Are you a Standard Chartered Bank customer in Singapore looking for a savings account with no or low minimum balance requirements? If so, the Standard Chartered eSaver account could be the perfect option for you. With the eSaver account, you can earn bonus interest on your eligible incremental balances in addition to the prevailing interest earned on your entire deposit balance.
Unlike other savings accounts, the eSaver account has no lock-in period, allowing you to enjoy the flexibility to withdraw funds at any time. Additionally, the account can be opened instantly using MyInfo, and is insured up to S$75k by the Singapore Deposit Insurance Corporation (SDIC).
Key Takeaways
- The Standard Chartered eSaver account is a great option for those looking for a savings account with no or low minimum balance requirements.
- The account allows customers to earn bonus interest on their eligible incremental balances in addition to the prevailing interest earned on their entire deposit balance.
- The eSaver account has no lock-in period, allowing for flexibility in withdrawing funds, and can be opened instantly using MyInfo.
Understanding the Standard Chartered eSaver Account
If you’re looking for a savings account that allows you to earn a high interest rate on your savings, look no further than the Standard Chartered eSaver account. Here, we’ll take a closer look at the key features of this account and help you understand how the interest rates work.
Key Features
The Standard Chartered eSaver account is an online savings account with a minimum balance requirement of S$1,000. Falling below the minimum balance requirement can result in a fall-below fee of S$5 per month. However, if you maintain the minimum balance, you can avoid this fee and enjoy the benefits of a high-interest savings account.
One of the key benefits of the eSaver account is that it allows you to earn a bonus interest rate on top of the prevailing interest rate. To qualify for the bonus interest rate, you’ll need to meet certain requirements, such as making a minimum deposit or maintaining a certain balance. The bonus interest rate can vary depending on the promotion, but it can be as high as 3.6% p.a.
Understanding Interest Rates
The interest rate on your Standard Chartered eSaver account is made up of two parts: the prevailing interest rate and the bonus interest rate. The prevailing interest rate is the base rate that you’ll earn on your savings, and it’s accrued daily and paid out monthly.
The bonus interest rate is an additional rate that you can earn on top of the prevailing interest rate. To qualify for the bonus interest rate, you’ll need to meet certain requirements, such as making a minimum deposit or maintaining a certain balance. The bonus interest rate is also accrued daily and paid out monthly.
By combining the prevailing interest rate and the bonus interest rate, you can earn a total interest rate of up to 3.88% p.a. on your Standard Chartered eSaver account. That’s a great return on your savings, especially when compared to other savings accounts on the market.
In conclusion, the Standard Chartered eSaver account is a great option for those looking to earn a high interest rate on their savings. With a minimum balance requirement of S$1,000 and the potential to earn bonus interest rates, this account is a smart choice for anyone looking to grow their savings. Plus, with online banking, you can easily manage your account from anywhere in Singapore.
Eligibility and Account Opening
Eligibility Criteria
To open a Standard Chartered eSaver account in Singapore, you must be at least 21 years old and above. Additionally, both parties must be 21 years old and above for joint account applicants.
Your residency status in Singapore is also important when opening an eSaver account. If you are a Singaporean or Permanent Resident, you are eligible to apply for an eSaver account. However, if you are a foreigner, you may still be eligible, but you will need to check with the bank for specific requirements.
Online Application Process
Opening an eSaver account with Standard Chartered is easy and convenient. You can apply for an account online using MyInfo, which is a secure government portal that allows you to automatically fill in your personal details. This saves you time and reduces the need for paperwork.
To apply for an eSaver account, you will need to have a SingPass account. SingPass is a digital identity verification system that allows you to access various government services and applications. If you do not have a SingPass account, you can easily create one online.
During the online application process, you will be asked to provide personal information such as your name, identification number, and contact details. You will also need to provide information about your employment and income. Once your application is approved, you can start using your eSaver account right away.
Overall, opening an eSaver account with Standard Chartered is a simple and straightforward process. With no initial deposit required and a low minimum balance requirement of S$1,000, the eSaver account is a great option for those looking to save and earn high interest rates on their savings.
Maximising Your Savings
If you’re looking to maximise your savings with Standard Chartered’s eSaver account, there are a few things you can do to earn bonus interest and avoid fees and charges.
Earning Bonus Interest
To earn bonus interest on your eSaver account, you can deposit fresh funds into your account and maintain a minimum balance of S$10,000. By doing so, you can earn bonus interest on your eligible incremental balances in addition to the prevailing interest earned on your entire deposit balance. This can help you to earn more interest on your savings over time.
You can also opt for the Bonus eSaver promotion to earn a higher interest rate of up to 3.60% p.a. on eligible deposit balances of up to S$2 million. This promotion is available for a limited time only, so be sure to take advantage of it while it lasts.
Avoiding Fees and Charges
To avoid fees and charges on your eSaver account, you’ll need to maintain a minimum balance of S$1,000. Falling below the minimum balance requirement can result in a fall-below fee of S$5 per month. However, there are no monthly fees associated with the account, so you won’t have to worry about paying any additional charges.
By maintaining a minimum balance and avoiding fall-below fees, you can keep more of your savings in your account and earn more interest over time. So be sure to keep track of your balance and make sure you have enough funds in your account to avoid any fees or charges.
In summary, by depositing fresh funds, maintaining a minimum balance, and avoiding fall-below fees, you can maximise your savings with Standard Chartered’s eSaver account. With bonus interest and no monthly fees, it’s a great option for those looking to earn a high interest rate on their savings.
Additional Banking Features
When it comes to banking, convenience is key. With Standard Chartered’s eSaver account, you can enjoy easy access to your funds and a range of banking features to help you manage your finances.
Convenient Access and Transactions
Gone are the days of queuing up at the bank to make a transaction. With the eSaver account, you can easily access your account online or through the Standard Chartered mobile app. This means you can manage your account and make transactions from the comfort of your own home or while on the go.
In addition to this, the eSaver account allows you to view your transaction history and account balance at any time. This means you can keep track of your finances and ensure that you are staying within your budget.
Investment Opportunities
With the eSaver account, you also have the opportunity to invest your savings in eligible unit trusts and regular savings plans. This means you can earn potentially higher returns on your savings while still having the flexibility to withdraw your funds at any time.
Furthermore, the eSaver account also allows you to pay bills and make funds transfers easily and securely. This means you can manage your finances and make payments without having to worry about the security of your personal information.
Overall, the eSaver account offers a range of convenient banking features to help you manage your finances and grow your savings. With easy access to your funds, investment opportunities, and secure transactions, the eSaver account is a great option for those looking to save more and earn more.
Comparing with Other Savings Accounts
When it comes to choosing a savings account, you want to make sure you are getting the best deal possible. Here, we will compare the Standard Chartered e$aver savings account with other popular savings accounts in Singapore.
Standard Chartered JumpStart Review
The Standard Chartered JumpStart account is a savings account designed for young adults aged 18 to 26. It offers a competitive interest rate of up to 0.4% p.a. on balances up to S$20,000. However, it has a lower interest rate than the e$aver account if you have a balance above S$20,000.
In terms of minimum balance requirements, the JumpStart account has a lower requirement of S$500, compared to the e$aver account’s S$1,000. However, the JumpStart account has fewer features and benefits than the e$aver account.
HSBC Everyday Global Account Review
The HSBC Everyday Global Account is a savings account that allows you to hold up to 11 different currencies in one account. It offers a competitive interest rate of up to 0.3% p.a. on your SGD balance. However, the interest rates for other currencies may vary.
In terms of minimum balance requirements, the HSBC Everyday Global Account has a higher requirement of S$2,000, compared to the e$aver account’s S$1,000. However, if you frequently travel or make international transactions, the HSBC Everyday Global Account may be a better option for you.
DBS Multiplier
The DBS Multiplier is a savings account that allows you to earn higher interest rates by fulfilling certain criteria, such as salary credit, credit card spend, and investment. It offers interest rates of up to 3.5% p.a. on your entire balance, depending on the number of categories you fulfill.
However, the DBS Multiplier has a higher minimum balance requirement of S$3,000, compared to the e$aver account’s S$1,000. Additionally, you need to fulfill multiple criteria to earn the higher interest rates, which may not be feasible for everyone.
UOB One Account
The UOB One Account is a savings account that allows you to earn higher interest rates by fulfilling certain criteria, such as salary credit, credit card spend, and GIRO transactions. It offers interest rates of up to 1.5% p.a. on your entire balance, depending on the number of categories you fulfill.
In terms of minimum balance requirements, the UOB One Account has a higher requirement of S$5,000, compared to the e$aver account’s S$1,000. Additionally, you need to fulfill multiple criteria to earn the higher interest rates, which may not be feasible for everyone.
Overall, the Standard Chartered e$aver savings account offers a competitive interest rate and a reasonable minimum balance requirement. However, if you are a young adult, the Standard Chartered JumpStart account may be a better option for you. On the other hand, if you frequently travel or make international transactions, the HSBC Everyday Global Account may be a better option. Finally, if you are willing to fulfill multiple criteria, the DBS Multiplier or UOB One Account may be worth considering.
Frequently Asked Questions
What’s the minimum amount I need to maintain in my SC eSaver account to avoid fees?
To avoid fees on your Standard Chartered eSaver account, you must maintain a minimum average daily balance of S$1,000. If your balance falls below this amount, a fall-below fee of S$5 per calendar month will be charged.
How much do I need to deposit to open a new Standard Chartered eSaver savings account?
The minimum initial deposit required to open a new Standard Chartered eSaver account is S$1,000.
Can you tell me about any charges if my eSaver account falls below the required minimum balance?
If your Standard Chartered eSaver account falls below the required minimum balance of S$1,000, you will be charged a fall-below fee of S$5 per calendar month.
What are the consequences of withdrawing below the minimum balance in my eSaver account?
If you withdraw below the minimum balance in your Standard Chartered eSaver account, you will be charged a fall-below fee of S$5 per calendar month. Additionally, your interest rate will be reduced to 0.05% p.a. until your balance is restored to the required minimum.
Are there different minimum balance requirements for the Standard Chartered eSaver based on account types?
No, there are no different minimum balance requirements for the Standard Chartered eSaver based on account types. The minimum average daily balance required for the eSaver account is S$1,000.
Does the Standard Chartered eSaver savings account come with a debit card, and how does that affect the minimum balance?
No, the Standard Chartered eSaver savings account does not come with a debit card. Therefore, the minimum balance requirement of S$1,000 is not affected by debit card usage. However, if you have a separate Standard Chartered debit card linked to your eSaver account, you must maintain a minimum balance of S$3,000 to avoid monthly fees.