chartered Singapore, you are required to make a minimum initial deposit of S$1,000. Additionally, you must maintain a minimum average daily balance of S$1,000. This means that your account balance must not fall below S$1,000 on any given day during the month.
Consequences of Falling Below Minimum
If your account balance falls below the minimum average daily balance of S$1,000, you will be charged a fall-below fee of S$5 per month. This fee is charged to your account at the end of the month and is deducted from your account balance.
It is important to note that the fall-below fee is not the only consequence of falling below the minimum balance requirement. Your account may also be subject to other fees and charges, such as transaction fees, which can add up quickly and reduce the overall value of your savings.
To avoid falling below the minimum balance requirement and incurring fees, it is important to keep track of your account balance and ensure that it remains above the minimum average daily balance of S$1,000. You may also want to consider setting up automatic transfers or deposits to your account to ensure that you are consistently meeting the minimum balance requirement.
In conclusion, the minimum balance requirement for an e$aver savings account with Standard Chartered Singapore is S$1,000. Falling below this minimum balance can result in a fall-below fee of S$5 per month, as well as other fees and charges. To avoid these fees, it is important to maintain a minimum average daily balance of S$1,000 and keep track of your account balance to ensure that it remains above this minimum requirement.
Interest Rates and Returns
Saving money is always a good idea, but it’s even better when you can earn interest on your savings. With the e$aver account, you can earn up to 3.60% p.a. interest on eligible deposit balance of S$2 million with no lock-in period when you bring in incremental fresh funds* (compared to January 2024 average daily balance).
How Interest Is Calculated
Interest is calculated daily and credited monthly to your account. The interest rate is based on the eligible incremental balance that you maintain in your e$aver account. The eligible incremental balance is the difference between the average daily balance in the previous month and the average daily balance in the current month, subject to a cap of S$1 million.
Maximising Your Returns
To maximise your returns, you can consider bringing in incremental fresh funds* to your account. This means depositing new money into your account that is not already in your account as of January 2024. By doing so, you can earn up to 3.60% p.a. interest on your eligible deposit balance.
Another way to maximise your returns is to maintain a high average daily balance in your account. The higher your average daily balance, the higher your total interest rate will be. However, do take note that the interest rate is subject to change and may not always remain at the same level.
In conclusion, the e$aver account is a great option for those looking to earn interest on their savings without having to worry about a minimum balance or lock-in period. By bringing in incremental fresh funds* and maintaining a high average daily balance, you can maximise your returns and grow your savings even faster.
Managing Your eSaver Account
If you have a Standard Chartered eSaver account, you can easily manage it using the bank’s mobile and online banking services. With these services, you can view your account balance, transaction history, and make bill payments from the comfort of your own home.
Using Mobile and Online Banking
To use Standard Chartered’s mobile and online banking services, you need to register for them first. Once registered, you can download the bank’s mobile app and log in using your credentials. With the app, you can check your account balance, view your transaction history, and make bill payments. You can also set up e-statements, so you receive your account statements digitally.
Understanding Fees and Charges
It’s important to be aware of the fees and charges associated with your eSaver account. If your account balance falls below S$1,000, you’ll be charged a fall below fee of S$5 per calendar month. Additionally, if you have a joint account, each account holder is responsible for paying the service charge.
To avoid any unnecessary charges, make sure you maintain a minimum average daily balance of S$1,000 in your eSaver account. You can also set up alerts to notify you when your account balance falls below a certain amount.
In summary, managing your eSaver account is easy with Standard Chartered’s mobile and online banking services. Just be mindful of the fees and charges associated with the account, and make sure you maintain a minimum average daily balance of S$1,000 to avoid any unnecessary charges.
Frequently Asked Questions
What’s the lowest amount I can hold in my eSaver without incurring fees?
The minimum average daily balance required for the Standard Chartered eSaver savings account is S$1,000. If your average daily balance for a calendar month is less than S$1,000, a fall below fee of S$5 will be charged.
How much do I need to maintain in my Standard Chartered eSaver to dodge fall-below charges?
You must maintain an average daily balance of at least S$1,000 in your Standard Chartered eSaver account to avoid fall-below charges.
Is there a Standard Chartered savings account that offers zero minimum balance?
Unfortunately, Standard Chartered does not offer a savings account with zero minimum balance. However, the Standard Chartered eSaver account offers a competitive interest rate and flexible withdrawal options.
Can you tell me the perks of keeping a certain balance in my eSaver account?
By maintaining a certain balance in your eSaver account, you can earn bonus interest on your eligible incremental balances in addition to the prevailing interest earned on your entire deposit balance. Additionally, the eSaver account has no lock-in period, which means you can withdraw your funds at any time without penalty.
Are there any penalties for not meeting the eSaver’s minimum balance requirement?
If your average daily balance for a calendar month is less than S$1,000, a fall below fee of S$5 will be charged. However, there are no other penalties for not meeting the minimum balance requirement.
Am I able to make withdrawals from my eSaver without affecting the minimum balance?
Yes, you can make withdrawals from your eSaver account without affecting the minimum balance. The minimum balance requirement only applies to the average daily balance for a calendar month.