CIMB Higher Interest Savings Account

CIMB StarSaver Account:
Pros

• At least 0.5% interest rates per year.
• Interest rates become 0.8% per year if you put in additional $500 or more every month.
• No fees deducted even if the funds fall below $5000.
• Free Cheque Book.
• Monthly Statements.
• Free internal fund transfer to your own account in CIMB.

Cons

• Min Deposit of $5000.
• Min Deposit to earn interest: $5000.
• Can only be open from age 21 and above.
• Not sure if external fund transfer is charged, as in to another bank.
• Early closure of account within 6 months - $50.

Correct as at 1st Sept 2010.
Other higher interest savings accounts.

Higher Interest Savings Account

Here's some of the Higher Interest Savings Account in Singapore:

• 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.

(Note: Interest is correct as at 31 Aug 2010)

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.