FairPrice Plus Savings Account Interest Rate Drop!

Finally FairPrice Plus is going to drop the interest rate for their Savings Account Interest. From their website, it states:

Wef 1st Mar 09, the new FairPrice Price interest rates will function as:

First S$50,000	0.5% p.a.
From S$50,001 to S$500,000	1.0% p.a. (limited to maximum deposit of S$500,000)

Scenario 1: If customer has S$60,000, for the first S$50,000, he earns interest at 0.5% p.a. and for the next S$10,000, at 1.0% p.a. interest.

Scenario 2: If customer has S$600,000, for the first S$50,000, he earns interest at 0.5% p.a. and for the next S$450,000, at 1.0% p.a. interest. His remaining S$100,000 would not earn any interest.

I believe many of the people like me will be sad, with the previous promotion of 1%p.a. interest rate now cut into half. I am also not happy with the way the new interest rate is being calculated, as you can see from both the scenarios stated above.

Its time to jump ship again!