Get free $50 by applying for standard chartered credit card now.

I mention in my previous post, How To Save Money On Wedding Banquet, that Standard Chartered Manhattan Platinum Credit Card offers one of the best cashback.

I am sorry that this is a bit late to post this now as the qualifying period for this promotion is from 9 May – 30 June 2011, so you only left a few more days to do so.

Apply for the qualifying card types (Visa Platinum Card, MasterCard Platinum Card, Business Platinum Card, NUS Alumni Platinum Card, MANHATTAN Platinum Card and the Prudential Platinum Card) and remember to key in the correct promotion code: ONLINE50

Send in your supporting documents as soon as possible as there isn’t much time left. By email is the fastest.

Spend any amount on the credit card within the first month after you receive it to receive the $50 rebate.

I had applied MANHATTAN Platinum Card last month and used it to buy a shirt that cost $49.90 and I got the $50 rebate! I love free money :)

Link: Qualifying card types

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How to save money on wedding banquet? With a bit of research on the internet, I have found a way to do so.

Some people may like to clock reward points onto their credit cards, but I prefer cashback the most, because I can use the cashback on things I really wanted to buy instead of restricting myself to the redemption offered by the banks which usually is quite useless to me.

Wedding banquet is very expensive and involved a big amount of money. With a table easily costing over $1000, It easily mounts to $30k and even higher!

I find that Standard Chartered Bank offers the best cashback with their debit and credit card.

Standard Chartered XtraSaver Debit Card
- offers 2% cashback (cap at $300 per month)

Standard Chartered Manhattan Platinum Credit Card
- offers 5% cashback (cap at $200 per quarter)

I can charge a amount of:
- $15,000 to XtraSaver Debit Card to get the max of $300 cashback
- $4,000 to Manhattan Platinum Credit Card to get the max of $200 cashback

I got my wife to apply for Standard Chartered Manhattan Platinum Credit Card too!

In total, we can get $700 cashback on amount of $23000. The rest of the bill can be charged to other cards to earn points or get 0.5% rebate using SingTel-UOB Platinum Credit Card which can offset my Singtel bill!

Never use cash to settle your banquet bill, you will miss out on the enormous amount of points or cashback.

Every cents saved is money in your pocket~

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I have found out an easy way to pay your income tax and the ability to save some money at the same time.

That is by making Nets payment with Standard Chartered’s XtraSaver Card at AXS Station or SAM which are readily available at MRT stations across Singapore.

By making payments at AXS Station or SAM, you can avoid the long queues at Singapore Post Office.

Standard Chartered’s XtraSaver offers 0.5% CashBack on all NETS transactions!

0.5% might not seem alot but it is still your money!

Currently, it seems that payment cannot be made by using credit card. It would be good if we have the option to do so.

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The last High Interest Rate Savings Account listing was updated in 2009, since then the interest rate pretty much falls to new lows.

Seeing the interest rate falling really breaks my heart. But there is a newcomer in the Singapore banking industry that brought surprises. Their tagline is “Be surprised by money”!

Thats right, it is CIMB bank. Currently offering one of the highest interest rate of 0.8% p.a. for your savings with their CIMB StarSaver Account.

0.8% p.a. is 4 times that of StandardChartered eSaver Account which currently stays at 0.2% p.a.

The only cons for this bank is that since it is relatively new, there isn’t much ATMs and branches available in Singapore yet. But please don’t be lazy, make an effort to go and open the StarSaver Account with them to enjoy the high interest rate of 0.8% p.a. while it last.

CIMB StarSaver Account

• Month-end incremental deposit of $500 or more: 0.8% p.a.
• Month-end incremental deposit of less than $500: 0.5% p.a.

Maybank iSAVvy Savings Account

• Daily balance below S$5,000: 0.1875% p.a.
• Daily balance of S$5,000 to below S$50,000: 0.25% p.a.
• Daily balance of S$50,000 and above: 0.32% p.a.
• Interest-on-interest every 6 months: 6.00% p.a.

Citibank Stepup Account

• Base interest – 0.14% p.a.
• Step-Up of 0.015% per month
• Interest rate steps up each month, and up to a maximum of 0.32% p.a. over a 12-month period

StandardChartered eSaver Account

• Less than S$50,000: 0.2% p.a.
• S$50,000 to S$199,999: 0.3 p.a.
• S$200,000 & above: 0.4 p.a.

 Plus! Savings Account

• First S$50,000: 0.2 p.a.
• From S$50,001 to S$500,000: 0.4 p.a.

Finding a high interest rate savings account is not easy these days due banks slashing them lower and lower. Sometimes banks such as StandardChartered do offer bonus interest rate for fresh funds deposited into their eSaver Account for a period of time.

These High Interest Rate Savings Accounts do offer better rates as compared to POSB savings account which currently offers only 0.1 p.a.

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Standard Chartered e$aver account is still offering one of the better savings account rates in singapore. The interest rate  has indeed dropped quite a bit since its high of 2%p.a.

The current rates of SCB eSaver

Less than S$50,000           0.30% p.a.
S$50,000 to S$199,999    0.40% p.a.
S$200,000 & above          0.50% p.a.

(rates effective 20 July 2009)

Location of standard chartered branches to open accounts with them. Visiting them to open account is so much faster than mailing them appliciation forms.

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Recently I found out that Standard Chartered’s XtraSaver Account offers quite a good CashBack on the amount spent.

Standard Chartered’s XtraSaver is a MasterCard debit card which also doubles up as an ATM card that enables you to make NETS and MasterCard payments as well as withdrawing cash from its ATM machines.

It is linked to its own chequing account which bears interest, this is good as not much chequing accounts offers interest.

There is no minimum deposit amount required to open XtraSaver and also no need to maintain a monthly minimum balance in the account.

CashBack is calculated based on the average daily balance at calendar month end and is credited into your XtraSaver account on the first working day of the next calendar month.

For people like me who don’t drive a car, the CashBack is doubled on all local and overseas MasterCard transactions when you didn’t spend on petrol any day of a calendar month.

However, there is a monthly cap on the CashBack given.

The interest rate of XtraSaver might not be the best, but i believe the CashBack given can negate the poor interest rates given.

Points to note is that the XtraSaver’s CashBack is given only if the average daily balance is $6,000 and above. And there is a membership fee of $15 per annum, but you can enjoy a 2-year free XtraSaver membership, afterwhich, just call in and request for a waiver of fees.

Cheers!

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Current Stanchart eSaver Interest Rates is listed as below:

• 0.40%/0.50% — e$aver (min $0/$50k)
• Daily balance below S$50,000 (0.40 % p.a.)
• Daily balance of S$50,000 to S$199,999 (0.50 % p.a.)
• Daily balance of S$200,000 & above (0.68 % p.a.)

You might want to consider FairPrice Plus Savings Account as it offers better interest rate of 0.50 % p.a. for amounts up to S$50,000.

Standard Chartered eSaver Account is now offering Bonus Interest Rate of up to 1.88%p.a. on your Top-Up amount.

The offer last till 31 December 2008.

I guess most of the people falls in the less than $50,000 category and could only get 1.00%p.a. interest rate on the top-up amount.

If your balance is less than $50,000, I guess it is a better deal to put your money in FairPrice Plus Savings Account as they offers 1.00%p.a. interest rate from the very first dollar.

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Standard Chartered eSaver Account lowered its interest rate once again to 0.50% p.a. for amount  less than S$50,000 effective from 4 August 2008.

They have been cutting down the interest rate for this account for the past year

Currently, Standard Chartered eSaver Account is giving bonus interest rate for the amount top-up until 31 December 2008.

I doubt I will be staying with this account in future, I have applied for FairPrice Plus Savings Account which has a base interest of 1%p.a, twice that of Standard Chartered eSaver Account.

I think FairPrice Plus Savings Account has the highest interest rate for a savings account currently. It is always good to take the trouble to make your money work a little bit harder.

It’s time to jump ship.

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Do you pay yourself first or pay your bills first then save the rest and realised that nothing much is left at the end of the month?

I am like most of the people who spend first then save later in the past and usually left with nothing, really. Things changed after I started reading some financial related books.

It is important to have a system or plan in order to build up your savings.

One of it is that i have setup an instruction to automatically deduct a certain amount from my pay receiving account (Citibank Stepup account) to my pure savings account (Standchart eSaver account) which I do not touch the money at all on the pay day.

This way, I can restrict myself to only spend the rest of the money in my Citibank Stepup account without worrying about how much money to save or when to save, or things like that.

It is always great to have some savings, be it for emergency or for personal use.

It is just a little effort. If you are lazy, then your money will be lazy too!