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This simple video shows how compounding interest can make your money grow over time.

It is always a good habit to save a percentage of your monthly pay regularly automatically.

One way to force yourself to save money is by having 2 savings account (eg. Citibank's Stepup Account & FairPrice Plus Savings Account).

You deposit your monthly paycheck into FairPrice Plus Savings Account (main paycheck account) and then making an arrangement (Recurring Transfer Request) through Internet Banking to transfer a certain amount (eg. $200) to Citibank's Stepup Account (pure savings account with money going in only) on a predefined date monthly.

This way, you pay yourself first and the deductions are done automatically.

FairPrice Plus Savings Account  currently offers 0.5%p.a. interest on the first $50,000 while you can stepup to 1%p.a. with Citibank's Stepup Account.

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