StanChart e$aver: 3.35% p.a. For August and September 2024
From now until 30th September 2024, e$aver accountholders can earn 3.30% p.a. bonus interest on incremental fresh funds. The funds are compared to July 2024’s average daily balance. Together with the base interest rate of 0.05% p.a, one can expect 3.35% p.a. for fresh funds deposited in the months of August and September 2024.
Relatively fuss-free interest for fresh funds
e$aver is a bank account from Standard Chartered that gives a base interest rate for 0.05%. For the longest time, the bank has been announcing bonus interest every 2 months. Typically, the promotional rates apply to fresh funds compared to the month before.
This time, the reference month is July 2024, and the bonus interest applies for August 2024 and September 2024. So if your July balance is S$0, just deposit any amount up to S$2 million and you will get 3.35% p.a. on the entire amount for the months of August and September.
If a person had S$0 in their account in July 2024, and placed S$130,000 in August 2024, all S$130,000 will be fresh funds. If they withdraw S$20,000, it doesn’t matter too because the S$110,000 left is still considered fresh funds compared to July 2024’s balance.
When October 2024 comes along, it is widely expected that new rates will be announced with September 2024 as the reference month:
| July 2024 | August 2024 | September 2024 | 1st October 2024 |
| Reference Month | 3.35% p.a. on fresh funds | 3.35% p.a. on fresh funds | Expected: new rates announced with reference to balances in September 2024 |
| S$0 | S$130,000 (all S$130,000 is fresh funds and gets 3.35% p.a.) | S$110,000 (all is fresh funds) | S$120,000 (only S$10,000 is fresh funds compared to September 2024’s balance) |
“Merry Go Round” Strategy – alternating between accounts
Because only fresh funds receive the promotional interest and the rates last for only 2 months, there are some who have been employing a “Merry Go Round” strategy. The amusing name refers to the act of alternating funds between multiple accounts to keep them “fresh”.
When October 2024 rolls around and new rates are announced, people would transfer all the funds in their e$aver account into another account or instrument for returns. When a new promo is announced in December, the cycle repeats itself:
| August 2024 | September 2024 | October 2024 | November 2024 | December 2024 | |
| e$aver Account | S$100,000 (fresh funds) | S$100,000 (fresh funds) | S$0 | S$0 | S$100,000 (fresh funds) |
| Another Account | S$0 | S$0 | S$100,000 (fresh funds) | S$100,000 (fresh funds) | S$0 |
Alternatives
This month, POEMS’ SMART Park is a great option to look at since it offers guaranteed 5.9% p.a. returns for amounts between S$20,000 to S$100,000.
For those who have under S$20,000, Chocolate Finance is a good, relatively low risk option for 4.2% p.a. returns.
Note that although the above 2 are vested in relatively low risk assets, they are still investments are not the same as bank deposits. For that, you would have to look at things like HSBC EGA’s promo for something that is relatively fuss-free.
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Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
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