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Citibank Step-Up Interest Account and Standard Chartered e$aver
By Derek  •  June 8, 2007
By: Derek Lim My colleague is looking for a savings account where he can put his money in temporary as he prepare for his wedding day. Coincidently, I receive 2 mails today, one from on Citibank Step-Up Interest Account and another on Standard Chartered e$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.
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By Derek
Derek is an investor who follows Peter Lynch style of investing. He prefers to use simple and straight forward information for stock analysis. He started with the intention to bring together all bloggers and professionals who are interested or already in the area of Finance and Investing, and to create a community where everyone is free to write and to share their articles, experience and opinions.

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