If you’re looking to grow your savings in Singapore, you may want to consider the Standard Chartered eSaver account. This high-interest savings account offers competitive interest rates of up to 3.5% p.a. with no lock-in period, making it a great option for those who want to earn more on their savings without committing to a long-term investment.
One of the key benefits of the Standard Chartered eSaver account is its tiered interest rates. The interest rate you earn on your savings will depend on the amount you have deposited in your account. The more you save, the higher your interest rate will be. This means that you can earn more on your savings without having to make any additional effort or investments.
To make the most of your Standard Chartered eSaver account, you may want to consider depositing a larger amount of money to benefit from the higher interest rates. You can also take advantage of the additional benefits and services offered by the bank, such as online banking and mobile banking, to manage your account more easily and efficiently.
Key Takeaways
- The Standard Chartered eSaver account offers competitive interest rates of up to 3.5% p.a. with no lock-in period.
- The interest rates are tiered, meaning that the more you save, the higher your interest rate will be.
- You can maximise your savings by depositing a larger amount of money and taking advantage of the additional benefits and services offered by the bank.
Overview of Standard Chartered eSaver Account
If you are looking for a savings account that offers you the opportunity to earn interest on your deposits without any frills, then the Standard Chartered eSaver Account could be a great option for you. This account is designed to help you save and grow your money with ease, and it comes with a range of features that make it an attractive choice.
Key Features of eSaver Account
The eSaver Account from Standard Chartered is an online savings account that offers a range of features to help you save and grow your money. Some of the key features of this account include:
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Competitive interest rates: The eSaver Account offers a competitive interest rate on your deposits, which can help your money grow faster. The interest rate is subject to change, so it’s important to check the current rates before opening an account.
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No minimum balance requirement: You don’t need to maintain a minimum balance in your eSaver Account, which means you can save as much or as little as you want.
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No monthly fees: There are no monthly fees associated with the eSaver Account, which means you can save without worrying about additional costs.
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Easy online account management: You can manage your eSaver Account online, which makes it easy to keep track of your savings and transactions.
Eligibility and Account Opening
To open an eSaver Account with Standard Chartered, you need to meet certain eligibility requirements. You must be at least 18 years old and a resident of Singapore. You will also need to provide some personal information and documents to verify your identity.
Once you have met the eligibility requirements, you can open an eSaver Account online or at a Standard Chartered branch. The account opening process is simple and straightforward, and you can start saving and earning interest on your deposits right away.
In summary, if you are looking for a no-frills savings account that offers competitive interest rates and easy online account management, the Standard Chartered eSaver Account could be a great option for you. With no minimum balance requirement and no monthly fees, this account is designed to help you save and grow your money with ease.
Interest Rates and Balance Tiers
If you’re looking for a savings account that offers high interest rates, the Standard Chartered eSaver account might be the perfect fit for you. Here’s what you need to know about the interest rate structure and the balance tiers.
Understanding Interest Rate Structure
The Standard Chartered eSaver account offers a total interest rate of up to 3.60% p.a. on eligible deposit balances of up to S$2 million. This includes a prevailing interest rate of 0.05% p.a. on your deposit balance and a bonus interest rate on eligible incremental balance of up to 3.55% p.a.
The bonus interest rate is only applicable if you bring in incremental fresh funds compared to the previous month’s average daily balance. This means that if you maintain your balance or withdraw funds, you will not be eligible for the bonus interest rate.
Prevailing vs Bonus Interest
The prevailing interest rate is the base interest rate that you will earn on your deposit balance, regardless of whether you bring in incremental fresh funds or not. The bonus interest rate is the additional interest rate that you will earn on your eligible incremental balance, provided that you meet the criteria.
To help you understand the interest rate structure better, here’s a table that shows the prevailing and bonus interest rates for different balance tiers:
| Balance Tier | Prevailing Interest Rate | Bonus Interest Rate |
|---|---|---|
| S$0 – S$200,000 | 0.05% p.a. | 3.55% p.a. |
| Above S$200,000 – S$1,000,000 | 0.05% p.a. | 3.55% p.a. |
| Above S$1,000,000 – S$2,000,000 | 0.05% p.a. | 3.55% p.a. |
Total Interest Rate
By combining the prevailing and bonus interest rates, you can earn a total interest rate of up to 3.60% p.a. on eligible deposit balances of up to S$2 million. However, it’s important to note that the bonus interest rate is only applicable for the first 6 months from the date of account opening. After that, the prevailing interest rate will apply.
Overall, the Standard Chartered eSaver account is a great option if you’re looking for a savings account that offers high interest rates. Just make sure to understand the interest rate structure and balance tiers to make the most out of your savings.
Maximising Your Savings
If you are looking for a way to maximise your savings, the Standard Chartered eSaver account in Singapore is a great option. With a base interest rate of 0.05% p.a., and a bonus interest rate of up to 3.55% p.a. on eligible incremental balances, you can earn high returns on your savings.
Strategies for Higher Interest Rates
To maximise your savings, deposit fresh funds into your account and maintain a minimum balance of S$10,000 to earn bonus interest. The higher your incremental balance, the higher your bonus interest rate will be. You can also consider opening a savings account with a high interest rate, such as the Standard Chartered Bank’s JumpStart account, which offers up to 2.5% p.a. interest on your first $50,000 deposited.
Promotion Period Advantages
Keep an eye out for promotional periods, as they can offer even higher interest rates. During these periods, you can earn promotional interest rates on top of your regular interest rates. However, be sure to read the terms and conditions carefully to ensure that you meet all the requirements to qualify for the promotional interest rates.
Overall, the Standard Chartered eSaver account is a great way to maximise your savings and earn high interest rates. By following these strategies and taking advantage of promotional periods, you can earn even higher returns on your savings.
Additional Benefits and Services
If you’re looking for a savings account that offers more than just a competitive interest rate, the Standard Chartered eSaver account may be just what you need. In addition to the attractive interest rate, the account comes with a range of benefits and services to help you manage your money and grow your wealth.
Mobile Banking Convenience
With the Standard Chartered mobile banking app, you can manage your eSaver account from the convenience of your smartphone. The app allows you to view your account balance, transaction history, and interest earned. You can also transfer funds between your Standard Chartered accounts and pay bills on the go. The app is available for both iOS and Android devices, making it easy to access your account no matter where you are.
Investment and Income Services
If you’re looking to invest your money or generate additional income, Standard Chartered offers a range of services to help you achieve your financial goals. With the Bonus$aver account, for example, you can earn bonus interest by investing in eligible unit trusts or purchasing eligible insurance policies through Standard Chartered. The bank also offers a range of investment products, including stocks, bonds, and structured products. If you’re looking for income, you can consider the bank’s range of fixed deposit products, which offer competitive interest rates and flexible tenures.
In summary, the Standard Chartered eSaver account offers not only a competitive interest rate, but also a range of benefits and services to help you manage your money and achieve your financial goals. With mobile banking convenience and investment and income services, you can stay on top of your finances and grow your wealth with ease.
Account Management and Requirements
If you’re considering opening a Standard Chartered eSaver account, there are a few things you should know about account management and requirements. Here are some key details to keep in mind:
Minimum Deposit and Balance Criteria
To open an eSaver account, you’ll need to make an initial deposit of at least $1,000. This is the minimum initial deposit required to open the account. Additionally, you’ll need to maintain a minimum average daily balance of $1,000 in order to earn interest on your account.
It’s also worth noting that the eSaver account is a standalone account, meaning you can’t link it to any other accounts you may have with Standard Chartered or other banks. This can make it a bit more difficult to manage your finances if you’re used to having all of your accounts in one place.
Understanding the Fine Print
As with any financial product, it’s important to read the fine print before opening an eSaver account. Here are a few things to keep in mind:
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Interest rates are subject to change at any time, so be sure to keep an eye on your account to ensure you’re still earning the advertised rate.
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The interest rate is calculated daily and paid out monthly. This means that your interest earnings will compound over time, but you won’t see the full effect until you’ve had the account for several months.
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The eSaver account comes with a warranty of up to $50,000 under the Deposit Insurance Scheme. This means that if Standard Chartered were to go bankrupt, your deposits would be insured up to $50,000.
Overall, the eSaver account can be a great option for those looking to earn a high interest rate on their savings. Just be sure to read the fine print and understand the account management and requirements before opening an account.
Frequently Asked Questions
How can you maximise your returns with the eSaver account?
To maximise your returns with the eSaver account, deposit fresh funds into your account and maintain a minimum balance of S$10,000 to earn bonus interest. You can earn up to 3.55% p.a. bonus interest on your eligible incremental balance, on top of the prevailing interest rate of 0.05% p.a.
Are there any special promotions currently available for the eSaver account?
As of our research on the 28th of February 2024, there is no special promotion available for the eSaver account. However, Standard Chartered Singapore offers various promotions from time to time, so it’s best to check their website or contact their customer service for the latest updates.
What’s the minimum balance required to maintain an eSaver account?
The minimum balance required to maintain an eSaver account is S$0. There is no lock-in period or fall-below fee, so you can withdraw your funds anytime without penalty.
Could you explain how the interest is calculated for the eSaver account?
The interest for the eSaver account is calculated on a daily basis and credited monthly. The prevailing interest rate of 0.05% p.a. is accrued daily and credited at the end of every month. The bonus interest rate of up to 3.55% p.a. is calculated based on your eligible incremental balance and credited at the end of the next month.
How does the eSaver account compare to other savings accounts?
The eSaver account offers competitive interest rates of up to 3.55% p.a. on your eligible incremental balance, which is higher than many other savings accounts in Singapore. It also has no lock-in period, fall-below fee, or minimum deposit requirement, making it a flexible and accessible option for anyone looking to save.
What are the latest reviews saying about the eSaver account’s performance?
We could not find any recent reviews of the eSaver account’s performance. However, based on our research, the eSaver account has consistently offered competitive interest rates and flexible terms, making it a popular choice among savers in Singapore.