Standard Chartered eSaver promo of 3.4% p.a. interest rate extended till September

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 has just been recently extended through the promotion period of 30 September 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 30th September 2023. 

After the promotional period, you will earn just the prevailing interest rate ie 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Also, the funds must not be withdrawn and re-deposited within 30 days of the promotional period (1 August to 30 September 2023). 

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

Are there any credit card promotions worth considering with the Standard Chartered eSaver Account?

SingSaver is currently running a promo where new Standard Chartered cardholders who sign up for the Standard Chartered Journey Card through the links below can receive a S$80 cash upsized via PayNow cash credit.  

The Standard Chartered X Credit Card has been rebranded and is now called the Standard Chartered Journey Card. Its benefits have also been overhauled, allowing cardholders to earn 3 miles for every S$1 spent on transportation, food delivery and online grocery merchants (capped at 3,000 miles per statement month).

• Standard Chartered Journey Credit Card (Fee Waiver): Sign up here. 
• Standard Chartered Journey Credit Card (Fee Paying): Sign up here. 

Promo ends 3 September 2023. T&Cs apply.

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 30th September 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.