SCB giving 5%?

[kuma]

Received a Hand Bill today by some promoters walking around with Billboards on their backs. Sure got my attention :D

Seems Std Charted Bank is giving you 5%pa interest on your savings!

Brochure doesn't say much....anyone familiar with this?

What's up here?....or as they say...What Gives? :D

[rakyat]

I think min. is RM100k for 12 mths + so other T&C

[mlkok]

Saw the brochure. Very short and not very informative.

Typical advertising enough to get your attention on the good part.

[ahbitchew]

read the small print it says the promotional rate is applicable till 30th October 2010, so if I understand it correctly then it is 5 % from now till 30th October, after that back to 0.6% for amount below 100k. It is big strong but hardly friendly to your pocket I must say !

[kwchang]

Got explanation from the bank today ...


You cannot move funds from StdChart into the eSaver account
funds must come from outside the bank
you can withdraw money (out from the bank) then deposit it into the eSaver (not transfer)
interest is calculated at the end of the month and 5% pa is given to the new deposit only (difference in bank balance end of the month of deposit and the balance last month before the deposit)
this goes on till end of October
after October, all interest goes back to prevailing rates
the 5% rate for eSavers for normal clients is limited to a maximum deposit of RM100K, if you have more, then the balance gets the prevailing rate
if you are a Priority customer, the 5% rate is calculated for a maximum deposit of RM250K, the rest goes on the prevailing rate

Please note that it is 5% per annum - so in each month, the rate works out to be 5/12 %

[kuma]

Got explanation from the bank today ...


You cannot move funds from StdChart into the eSaver account
funds must come from outside the bank
you can withdraw money (out from the bank) then deposit it into the eSaver (not transfer)
interest is calculated at the end of the month and 5% pa is given to the new deposit only (difference in bank balance end of the month of deposit and the balance last month before the deposit)
this goes on till end of October
after October, all interest goes back to prevailing rates
the 5% rate for eSavers for normal clients is limited to a maximum deposit of RM100K, if you have more, then the balance gets the prevailing rate
if you are a Priority customer, the 5% rate is calculated for a maximum deposit of RM250K, the rest goes on the prevailing rate

Please note that it is 5% per annum - so in each month, the rate works out to be 5/12 %

Thanks Chang.

So its till end Oct....so effectively about 2 months, and for the max deposit of 100K, you'll get around RM830+ :(

Since there is a cap on the amount and limited to such a short period....looks like its more of a promo to draw in new clients with fresh funds.

Here's a LINK (http://www.standardchartered.com.my/personal-banking/latest-promotions/deposit/esaver-5x/tnc.html) which explains it all. [Suppose I should have just Googled it before putting up this Thread] :o