Introduction:
If you’re looking for a savings account that offers high interest rates, then you may want to consider the eSaver promotion in Singapore. This savings account is offered by Standard Chartered Bank and is designed to help you maximise your savings by earning bonus interest on your eligible incremental balances.
Understanding eSaver Promotions:
The eSaver promotion is a type of savings account that allows you to earn bonus interest on your eligible incremental balances in addition to the prevailing interest earned on your entire deposit balance. There is no lock-in period, which means you can withdraw your funds at any time without penalty. The account also offers instant account opening using MyInfo, making it easy to get started.
Eligibility and Requirements:
To be eligible for the eSaver promotion, you must be a Singaporean or Permanent Resident and at least 18 years old. You must also have a minimum deposit of $1,000 and maintain a minimum average daily balance of $5,000. The promotion is available for a limited time only, so be sure to check with Standard Chartered Bank for the latest details.
Key Takeaways
- The eSaver promotion in Singapore is a savings account offered by Standard Chartered Bank that allows you to earn bonus interest on your eligible incremental balances.
- There is no lock-in period, and you can withdraw your funds at any time without penalty.
- To be eligible, you must be a Singaporean or Permanent Resident, have a minimum deposit of $1,000, and maintain a minimum average daily balance of $5,000.
Understanding eSaver Promotions
If you’re looking for a savings account in Singapore, you might want to consider the eSaver account from Standard Chartered. This account offers a range of promotions that can help you earn a higher interest rate on your deposits. Here’s what you need to know about eSaver promotions.
What Is eSaver?
The eSaver account is a savings account offered by Standard Chartered Singapore. It’s a no-frills account that offers a competitive interest rate on your deposits. What’s great about this account is that it has a range of promotions that can help you earn even more interest on your savings.
Benefits of eSaver Promotions
One of the main benefits of eSaver promotions is the higher interest rate that you can earn on your deposits. During the promotion period, you can earn a promotional interest rate that is higher than the prevailing interest rate. For example, the current promotion offers up to 3.60% p.a. interest on eligible deposit balance of S$2 million with no lock-in period when you bring in incremental fresh funds. This is a great way to earn more interest on your savings without having to lock your money away for a long period of time.
Another benefit of eSaver promotions is that they are usually offered for a limited period of time. This means that you can take advantage of the higher interest rate during the promotion period and then switch to another savings account when the promotion ends. This is a great way to maximise your returns on your savings.
In summary, if you’re looking for the best savings account in Singapore, you might want to consider the eSaver account from Standard Chartered. With a range of promotions that offer a higher interest rate on your deposits, you can earn more on your savings without having to lock your money away for a long period of time.
Eligibility and Requirements
Who Can Apply?
If you’re a Singapore citizen or a foreigner residing in Singapore, you can apply for the Standard Chartered e$aver promotion. To apply, you must be at least 18 years old and have a valid SingPass account.
Documentary Requirements
To apply for the promotion, you’ll need to provide the following documents:
- A valid form of identification (e.g. NRIC, passport)
- Proof of address (e.g. utility bill, bank statement)
- A valid SingPass account
Additionally, to be eligible for the promotion, you must:
- Be a new to bank customer
- Open and maintain at least one SGD Current/Cheque/Savings account
- Place minimum S$200,000 (or foreign currency equivalent) of Fresh Funds in the form of Eligible Deposits and/or Eligible Investments into your account
It’s important to note that the promotion has a limited time frame, so be sure to apply before the deadline. If you meet the eligibility criteria and provide the necessary documents, you’ll be able to take advantage of the promotion and earn up to 3.60% p.a. interest on eligible deposit balances of up to S$2 million.
Maximising Your Savings
If you’re looking to maximise your savings, the e$aver Savings Account promotion from Standard Chartered Singapore might be just what you need. With this promotion, 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. Here are some tips to help you make the most of this promotion.
Optimising Deposit Balances
To earn the maximum interest rate, you need to ensure that you maintain an eligible incremental balance. This means that you need to have an average daily balance of S$2 million or more in your e$aver Savings Account. You can achieve this by depositing fresh funds into your account, or by transferring funds from another Standard Chartered account.
Leveraging Fresh Funds
To qualify for the e$aver Savings Account promotion, you need to bring in incremental fresh funds compared to your January 2024 average daily balance. This means that you need to deposit new funds into your account that you haven’t previously held with Standard Chartered. The more fresh funds you bring in, the higher your eligible incremental balance will be, and the more interest you’ll earn.
To make the most of this promotion, you should consider depositing as much fresh funds as possible into your e$aver Savings Account. This will help you maximise your eligible incremental balance and earn the highest interest rate possible.
Overall, the e$aver Savings Account promotion from Standard Chartered Singapore is a great way to earn high interest on your savings. By optimising your deposit balances and leveraging fresh funds, you can make the most of this promotion and enjoy significant returns on your investments.
Additional Benefits and Features
As you consider opening an e$aver Savings Account with Standard Chartered in Singapore, it’s essential to know that you’ll enjoy several extra perks beyond the bonus interest rate. Here are some of the benefits and features you can expect:
Extra Perks
One of the most significant advantages of opening an e$aver Savings Account with Standard Chartered is that you’ll be able to access a range of financial products and services. For example, you can link your e$aver account to your Standard Chartered credit card and enjoy seamless transactions. You can also set up recurring payments and transfers, which can save you time and hassle.
In addition, you’ll have access to Standard Chartered’s mobile banking app, which makes it easy to manage your account from anywhere. You can check your balance, view your transaction history, and even deposit cheques using your smartphone.
Insurance and Investment Options
Standard Chartered offers a range of insurance products and investment options that you can access through your e$aver Savings Account. For example, you can purchase travel insurance, home insurance, and personal accident insurance to protect yourself and your family.
If you’re interested in investing, you can explore Standard Chartered’s range of investment products, including mutual funds, bonds, and structured products. With the help of a financial advisor, you can create a diversified investment portfolio that suits your risk tolerance and financial goals.
Overall, opening an e$aver Savings Account with Standard Chartered in Singapore is an excellent way to earn a competitive interest rate on your savings. But beyond the bonus interest rate, you’ll have access to a range of financial products and services that can help you manage your money more effectively.
Terms and Practical Tips
Understanding the Fine Print
When it comes to the eSaver promotion in Singapore, it’s important to understand the terms and conditions. The promotion offers a bonus interest rate of up to 3.6% p.a. for fresh funds deposited into the account. However, there are certain conditions that must be met to qualify for the bonus interest rate.
Firstly, there is a minimum initial deposit of $1,000 required to open the account. Additionally, there is a fall-below fee of $5 per month if the average daily balance falls below $3,000. It’s important to keep this in mind to avoid any unnecessary fees.
Moreover, the promotion has no lock-in period, meaning you can withdraw your funds at any time without penalty. However, it’s important to note that the bonus interest rate only applies for a limited time period. Be sure to check the specific promotion period to ensure you qualify for the bonus interest rate.
Managing Your eSaver Account
Managing your eSaver account is simple and convenient. You can easily transfer funds between your eSaver account and other Standard Chartered accounts through online banking or the SC Mobile app. Additionally, you can open a joint account with a family member or friend to share the benefits of the promotion.
To make the most of the eSaver promotion, it’s important to keep track of the promotion period and deposit fresh funds into the account during this time. By doing so, you can enjoy the bonus interest rate and maximise your savings.
In conclusion, the eSaver promotion in Singapore offers an attractive bonus interest rate for those looking to save. By understanding the terms and conditions and managing your account effectively, you can make the most of this promotion and achieve your savings goals.
Frequently Asked Questions
What’s the dazzling new interest rate for the eSaver account?
If you’re looking for a savings account with an attractive interest rate, then the eSaver account from Standard Chartered is an excellent option. Currently, the eSaver account offers a promotional interest rate of up to 3.60% p.a. for eligible deposit balances of S$2 million with no lock-in period. This promotion is valid until 31 March 2024, so act fast to take advantage of this fantastic offer.
How can I qualify for the fresh funds promotion with Standard Chartered?
To qualify for the fresh funds promotion, you need to bring in incremental fresh funds compared to your January 2024 average daily balance. This promotion is valid until 31 March 2024 and offers up to 3.60% p.a. interest on eligible deposit balances of S$2 million with no lock-in period. Check Standard Chartered’s website for full terms and conditions.
Is there a minimum balance I must maintain in my eSaver to avoid fees?
Yes, there is a minimum balance requirement of S$1,000 to maintain in your eSaver account to avoid any fall below fees. However, you can enjoy no fall below fees for the first six months from the account opening date.
Could you tell me if the eSaver account comes with a debit card option?
The eSaver account does not come with a debit card option. However, you can link it to your Standard Chartered Visa debit card to withdraw funds from ATMs or make purchases online or in-store.
What are the steps to withdraw funds from my eSaver account without a hitch?
To withdraw funds from your eSaver account, you need to transfer the funds to your Standard Chartered current or savings account. Once the funds are in your current or savings account, you can withdraw them from ATMs or make purchases online or in-store using your Standard Chartered Visa debit card.
Are there any recent reviews on the Standard Chartered eSaver that I should check out?
You can find reviews on the Standard Chartered eSaver account on various financial literacy blogs and websites. However, it’s always best to check Standard Chartered’s official website for the latest information and reviews.