Savings

Savings Account

Previously, when I was still in National Service, my preferred savings account was POSB Save-As-You-Earn as it offered an attractive interest rate of 2% per annum. However, there are of course some conditions attached. First, at least $50 has to be deposited into the account every month. Second, the interest rate of 2% only lasted for 2 years. Hence, I decided to look around for another savings account after the 2 years were up. There were MANY savings accounts available with relatively enticing interest rates. However, the catch was that attaining the maximum interest rate usually required a combination of using the bank’s credit card and depositing your salary into the account. This was not feasible for me as I was still a student with no fixed income. However, I was lucky to chance upon the CIMB Fastsaver Account.

Source: http://www.cimbbank.com.sg

CIMB Fastsaver Account had a minimum interest rate of 1% which was by far the highest savings interest rate without any conditions such as credit card spend or salary crediting. However, the only condition is that at least $1000 should be in the account at all times to achieve the 1% interest rate. Apart from that, there are no additional conditions. Moreover, if the account balance is in the range of $50 000 – $75 000, the interest rate will hit a maximum of 1.50%! This savings account is suitable for students or NSFs who have limited fixed income but who still want to have a savings account for rainy days!