Standard Chartered eSaver: Earn 2.85% p.a. for fresh funds

The Standard Chartered eSaver (e$aver) account is offering a promotional interest rate of 2.85% p.a. for fresh funds deposited into the savings account. 

The bonus interest rate will be applicable through the promotion period from 1 December to 31 January 2025. 

In addition, Standard Chartered is also offering a Marathon Saver ($aver) Promotional interest rate of up to 3.05% p.a. for fresh funds from 1 December 2024 to 28 February 2025.

Read on to find out more about the Standard Chartered eSaver and Marathon Saver account promotion if you are looking out for a bank account to earn a higher interest rate for your savings.

What is the interest rate on the Standard Chartered eSaver (e$aver) savings account?

The Standard Chartered eSaver account is offering an interest of 2.85% p.a. on eligible deposit balances of up to S$2 million.

This would include a prevailing interest rate of 0.05% on your deposit balance, and bonus interest rate on eligible incremental balance of 2.80% p.a.

This would mean that you would earn a total interest rate of 2.85% p.a. on your eligible incremental balance (compared to November average daily balance). 

However, do note that you will only earn the bonus interest rate during the promotional period through December 2024 and January 2025.

After the promotional period, you will earn just the prevailing interest rate i.e. 0.05% on the entire deposit balance. 

How does the Standard Chartered eSaver (e$aver) savings account work?

The Standard Chartered eSaver account is a relatively fuss-free account, so you do not have to fulfil multiple criteria to be able to earn the higher interest rate. 

To be eligible for a Standard Chartered eSaver account, you would need to be 18 years old and above. 

The minimum average daily balance required for the Standard Chartered eSaver account is S$1,000.

More importantly, you would need to make sure that your deposits are considered “fresh funds” to qualify for the bonus interest rates.

Fresh funds here refer to funds that do not originate from any existing account with Standard Chartered. 

Also, the funds must not be withdrawn and re-deposited within 30 days of the promotional period.

You can find out more about the full terms and conditions of the Standard Chartered eSaver promo here. 

What is the interest rate on the Standard Chartered Marathon Saver savings account?

The Standard Chartered Marathon Saver account is offering an interest of up to 3.05% p.a. on eligible deposit balances of up to S$5 million (compared to November 2024 average daily balance). 

This would include a prevailing interest rate of 0.05% on your deposit balance, and bonus interest rate on eligible incremental balance of 2.80% p.a. through December 2024, 2.85% p.a. through January 2025 and 3.00% p.a. through February 2025.

However, do note that you will only earn the bonus interest rate during the promotional period through 1 December 2024 to 28 February 2025.

After the promotional period, you will earn just the prevailing interest rate i.e. 0.05% on the entire deposit balance. 

Should I use the Stanchart eSaver or Marathon Saver account?

When comparing the Stanchart eSaver account and the Marathon Saver account, both start off with an interest rate of 2.85% p.a. in December 2024. 

In January 2025, the eSaver maintains the same rate, while the Marathon Saver increases slightly to 2.90% p.a. 

By February 2025, the eSaver rate drops significantly to 0.05% p.a., whereas the Marathon Saver rises to 3.05% p.a. 

Over the three-month period, the Marathon Saver generates a total of S$722 in interest, compared to S$488 for the eSaver—a difference of S$234. This assumes that my money stays in the eSaver account in February earnings the lower interest rate of 0.05% p.a.

This means that I will have to look elsewhere to park my cash in February to earn a higher interest if I am looking to deposit my money into the Stanchart eSaver account. 

How to apply for Standard Chartered eSaver account?

You can apply for the Standard Chartered eSaver account and Standard Chartered Marathon Saver savings account online here. 

The good news is that you can pre-fill your application via SingPass, and your account will be opened instantly after your details are verified. 

What would Beansprout do?

If you have some spare cash and are looking at a high yield savings account to park your savings for a short period of time, then it might be worth considering the Standard Chartered eSaver account for its bonus interest rate of 2.85% p.a. until 31 January 2025.

However, I will need to find a place to park your savings after January 2024, as the interest rate will then fall to 0.05% p.a.

If you are looking to park your cash for a longer period of time, the Standard Chartered Marathon Saver savings account allows us to earn an interest rate of up to 3.05% until February 2025. 

This will represent an effective interest rate of about 2.9% p.a. over the three months, close to the best 3-month fixed deposit rate in Singapore. 

Check out our guide to the best savings account in Singapore to find out which savings account offers the highest interest rate. 

If you would prefer to lock in interest rates for a longer period of time, find out which are the best fixed deposit interest rates currently.