Little Guy in Little Red Dot
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Citibank’s Step-Up Interest Account & FairPrice Plus Savings Account has reduced their interest rate yet again!

Bad news for us who have savings in these accounts.

Step-Up Interest Account still offers the highest interest rate if you have managed to step-up to the max. You might want to consider Maybank’s iSAVvy Savings Account or StandChart’s eSaver account as they have better base interest rate.

Step-Up Interest Account Old Interest
Base interest – 0.16%p.a.
Step-Up to 1%p.a.over 12 months

Step-Up Interest Account New Interest
Base interest – 0.15%p.a.
Step-Up to 0.75%p.a. over 12 months

FairPrice Plus Savings Account Old Interest
First S$50,000 (0.50 % p.a.)
From S$50,001 to S$500,000 (1.00 % p.a.)

FairPrice Plus Savings Account New Interest
First S$50,000 (0.30 % p.a.)
From S$50,001 to S$500,000 (0.60 % p.a.)

If They accept credit cards, I usually charge everything to my credit card.

Nowadays I only use SingTel-UOB Visa Platinum Card as it is convenient and it offers cash rebate which offset my handphone bill.

One plus point to use credit card is that you know where your money is spent on by looking at the bill.

I pay it off in full at the end of each month. This way the money stays in my account up to a few weeks longer than if I pay cash or check. It is important not to leave anything over because incurring interest would be a foolish idea.

I carry only very little cash to cater for those places that do not accept credit cards. I feel that when you see the more money in the wallet, the higher the tendency to spend it away. So even if I use the ATM to draw cash, I usually withdraw in small amount.

In the past, Check is only used for my car installment payment. I seldom touch the check book since I scrapped my car. 

Credit Card is a good friend if you dont misuse it.

If you can’t afford it then don’t buy it now.