Standard Chartered eSaver promo of 3.45% p.a. interest rate

What happened?

The Standard Chartered eSaver (e$aver) account is offering a promotional interest rate of 3.45% p.a. for fresh funds deposited into the savings account. 

The bonus interest rate will be applicable through the promotion period of 31 May 2024. 

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 3.45% 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 3.40% p.a.

This would mean that you would earn a total interest rate of 3.45% 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 May 2024. 

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Also, the funds must not be withdrawn and re-deposited within 30 days of the promotional period.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 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 3.45% p.a. until 31 May 2024. 

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 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.