- CIMB StarSaver Account (0.5% to 0.8%), minimum amount required to receive interest is $5K and above. 0.8% is not easy to get, needs additional balance of at least $500 a month to get it. Comes with Monthly statement and Cheque book.
- MayBank iSAVvy Account (0.25% and 0.4%, may go up to 0.26% and 0.41% respectively based on loyalty, for balance of $5K and below, and $50K and below, respectively), internet banking and ATM, nothing about statement is being mentioned, min $10. (**$2 fee charged for balance less than $500.) For balance > $5K, the interest is 0.25%.
- Citibank Step up Account (0.23%, step up to 1%), terms and conditions applies, please click on the link /find out at their branches. It's not that easy to reach 1% as you can't withdraw the money to less than the balance you've got in the last month, which is rather ma fan in my view.
- Standard Chartered e$aver Account (0.2% to 0.4%, with bonus interest at times), internet banking only, no statements / cards for withdrawal.
- NTUC - OCBC Fair Price Plus Account (0.2% and 0.4%), internet banking, paper statements, debit / credit card only.
Please do take note of their interest rates as it keep varying, most of them drops consistently over time. Since last year until now, it has dropped pretty much, about 50%, I should say.
Maybank no statement.
ReplyDeleteStandard chartered good if u want to pay credit card bills using esaver.
Citi sucks unless u stick to their unrealistic savings regime.
You can consider cimb too.
Haha.. Actually I ordered them purely by the amount of interest they paid. :)
ReplyDeleteWhich for this case, I'll just get the Standard Chartered one and nothing else. Actually e$aver also got no statement I think. At least I don't remember getting it so far. It's just simple and clean cut. Everything is done through internet banking. Whenever they have higher interest promotion, they'll sms me about it haha. If you do want to withdraw money from e$aver, just sign up for the XtraSaver account loh. Then everything will be super easy le. :P
I shall go and check out CIMB then. Thanks.
Oh. I just had a second look at your posted interest rate after you saying you sorted according to best rate. Your interest rate is incorrect.
ReplyDeleteStandard Chartered eSaver (with effect from 24 May 2010)
Less than S$50,000 0.2% p.a.
S$50,000 to S$199,999 0.3% p.a.
S$200,000 & above 0.4% p.a.
Your rates were last year's. I remember clearly for savings account, MayBank is the best if you want convenience. If you do not mind little inconvenience, try CIMB. SBI was good when it first got its Qualifying Full Bank Licence (QFB) in 2009 but now not very attractive.
hongjun
Yes, e$aver does not have statement. It was 1.88% when first launched. MayBank iSavvy was 2.38%.
ReplyDeleteOne good thing with StandChart is their customer retention effort. Have been giving cash incentives in using their service like $10 for paying credit bills using eSaver (promo over), extra cash rebates using their credit cards, etc.
Well, actually the main reason behind why I put in the wrong interest rate for Standard Chartered is because they didn't change the rates at their FAQ and I didn't notice the change. LOL! Haiz. I've checked on CIMB, it also got this misleading info somehow. So must see which one is lower, then is confirmed the right one.
ReplyDeleteThe catch for cimb is you should increase your balance S$500 or more each month to enjoy 1.0% p.a. But of course if you have more than S$500 to start with, you can always dump say S$5,000 and forget about increasing it monthly cuz CIMB will split it into (5000/500)=10 months for you. And if I remember correctly, the full S$5,000 enjoys 1.0% p.a. since day 1 but then of course please re-confirm with the CSO.
ReplyDeleteOh.. I think it's cos you have signed up for that account much earlier I guess. 'cos they have already revised their interest rates downwards to 0.8% for new customers and 0.9% for existing customers (look under important noticed). Yes, they have just updated their main site as well. But the base interest rate is already higher than others.
ReplyDeleteooo ... good to know the updates.. but then i did not sign up for cimb myself.
ReplyDelete