Posts Tagged ‘e$aver’

Earn up to 2% 1.6% 1.38% 1.2% p.a. in a Savings Account

Tuesday, March 17th, 2009

** note, this page is currently not being updated, as bank interest rates have dipped ridiculously low, it doesn’t make much of a difference where you put your money. when banks start posting more competitive interest rates (ie, 1% and above), this page will be updated again. – jul 8, 2009 **

FISCA updates this page for bank interest rates. Check it out. – aug 28, 2009

Have some extra cash around? If you are saving for a rainy day, how about opening a high(er) interest bank account and letting your money grow even more?

Currently in Singapore, a few banks are offering accounts with higher savings. Most of them are able to do so, as these accounts are online bank accounts, and thus do not offer over-the-counter services. This means that you have to transfer funds through online banking. However, some of these banks do offer ATM Cards.

But first of all, let’s take a quick peek at the interest rates offered:

UOB High Yield Account (link)

If you had a million dollars, this account currently offers the highest interest rate of 2% 1.60% 1.2% p.a. Other than that, it’s interest rates are not as attractive as the others listed below.

UOB currently gives the highest interest rates for amounts less than $5k. Apart from that, it’s other interest rates are not very attractive compared to others.

As of March 16, UOB High Yield is really not even worth any consideration, as all other banks offer more attractive interest rates.

Maybank iSAVvy (link)

iSAVvy is a good bank account to have if you have between $5k-$50k. It’s interest rate of 1.68% 1.08% is the highest in the market for this amount range.

iSAVvy is revising their rates from April 4th. They dropped their interest rates from 1.08% to 0.88% to 0.5% for balances between $5k-$50k, and 1.28% to 1.18% to 0.75% for deposits balances $50k-$1mil.

iSAVvy upped their interest rates from Oct 20th. For balances between $5k-$50k, interest is back up to 1.08%, and for deposits balances $50k-$1mil, its now 1.38% They do provide an ATM card to allow for easy withdrawal of funds when you need them.

NTUC Fairprice Plus (link)

The Fairpriceplus is by far my personal favourite. If you currently have trouble maintaining the $500 limit most bank accounts required, and do not need to write checks, this account would be suitable for you.

– Requires no minimum balance
– ATM linked to a Debit/Credit card provided
– Cheque deposit box available for depositing pay cheques
– 0.5%/1.0% interest on balance
– Earn Linkpoints at NTUC and various merchants
– No counter services available

Banking services for Fairpriceplus is provided via OCBC.

Do note that Fairpriceplus will be dropping its interest rate to 0.5% for balances below $50k, as of March 2009. However, they still offer the highest interest rates in all categories.

Standard Chartered e$aver (link)

Standard Chartered was the first bank in Singapore to offer the concept of the high interest savings account. The reason they are able to do that is because it is a no-frills bank account. This means that counter services are not available, and since no ATM card is issued, this bank account is solely virtual, and requires no minimum balance. However, transferring your funds to and from this account is simple, as you can link it to your current bank account.

– Requires no minimum balance
– NO ATM card/passbook/cheques
– Only accessible if linked to another bank account

Standard Chartered use to offer the highest interest rates. It has since undergone several rates revision, and with it’s latest revision, it’s interest rate of 1.2% has been reduced to 0.8% 0.78% 0.5% 0.4% for amounts below $5k.

e$avers used to be my preferred account for savings, but with the revision, it makes more sense to hold a Fairpriceplus account instead, since it offers 1% and has a higher interest rate and all the necessities of functioning as a primary bank account.

Note that e$avers does have a Bonus Rate of 2.00% promo for accounts opened by end of march, but bonus interest is for a limited period only.

Which bank account do you have?
** Figures have been updated to reflect change in bank interest rates. (26Mar08)
** Figures have been updated to reflect change in bank interest rates. (12Feb08)
** Figures have been updated to reflect change in bank interest rates. (4Feb08)
** Figures have been updated to reflect change in bank interest rates. (24Jul08)
** Figures have been updated to reflect change in bank interest rates. (4Aug08)
** Figures have been updated to reflect change in bank interest rates. (20Oct08)
** Figures have been updated to reflect change in bank interest rates. (12Feb09)
** Figures have been updated to reflect change in bank interest rates. (16Feb09)

Check out The Banks’ Historical Interest Rates to see how interest rates have changed through the months.

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20th October 2008
Monthly Savings Plan

It seems from the comments below, that some readers are more interested in Monthly Savings Plans, and how their interest rates fair. OCBC and POSB both have such plans.

Here are their rates:

For the moment, OCBC Monthly Savings Plans are the way to go. But if you are a POSB customer and prefer to keep it all with one bank, 0.45% is still higher than the conventional bank interest rate.

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20th October 2008
Fixed Deposit “war”

With the stock market swinging more down than up recently, and banks having liquidity, people are finding safer havens for their money, and banks are looking to get more people to put money with them. Thus, the “Fixed Deposit war”. Banks have been offering higher than normal FD interests for periods as short as 3 months.

If you do not mind locking your money up for some time in return for much higher returns compared to the above mentioned stuff, check out the current fixed deposit rates at various banks, and see if there’s one that fits your tastes. Whatever you do, please do read the fine print.

Check out this blog* which tracks current promotions pertaining to Fixed Deposits.

*disclaimer: singapore watch is not related to singapore fixed deposits blog, and will not be held responsible for any content on their site.

The Bank’s Historical Interest Rates

Monday, March 16th, 2009

Since I started tracking bank interest rates in January last year in the post “Earn up to 2% 1.6% 1.2% 1.38% p.a. in a Savings Account“, bank interest rates have slowly been sliding downwards.

I thought it would be interesting to be able to see on one page, how high interest rates were previously, and which banks change their interest rates the most often:

16 March 2009:

Standchart’s e$aver dropped interest rates for $50k and above.
(note that e$avers has a special Bonus Rate of 2.00% promo for limited period.)
UOB dropped their interest rates for all categories.

16 February 2009:

Maybank iSavvy dropped their interest rates for $5k-$50k, and above $50k.

12 February 2009:

Fairpriceplus dropped their interest rates for less than $50k.

20th October 2008:

Standchart’s e$aver dropped interest rates for all categories.

4th August 2008:

Standchart’s e$aver dropped interest rates for all categories.

25th July 2008:

UOB High Yield dropped interest rates for all categories except from $500k-$1mil.
Standchart’s e$aver dropped interest rates for all categories.

4th April 2008:

UOB High Yield dropped interest rates for all categories.
Maybank iSavvy dropped their interest rates for $5k-$50k, and above $50k.

30th Jan 2008: