Standard Chartered eSaver Review – Promotional interest rate of 3.4% p.a. for fresh funds

What happened?

The Standard Chartered eSaver (e$aver) account is offering a promotional interest rate of 3.4% p.a. for fresh funds deposited into the savings account. 

The bonus interest rate will be offered during the promotion period through 31 July 2023. 

Read on to find out more about the Standard Chartered eSaver (e$aver) 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 3.40% 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 3.35% p.a.

This would mean that you would earn a total interest rate of 3.40% p.a. on your eligible incremental balance. 

However, do note that you will only earn the bonus interest rate during the promotional period through 31 July 2023. 

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

If you sign up for a Standard Chartered Priority Banking relationship by 30 June 2023 and bring in fresh funds of at least S$100,000 you can earn the bonus interest for 3 months. 

If you qualify for Standard Chartered Priority Banking, you would be earning a bonus interest rate of 3.35%, bringing the total interest rate on eligible balance to 3.4% p.a.

If you are a Standard Chartered Priority Private Banking customer, you would be able to earn an even higher bonus interest rate of 3.45% p.a., bringing the total interest rate on eligible balance to 3.5% p.a.

You will only earn the bonus interest rate up to an eligible balance of S$2 million. 

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 (1 April to 31 May 2023). 

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

What would Beansprout do?

If you 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 until 31 July 2023. 

You can apply for the Standard Chartered eSaver 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. 

Check out our Cash Optimiser tool to find out which account will allow you to earn a higher interest on your savings. 

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.