StanChart e$aver Rates: 3.55% p.a. For June and July 2024
From now until 31st July 2024, e$aver accountholders can earn 3.50% p.a. bonus interest on incremental fresh funds. The funds are compared to May 2024’s average daily balance. Together with the base interest rate of 0.5%, one can expect 3.55% p.a. for fresh funds deposited in the months of June and July 2024.
e$aver is a fuss-free bank account from Standard Chartered
e$aver is a bank account from Standard Chartered that is relatively easy to use. For many years now, the bank announces promotional rates every 2 months for the coming 2 months. The promotional rates apply to fresh funds compared to the month before.
So if your May balance is S$0, just deposit any amount up to S$2 million and you will get 3.55% p.a. on the entire amount for the months of June and July 2024.
| May 2024 | June 2024 | July 2024 | 1st August 2024 |
| Reference Month | 3.55% p.a. on fresh funds | 3.55% p.a. on fresh funds | New rates announced with reference to balances in July 2024 |
| S$0 | S$100,000 (all is fresh funds) | S$100,000 (all is fresh funds) | S$110,000 (only S$10,000 is fresh funds) |
“Merry Go Round” Strategy – alternating between accounts
Because only fresh funds receive the promotional interest and the rates last for only 2 months, there are some who have been employing a “Merry Go Round” strategy. The amusing name refers to the act of alternating funds between multiple accounts to keep them “fresh”.
When August 2024 rolls around and new rates are announced, people would transfer all the funds in their e$aver account into another account, possibly another e$aver account under a trusted person (this is called a “Player 2” strategy). Their funds would hence continue to earn promotional interest under the second e$aver account, albeit under that person’s name so there are some risks involved.
I’ve never heard of anyone getting into trouble with the bank over something like this, but do let me know if this is indeed something that the bank frowns upon.
Alternatives
For people looking for a short-term place to park their funds, this could be a good place to do so. However, HSBC EGA’s June promo is probably better given the higher interest rate with just an added step of doing 5 transactions.
There is also a list of banking options I wrote for May 2024, and there will definitely be updates in June 2024 so stay subscribed for that.
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.
Subscribe to the channel for free updates!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).