Posts Tagged With: Personal Finance

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.

More and more people in Singapore is falling into bad debt, a big part is due to gambling. With the current economic downturn, people seek to get their lucky break by buying 4D, TOTO or betting on soccer matches etc. I guess it would get worse when the casino opens.

Even though one knows that you are likely to lose 9 out of 10 times in gambling, they still continue doing it. When they run out of cash to gamble, some would turn to credit card advances or their line of credits and get into more debts.

Some people would just pay the minimum amount of their outstanding bill each month while some gets more credit advances from more banks to cover the current loans. At the interest rate of 24% p.a., the loan amount will soon snowball to a bigger amount of debt.

Once I was a gambler too, naive to believe I can crack the code of gambling and get rich. I burnt my fingers and lose a huge chunk of my savings. I was lucky not to get into bank loans and such as I was able to ‘wake up’ early.

It is hard to quite gambling, but you can make it if you have the will to do it. Bigger and bigger personal debt will soon lead to lots of family problems.

Live frugally and be happy!

Standard Chartered eSaver Account is now offering Bonus Interest Rate of up to 1.88%p.a. on your Top-Up amount.

The offer last till 31 December 2008.

Balance	Interest Rate	+	Bonus Rate	=	Special Rate
Less than $50,000	0.50%p.a.		0.50%p.a.		1.00%p.a.
$50,000 to $199,999	0.88%p.a.		0.30%p.a.		1.18%p.a.
$200,000 to $499,999	1.00%p.a.		0.30%p.a.		1.30%p.a.
$500,000 to $999,999	1.00%p.a.		0.68%p.a.		1.68%p.a.
$1 million & above	1.00%p.a.		0.88%p.a.		1.88%p.a.

 

I guess most of the people falls in the less than $50,000 category and could only get 1.00%p.a. interest rate on the top-up amount.

If your balance is less than $50,000, I guess it is a better deal to put your money in FairPrice Plus Savings Account as they offers 1.00%p.a. interest rate from the very first dollar.