Sounds familiar? If you are still holding on to your POSB Kids Account and earning that 0.05% p.a. interest rate… Did you know that leaving $10,000 worth of savings in your POSB Kids Account for 10 years could cost you a return trip to Iceland? ![]() Felt that? Well, you’re probably thinking which is the best savings account in Singapore with the highest interest rates NOW, aren’t you? Let’s find out! (Updated 29 June 2020 to reflect all the latest changes to the savings accounts in the market. Most of these changes will take place in July 2020 onwards.) Best Savings Accounts in Singapore With the Highest Interest Rates 2020In order to find the best savings account, we looked at a typical working adult in Singapore and assumed that he or she:
Based on these criteria that we set out, here’s how much interest you’ll be getting:
Bank of China SmartSaver will give you the highest interest of 1.85% p.a. Alternatively, DBS Multiplier (1.60% p.a.) will give you the next highest interest rate. For a more universal comparison that’s applicable to everyone, you can refer to the table below to find out the potential interest rate you can get.
Here’s how to use the table:
If this is too much work. You can use the FREE Seedly Savings Account Calculator to help you make your decision faster! P.S. Unlike other comparison sites, we’ve excluded short-term promos from this comparison as the perks don’t last long. Once it expires, you’ll be stuck with an interest rate that’s not the most ideal. Seedly Savings Account Calculator: Find the Best Savings Account in Less Than a MinuteThe whole process of choosing the best savings account can be rather confusing as we all have different spending habits and incomes. To make it easier for you, we created the Seedly Savings Account Calculator which you can use for FREE! All you have to do is fill up some basic information like your:
And the calculator will tell you which savings account gives you the highest interest rate! If you’re still unsure, you can also read real user reviews left by our Seedly Community to find out if it’s really the best savings account for you! Bank of China SmartSaver Interest Rates
Note: the Extra Savings interest is only applicable to account balances above $60,000.
Things To Note About Bank of China SmartSaverEven with “over 200 ATMs” located around Singapore, it’s usually hard to find a Bank of China ATM when you need it. But I supposed that’s a good thing as you’ll be less likely to make withdrawals. In terms of credit card spending, you might want to consider using the BOC Family Card as it gives you up to 10% cashback on groceries and dining. But the minimum spend of $800 to qualify for the cashback might discourage those who don’t spend that much. How to Maximise Bank of China SmartSaver Interest Earned?If you’re earning a high income (at least $6,000), then BOC Smart Saver is a pretty good choice as you don’t need to jump through too many hoops to qualify for the additional interest. ![]() Here’s how much interest you can get based on the criteria we set out:
But if you’re earning $6,000 and can fulfil all of the categories, your interest can easily go up to 2.6% p.a. (assuming you keep your credit card expenditure at $500). CIMB FastSaver Interest Rates
From 15 July 2020 onwards, there will be some changes to the interest rate for CIMB FastSaver.
How to Maximise CIMB FastSaver Interest Earned?The best thing about CIMB FastSaver is that it is a pretty straightforward savings account WITH NO CONDITIONS. You basically get 0.5% interest on everything up to $50,000 and there’s fall below fee either. Here’s how much interest you can get based on the criteria we set out: 0.5% p.a. See? Simple. DBS Multiplier Interest Rates (Updated with May 2020 Rates)FYI: If you’re currently using DBS Multiplier, you probably would have heard of the changes to the interest rates that will take effect from 1 May 2020.
The bonus interest rate you earn is influenced by:
In addition to how many and how much transactions you make in the following categories:
The more categories you transact in, and the higher the amount you transact in, the more interest you’ll earn. Note: even though there is no minimum transaction required for each category, you still need to have a total transaction of at least $2,000 under the Income category to qualify for ANY bonus interest tier.
Things To Note About DBS MultiplierYou’ll notice that the bonus interest you earn on the Insurance and Investments categories is only recognised for the first 12 consecutive months. After that, you can only go as far as Income plus transactions in 2 categories: Credit Card Spend and Home Loan Instalments. Unless you choose to buy EVEN more insurance and make MORE investments… . . . How to Maximise DBS Multiplier Interest Earned?Like most savings accounts, the DBS Multiplier savings account base interest rate is a paltry 0.05% per annum. ![]() To earn the extra interest, you’ll need to minimally credit your salary or dividends from CDP via GIRO to qualify for the Income category. Then to get more interest, you’ll need to:
Based on the criteria we set out earlier, here’s an example of how much interest you can earn:
If you take up a home mortgage loan or invest with DBS as well. Then you’ll probably be able to push that interest up to 1.8% to 2.2% p.a. And if you can transact more than $15,000 a month, then that pushes it up to 2.0% to 2.3% p.a… But if you’re moving that kind of money a month, you’re probably don’t really care about finding the best savings account. Maybank Save Up Interest Rate
*Additional interest capped at first $50,000 of your account balance
How to Maximise Maybank Save Up Interest Earned?![]() The Maybank Save Up programme lets you choose from nine different products and services in order to get the bonus interest:
Note: looking at the number of loans available, it seems like Maybank Save Up would be ideal if you’re already planning to take a loan. To best optimise your interest rate, you’ll basically want to fulfil at least three products and services in order to clock the maximum interest of 3.00% p.a. If we stick with the criteria we set out — meaning you only fulfil two product or service — you only get 1.03% p.a.
OCBC 360 Interest Rates (Updated with July 2020 Rates)FYI: OCBC 360 has revised their interest rates recently. The interest rate shown in the table below will be the interest rate starting 1 July 2020.
OCBC 360 Additional Interest Rates
Things To Note About OCBC 360If you plan to use OCBC 365 Credit Card for your “Spend” category, there’s a minimum spend of $500 to be eligible for any cashback. How to Maximise OCBC 360 Interest Earned?If you don’t like reading terms and conditions, here’s our suggestion on how you can maximise your OCBC 360 Saving Account’s interest rate. The criterion to hit the OCBC 360 Grow Bonus interest rate is probably out of reach for most of us. Like seriously, who has $200k lying around in the bank?! Instead, you’ll want to fulfil as many other categories as you can:
Even if you’re unsure about buying insurance or investment products from OCBC, here’s an example of how much interest you can earn:
Standard Chartered Bonus$aver Interest Rates (Updated with July 2020 Rates)FYI: Before we get into it, you should know that the BonusSaver bonus interest rates were revised recently. Here are the revised rates:
Note: the Base Interest for Standard Chartered BonusSaver has also been revised to 0.05% p.a.
Note: you’ll have to maintain a minimum daily balance How to Maximise SCB Bonus$aver Interest Earned?The Standard Chartered BonusSaver account is great because it gives you extra interest if you spend more via a Standard Chartered credit card. Source: sc.com But based on the criteria we set out where you’re only spending $500, you’ll only earn a paltry 0.30% p.a. Yep. Apart from not spending enough — $2,000 to get the maximum 1.50% p.a. The problem here is that your monthly salary credit should be at least $3,000 in order to truly benefit from the SCB BonusSaver account bonus interest rates. Or you could clock the Invest or Insure category to really see a boost in your bonus interest rate. So if you aren’t drawing that kind of pay or looking to spend that kind of money. You’re probably better off looking at other savings accounts that can give you better interest rates for less. Standard Chartered JumpStart Interest RatesYou get 1% p.a. interest on account balances up to $20,000 year-round. And any incremental balances above $20,000 will receive 0.1% p.a. The only catch? You need to be between 18 and 26 years old.
How to Maximise SCB JumpStart Interest Earned?The Stan Chart JumpStart account is pretty straightforward. ![]() Based on the criteria we set out, you’ll earn 1% p.a. interest. But it would be a good idea to move anything above the $20,000 into another savings account which gives you more than 0.1% p.a. interest. UOB One Interest Rates (Updated with May 2020 Rates)FYI: The interest rates for UOB One were revised recently
These changes will take effect on 1 May 2020 and the revision will be applicable to all new and existing UOB One accounts. Note: the base interest for UOB One is 0.05% p.a.
Things To Note About UOB One
How to Maximise UOB One Interest Earned?If you want a savings account with a decent interest rate. And don’t want to crack your head over complicated T&Cs… Then the UOB One is your best bet because you only need to make sure that you spend $500 a month on your UOB credit cards:
The option to pay three bills by GIRO instead of crediting your salary means that this is also ideal for those without a steady paycheck (think: freelancers and stay at home moms) Based on the criteria we set out, you’ll earn 1.25% p.a. once the 1 May 2020 changes kick in. Other Considerations When Choosing the Best Savings AccountIf you’ve just graduated or just started working, you probably still have your DBS or POSB savings account from back when you’re a kid. Don’t leave it in a kids savings account and earn the meagre 0.05% p.a. interest, when you can upgrade to a high-interest savings account instead. If you’re lazy to switch banks, you can at least switch to the DBS Multiplier. The application can be done online and it’ll only take you a couple of minutes. However, sticking with DBS also brings about certain disadvantages such as:
Some of our Seedly Community members have also decided to switch other banks. In a low-interest-rate environment, most of the banks are probably affected which resulted in the changes to their consumer products. This is also one of the main reason we are seeing various updates that will start from July 2020 onwards. . . . Oh, before you switch your bank accounts. Make sure to check with your company’s HR manager if your monthly salary GIRO credit is under the transaction code: SAL. Considering that most savings account require you to credit your salary in order to get the bonus interest, this is extremely important! You should also note that ATMs for foreign banks like Bank of China and Standard Chartered are usually limited. This means that cash withdrawals are a little more tricky — although it might help you save more since you can’t withdraw your money that easily. Lastly, go through our Seedly Reviews for the various savings account and pay attention to the feedback our community have given with regard to customer service as well as how easy it is to use their iBanking and mobile banking apps. The post Highest Interest Rates For Working Adults appeared first on TinySG. via TinySG https://tinysg.com/highest-interest-rates-for-working-adults/?utm_source=rss&utm_medium=rss&utm_campaign=highest-interest-rates-for-working-adults
0 Comments
Leave a Reply. |