Posts Tagged With: Savings Account

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.

Finally my FairPrice Plus Savings Account is ready!

The whole application process took about 2 weeks after mailing in my application form. I regret not applying for this high interest rate savings account earlier. If I didn’t remember wrongly, they offered even better interest rates when they just launched the product.

FairPrice Plus Savings Account currently offers 1% p.a. interest rate which is higher than most savings account.

With a few banks cutting down the interest rates for their “used-to-be” high interest rate savings account in the past months, I hope FairPrice Plus stays at this interest rate for a longer period of time.

If you didn’t have this savings account yet, why wait! Take advantage of the high interest rate now before it drops!

If anyone knows of any better bank account to put money in, please do let me know. Thanks in advance.

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.