Best Deal for your cash

The Sunday Times on 16 July has an article comparing fixed deposits. Here's what it said about our Flexi-Cash.

BEST DEALS

MOST, if not all banks, offer 3 per cent or more in interest for fixed deposits using fresh money only. There are varying lock-in periods and minimum sums to consider.

Insurance cooperative NTUC Income recently launched a scheme called Flexi-Cash. The minimum deposit is only $5,000, and you can withdraw your deposit at any time with no penalty.

The interest rate currently is 3 per cent a year, but it is not fixed. It will move ever so slightly, depending on the yield from short-term bonds that Income invests your money in and on interest rates in the Singapore money market that Income can lend at.

Among the banks and Income, interest rates differ by a fraction of a percentage point, which is insignificant unless you have at least six-digit sums to deposit.