Some banks offer regular savings plan that pays higher interest rate. Here are the terms from DBS Bank (see MySavings Account).
This is suitable for young people to set aside some regular savings. If you have to withdraw your savings, you do not have to suffer any loss of your savings (unlike a life insurance policy, where more than 50% of your savings is taken away).
Hi Mr. Tan,
ReplyDeleteThanks for providing us with so many practical and useful advice on financial management! I really appreciate that!
Just like to bring your attention to Maybank's iSavvy savings account. The interest rates given are really very attractive compared to the other banks. For savings between $5k to $50k, the interest rate is at 0.5%. On top of that, there is a 6% interest on interest, working out to about 0.52% for your savings. My wife and I have been saving our money in this account for the pass 3 years already. The interest using to be higher if not for the financial crisis. Nevertheless, it is still better than DBS's MySavings. Just to share. Thanks!
Oops! Sorry I forgot to attach the link to Maybank's iSavvy website. Here goes:
ReplyDeletehttp://info.maybank2u.com.sg/personal/deposits-banking/savings/detail.asp?page=isavvy-savings-account
John Low,
ReplyDeleteMaybank Isavvy interest rate is attractive only if the amount deposited is big so that even 0.001% of it is a lot. If not, what's the point of having 1 or 2 cents more a month?
And the 6% on top of it is for $50K and above daily balance for 6 months.
Somemore, being an Internet account, they have withdrawal fees at branches and also much fewer ATMs than DBS.
So bear in mind the above.
I have posted this before in another thread.
ReplyDeleteIf you compare just on interest, putting aside the slight differences in account features and conveniences, there are two banks that offer higher interest than the rest.
- CIMB bank Starsaver account gives 1% (it was 1.2% very recently).
- RHB bank Trio account gives around 0.7%.
To me, these are much better than all the rest any time.
ocbc has a MSA123 (Monthly Saving Account) that requires a min of $50 per month in compulsory savings that can be drawn out in full after 3 years. No account closing in the first 6 months.
ReplyDeleteInterest is 1.15% (36 months), 0.9% (24 months), 0.6% (13 months)
http://www.ocbc.com/personal-banking/banking/msa123/index.html
Is money deposited with banks such as CIMB, RHB etc as mentioned earlier SAFE ?
ReplyDeleteThanks.
DBS MSA, if you make any withdraw within a month, you will not get full interest rate, but only a portion of the interest rate.
ReplyDelete