Get a better yield on your savings

Singapore banks make huge profits, or $1 billion or more. Their profit come from the following sources:

> High margin between the interest rate that they charge to borrowers and the interest rate that they pay to depositors
> High charges on conversion of foreign currency, e.g. spread of more than 0.5% (compared to 0.15% charged by efficient online brokers).
> High fees for bank transfer and other services.

I hope that the banks can give a better deal to their customers, as follows:

> Pay higher interest rate on fixed deposits
> Reduce the spread on currency conversion
> Reduce their bank charges

There are many online portals that can offer lower charges and fees, and better conversion rates. If you search the internet, you can also find banks that offer better interest rate on fixed deposits. I advice consumers to be more active in searching for the best deal through the internet.