By: Derek Lim

My colleague is looking for a savings account where he can put his money in temporary as he prepare for his wedding day. Coincidently, I receive 2 mails today, one from on Citibank Step-Up Interest Account and another on Standard Chartered e$aver.

Both accounts are very similar – they will offer a higher interest rate if your account balance increases per month. Citibank call it Step-Up while Standard Chartered call it top-up amount. I can’t help but wonder if Citibank and Standard Chartered are competing head on.


  • Higher starting interest rates.
  • No minimum balance. (For Citibank, the minimum balance applies only if Salary is credited into the account monthly)


  • Citibank interest starts at lower interest rate of 0.6875% as compared to 1.5% for e$aver.
  • Citibank offers a host of other services like ATM access and card, internet banking and free checkbooks.
  • Base on current promotional rates, e$aver has the potential to go up to 2.8% for $50,000 and above. Citibank max out at 2%.
  • You have to credit your salary in Citibank. There is no such obligations with e$aver.

Though the interest rates are attractive, calculating how much you earn per month can be very complicating and I don’t like complicated products. I believe many of us have our salary credited either into DBS/POSB or UOB and it would be nice if they could offer something similar.