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If you are still having the bulk of your savings in normal savings account like POSB whose bank interest rate is 0.25%p.a., you might want to reconsider again. You might want to consider moving some of your savings to banks that offers high interest rate. One such bank is FairPrice Plus, currently offering 1%p.a. interest rate.

Take the example of $10,000 Savings,

Interest for the month in POSB Savings Account is 10000*0.0025/12 = $2.08

Interest for the month in FairPrice Plus Savings Account is 10000*0.0025/12 = $8.33

As you can see, there is 4x difference in the interest you get per month, every dollar counts.

One other Savings Account that you can consider is Maybank iSAVvy Savings Account, current interest rate is 1.08%p.a. with minimum $5000 deposit.

Be wise to know where to store your money.

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