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 2024June 2024July 20241st August 2024
Reference Month3.55% p.a.
on fresh funds
3.55% p.a.
on fresh funds
New rates announced with reference to balances in July 2024
S$0S$100,000
(all is fresh funds)
S$100,000
(all is fresh funds)
S$110,000
(only S$10,000 is fresh funds)
Seth
Seth

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“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.

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