Standard Chartered reduced eSaver Savings Account interest rate yet again!

Effective 1 Jan 2011, the interest rate for eSaver Account is 0.15% p.a. That is 0.05% difference from the previous 0.2% p.a. interest.

Throughout the years, eSaver have went through a few rounds of interest rate deduction and this is the new low.

To me, it it no longer attractive to deposit money into this account anymore. I guess it is no longer possible to see 2% p.a. interest for savings account anymore. :(

CIMB Starsaver still offers the better interest of 0.8 p.a.!

Citibank is going to reduce the interest rate for the step-up account again.

From my march 2010 electronic statement:

Effective 1 May 2010, the interest rates for SGD Step-Up Interest Accounts and Tap and Save Accounts will be revised to:

Base Interest 0.14% p.a
Bonus Interest per Step-Up Counter 0.03% p.a (Maximum Step-Up Counter = 12)
Maximum Interest Rate 0.50% p.a

So, they are doing it on labour day. I wonder when is the next cut, I hope not so soon. The good thing is that 0.5% p.a is still higher than most of the savings account out there, but its time to look out for better ones.

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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.)

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POSB MySavings Account Interest Rate Dropped by almost half from the previous rate.

The interest previously:

The interest now:

After the latest change in interest rate for POSB MySavings Account, OCBC’s Monthly Savings Account seems to be a better choice since they offer interest rate of 0.88% p.a. or 1.18% p.a for amount $50-$790 and $800-$5000 respectively.

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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!

Standard Chartered eSaver Account lowered its interest rate once again to 0.50% p.a. for amount  less than S$50,000 effective from 4 August 2008.

They have been cutting down the interest rate for this account for the past year

Currently, Standard Chartered eSaver Account is giving bonus interest rate for the amount top-up until 31 December 2008.

I doubt I will be staying with this account in future, I have applied for FairPrice Plus Savings Account which has a base interest of 1%p.a, twice that of Standard Chartered eSaver Account.

I think FairPrice Plus Savings Account has the highest interest rate for a savings account currently. It is always good to take the trouble to make your money work a little bit harder.

It’s time to jump ship.

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Maybank’s iSAVvy Savings Account Interest Rate Drop! Maybank is reducing their interest rates for their iSAVvy Savings Account yet again, it used to the highest for a savings account.

Seems like a lot of Banks in Singapore is cutting down interest rates for their High Interest Rate Savings Account. Too bad I didn’t ride on it while they are having one of the highest interest rate. :(

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As I was going to apply for Citibank Stepup Account online, i noticed something is not right. The figure for the interest rate dropped!

The base interest drop from 0.6875% to 0.3% p.a. and the stepup interest of 2% down to 1.2% p.a.

In my previous post, High Interest Rate Savings Account, Citibank Stepup Account offers the best interest rate in town, but now after this big drop in interest rates, research needs to be done again.

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