RHB High Yields Savings account

[yiron]

Thanks I think is $500 according to their fees:

High-Yield Savings Account

Service Charge (Fall-below Fee)

S$10 p.m. if average daily balance is less than S$500

That's for High Yield Savings account. There's no fall below fee for High Yield Savings Plus account.

https://rhbgroup.com.sg/rhb/personal/hysaHigh Yield Savings Plus Account
Build your savings by earning high interest rates. No lock-in period and fall below fees, enjoy full liquidity on your savings today while earning high interest rates to reach your financial goals.

 

[yiron]

I currently have $0 in the acct. will i still be eligible? They have this in their T&Cs: must not be suspended, cancelled, have zero balance or terminated.

Customers who hold an Eligible Account during the Campaign Period will get to enjoy the promotional interest rates offered by the Bank provided that they fulfil the following: i. The deposit must be made with fresh funds that do not originate from any existing account with the Bank (“Top-Up Amount”); ii. The Eligible Account must be validly existing (i.e. must not be suspended, cancelled, have zero balance or terminated), in good standing at all times, including at the time of crediting of any Bonus Interest (as set out in Clause 9 below) to your Eligible Account, and other requirements as determined by the Bank at its sole discretion.

If account balance is zero, cannot participate

Month of Jul, comparison month is Jun
Month of Aug, comparison month is Jul
Last month of Sep, comparison month is Aug ?

Is it confirmed that currently $0 balance cannot participate? Seems a bit silly if that's the case.

 

[Ahboy069]

I left 0.01 so I call cso n she say can participate

 

[maumu]

That's for High Yield Savings account. There's no fall below fee for High Yield Savings Plus account.

https://rhbgroup.com.sg/rhb/personal/hysaHigh Yield Savings Plus Account
Build your savings by earning high interest rates. No lock-in period and fall below fees, enjoy full liquidity on your savings today while earning high interest rates to reach your financial goals.

thanks.

it's kinda bewildering why they want to create such confusing names for separate accounts. plus/non-plus and stuff.

 

[ekardo]

I left 0.01 so I call cso n she say can participate

I have 0.01 also, but that was given by RHB for interest every though I removed everything

 

[yiron]

RHB CSO advised that:

1) Existing accounts with zero balance are eligible for the campaign.

2) New accounts are eligible for the campaign.

No written confirmation though. Those uncomfortable can consider writing in.

 

[beautyseek]

I am not sure if i get it.

So if i open acct now, i enjoy 1.3% for July
Then i empty all on 1 Aug
Top up again on 1 Sep and enjoy 1.3% for Sep

No cap on amount. Millions also can.

Is this how it works?

Basically monthly musical chair

Edited for typo

 

[iduncheckmail]

I am not sure if i get it.

So if i open acct now, i enjoy 2% for July
Then i empty all on 1 Aug
Top up again on 1 Sep and enjoy 2% for Sep

No cap on amount. Millions also can.

Is this how it works?

Basically monthly musical chair

2% ?!?!?
yah you really dont get it.

 

[maumu]

I am not sure if i get it.

So if i open acct now, i enjoy 1.3% for July
Then i empty all on 1 Aug
Top up again on 1 Sep and enjoy 1.3% for Sep

No cap on amount. Millions also can.

Is this how it works?

Basically monthly musical chair

Edited for typo

seems like it. I'm trying that.

by the way the rates are 1% + tiered rate based on balance:

Deposit Balance Amount	Interest Rates p.a.
First $50,000	0.30%
Next $25,000	0.40%
Next $25,000	0.50%
Above $100,000	0.20%

so if your balance is $50k, effective interest is 1.3%. if your balance is $100k, effective balance will go higher (lazy to calculate).

 

[beautyseek]

Thank you maumu. You are helpful.

Does anyone know if rhb has online acct opening? Or only at branch? And how long it takes to open one?

 

[maumu]

Thank you maumu. You are helpful.

Does anyone know if rhb has online acct opening? Or only at branch? And how long it takes to open one?

yes you can open online, actually it's surprisingly very easy.

1. download the RHB Singapore app.
2. register and setup your app account (use SingPass).
3. once account is setup, register for HYS+ account. You'll receive SMS notification when the account is up and ready, then u can immediately setup FAST transfer in from other bank.

that's it! I got mine setup today in less than 2 hours no need to call bank/talk to any CSO.

 

[ekardo]

what is the withdrawal limit per day?

 

[ChaOrEn]

Mobile Banking via FAST is S$50,000
Online Banking via FAST also S$50,000
No limit via Cheque or Cash at branch.

 

[maumu]

I'm tempted to empty my UOB One account to pump in here for July.. 1% vs 1.3+% anyone done so?

my only concern is how long it takes for RHB to credit the (bonus) interest..

 

[oceanicmanta]

thanks Maumu for the sic, I signed up in 1 minutes

 

[a4973]

Anyone observing the sdic limit of 75k? Thanks

 

[ChaOrEn]

July interest will credit by end of October.
Aug interest will credit by end of November.
Sep interest will credit by end of December.

 

[yiron]

Mobile Banking via FAST is S$50,000
Online Banking via FAST also S$50,000
No limit via Cheque or Cash at branch.

Increased to $100k already.

 

[oceanicmanta]

EIR for 100k shld be 1.375% pa FYI

anyone knows if Bonus Interest is accrued Daily or based on Average Daily Balance over 1 month ?

edit: it's based on ADB over 1 month, not accrued daily

 

[maumu]

The mobile FAST limit was increased to $100k some time ago. As for crediting of interest, the terms say "within 90 working days after the respective incremental Balance calendar month". This means that July's interest should be credited by 2 Dec 2021.

that's a crazy long time