actually which savings accounts suitable for you depends on how your salary credited and what's your habit etc. for me i jump from citibank maxigain to maybank isavvy/isavvy-i
pros of citibank maxigain:
1. decent interest rate at 1.4-1.5% (assuming you have max counter)
2. does not require salary credit (for me my salary is through cheque so used to be great for me)
3. does not need any spending (so I can save as much as I could without having to get the higher interest rates)
cons of citibank maxigain:
1. take 12 months to get max counter (so with the change of TOC, unless you are at counter 10-12 I don't feel worth it to continue)
2. cannot withdraw more than interest rates or else counter drop
3. depends on sibor rate, and on current market is dropping
pros of maybank isavvy/isavvy-i:
1. 1.9% savings accounts for 2 months (more than almost all fixed deposit but still can withdraw)
2. can continue get good interest rate with merry go round, rates better than scb esaver (tiered) and more easier to understand than hsbc ega
cons of isavvy/isavvy-i:
1. every 2 months need take 15 mins to merry go round
2. need to physically go to maybank to open isavvy-i
From my scenario i chose isavvy/isavvy-i after maxigain changed TOC because of flexible, good interest rates and can withdraw. It is not as confusing as hsbc ega musical chair and not as tiered as scb esaver. (less float too as esaver needs $1K minimum when merry go round while isavvy/isavvy-i just needs $500). furthermore it does not need to credit any salary, spend any minimum sum or do giro or use credit card.
Thank you. Every 2 months will release the new interest rates. For me, the 15 mins is from my Maybank isavvy to POSB to Maybank isavvy-I account. Getting 1.9% or not depends, have to check the Maybank isavvy page, sometimes more sometimes less, but so far Maybank as a saving account gives the best interest rates with good liquidity as I can withdraw.
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