(Savings) Interest rates

Sg_Stone

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Hi all,

I just started to enter the workforce this year. Every expenditures i do keep track so i can save as much as possible. I'm wondering which bank offers the highest interest rates for savings account? Right now, my company pays my salary via cheque, hence additional interest for crediting salary is not available for me. Secondly, i do not wish to apply for credit card just to spend and hit the minimum spending for that extra interest; hence my main and only way is just park my money in a bank as of now.

I heard about the CIMB fastsaver promotion. i think that is one the best rates out there in the market. Can i have more opinions of where is a good bank to create a savings account?
 

agony2

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fastsaver is a pretty good account if you do not have a cimb account, plus i believe they have a promo at the moment. you can also try maybank isavvy
 

Sg_Stone

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fastsaver is a pretty good account if you do not have a cimb account, plus i believe they have a promo at the moment. you can also try maybank isavvy

Thanks bro, however when i view at the interest rates, i don't really understand the meaning interest on interest rates, and also all of the 'effective interest rates' are below 1% (as compared to CIMB 1st 50k if i rmb correct). Hence can i conclude that CIMB fastsaver is better than Maybank's?
 

frustrateddude

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Thanks bro, however when i view at the interest rates, i don't really understand the meaning interest on interest rates, and also all of the 'effective interest rates' are below 1% (as compared to CIMB 1st 50k if i rmb correct). Hence can i conclude that CIMB fastsaver is better than Maybank's?

Every 6 months if u keep 5k in isaving, will earn extra interest.(this is your so called interest on interest).

CIMB fastsaver is definitely for u
n it can be(have to be) opened online somemore
 

Mr.Canberra

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CIMB FastSaver is the best option for kiam siap uncle like me. =:p

No need to worry about hitting minimum spending and a bunch of conditions. :s13:
 

frenchbriefs

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my only advice to you is save first before you spend,if u have any spare cash lieing around bank it and put it in your investment portfolio.if your paycheck comes into your bank,take half of it and put in into your investment account.

its incredibly hard to save in singapore when u are faced with temptations all around,unless u are a hermit and dont go out.saving first will remove the need to resist those temptations.
 

lzydata

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For a plain savings account CIMB is good, they have maintained 0.8% pa for years now.

These two other offers are time limited but the offers keep getting revived, and they also apply to new accounts.

- Stanchart eSaver account: until 30 Nov, any amount above your Sep daily balance earns 1.25% pa, no minimum. When the offer expires, just transfer your funds out and wait for the next edition.

https://www.sc.com/sg/save/saving-esaver.html

- Maybank iSAVvy account: online only except when setting up, so there are charges for over the counter transactions. Fresh funds deposit of at least $20k earns 1.3% pa and upwards until 31 Jan.

http://info.maybank2u.com.sg/promotion/deposits-banking/fresh-funds-top-up.aspx
 

Panerex

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For a plain savings account CIMB is good, they have maintained 0.8% pa for years now.

These two other offers are time limited but the offers keep getting revived, and they also apply to new accounts.

- Stanchart eSaver account: until 30 Nov, any amount above your Sep daily balance earns 1.25% pa, no minimum. When the offer expires, just transfer your funds out and wait for the next edition.

https://www.sc.com/sg/save/saving-esaver.html

- Maybank iSAVvy account: online only except when setting up, so there are charges for over the counter transactions. Fresh funds deposit of at least $20k earns 1.3% pa and upwards until 31 Jan.

http://info.maybank2u.com.sg/promotion/deposits-banking/fresh-funds-top-up.aspx

Thanks for sharing
 

Mr.Canberra

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its incredibly hard to save in singapore when u are faced with temptations all around, unless u are a hermit and dont go out. saving first will remove the need to resist those temptations.

I only go out when necessary such as family visits, buy groceries, banking, go airport take plane, etc.
Hard to spend much also. :s13:

When you start the wealth accumulation game you'll become more and more kiam siap and be frugal.
Similar to drug addiction you'll need to chase a higher "high".
After you hit 4 figures, you aim for 5 figures and then 6 figures and so forth! :s12:

cimb under jib kor brother leh

Hahaha no worries lah MAS not so kum lan.

You think CIMB come out new promotion is to help pump in money for 1**D is it? =:p
 
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GiraffeValue

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Finding it hard to save money? Then stay at home on Friday night instead of going for the regular drinking session that make a dent on your wallet.

Set a financial goal like to build a 10K investment capital by the end of the year.

This will help to set your mind, and deter the temptation for instant gratification as you know that doing so will pull you further from reaching your goal.
 

Average

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I only go out when necessary such as family visits, buy groceries, banking, go airport take plane, etc.
Hard to spend much also. :s13:

When you start the wealth accumulation game you'll become more and more kiam siap and be frugal.
Similar to drug addiction you'll need to chase a higher "high".
After you hit 4 figures, you aim for 5 figures and then 6 figures and so forth! :s12:



Hahaha no worries lah MAS not so kum lan.

You think CIMB come out new promotion is to help pump in money for 1**D is it? =:p

Lol, i agree. Ever since I started an equities trading portfolio, I become 10times more khiam than ever. I dun buy drinks/snacks anymore, i eat more cai peng. And I managed to cut $30/mth off transportation! Now I thinking of how to cut internet fees liao, Stinktel plan will end this Dec... Hope during sitex all the ISPs will revive the 100Mbps basic fibre plans. Was looking at M1 but they now only offering 1Gbps which i do not need.
 

Seannie

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Im spending monies to reward myself and wife cos sg is tough place to work. YOLO. Spend while we still able to walk have health. Save so much wait til 50yrs old body starts to frail is meaningless. U cant take monies into coffin or go heaven or hell. Give yo your kids they might just party all away. Treat yurself well is utmost important. Eat well.
 

hwarzoner

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once you hit the first 100K, the subsequent hundred ks is not far away..

With capital you can grow more capital
 

Mr.Canberra

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Finding it hard to save money? Then stay at home on Friday night instead of going for the regular drinking session that make a dent on your wallet.

Drinking out in Singapore pubs and clubs is a killer expenditure.

For alcoholics can go The ZON Duty Free outlet at Stulang Laut, Johor Bahru.
RM6 for a can of 500ml beer.
Use S$10 can whack until you peng san and sleep by the beach. :s13:

Lol, i agree. Ever since I started an equities trading portfolio, I become 10times more khiam than ever. I dun buy drinks/snacks anymore, i eat more cai peng. And I managed to cut $30/mth off transportation! Now I thinking of how to cut internet fees liao, Stinktel plan will end this Dec... Hope during sitex all the ISPs will revive the 100Mbps basic fibre plans. Was looking at M1 but they now only offering 1Gbps which i do not need.

If your income is low enough can even apply for internet broadband at $6 per month from IDA. :s13:

Im spending monies to reward myself and wife cos sg is tough place to work. YOLO. Spend while we still able to walk have health. Save so much wait til 50yrs old body starts to frail is meaningless. U cant take monies into coffin or go heaven or hell. Give yo your kids they might just party all away. Treat yurself well is utmost important. Eat well.

Eat well does not mean have to eat expensive.

Yes you can YOLO.
Singapore is a country with high living cost and real estate prices.
When you reach middle age and find your savings amount is worse than a secondary school kid then you say YOLO shiok or not. :s13:

In the event I up lorry prematurely at least I know my parents will be well taken care of from my war chest. :s13:

U got a point, hope i didnt mislead ppl to extreme kiam siapness. Am eating well and got a long way to go (young boiboi). So my belt will not loosen until i achieve my next goal in life.

Eat well does not mean have to eat out often and have expensive meals.
Once in a while eat at a nice restaurant when you receive stock dividends or bond coupons is a good incentive to reward yourself for good investment work. =:p

Buy ingredients and cook at home can have more savings and be healthier.

once you hit the first 100K, the subsequent hundred ks is not far away..

With capital you can grow more capital

Yes money can grow money.

I always use the double up wealth accumulation savings target.
Eg. S$10K -> S$20K -> S$40K -> S$80 -> S$160 and so forth.

I AM A WEALTH ACCUMULATION JUNKIE. :o

Wealth accumulation is like running a business.
Prioritise what are needs and wants.
Your balance sheet must look good and control your costs wisely.
When times are bad you have to axe certain spending with discipline even if it hurts in the short run.

Too many businesses don't know how to control costs that's why run into financial trouble.
Hiring of Christoph R. Mueller by Malaysia Airlines is a good move.
He is the new Chief Executive Officer (CEO) of Malaysia Airlines. With over 25 years experience as a turnaround specialist in the aviation, logistic and tourism industry.
 
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Average

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Yep i recently know of the IDA $6 internet, got letter inviting me to sign up. But looking at the criteria, i dun qualify leh. I plan to prepare necessary documents to put up an appeal. Point is prove that i am poor, which is true. Hope they give chance, else really burden sia the internet fees.

I have yet to apply, gonna appeal even before trying.

Sent from your next door using GAGT
 
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Mr.Canberra

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Yep i recently know of the IDA $6 internet, got letter inviting me to sign up. But looking at the criteria, i dun qualify leh. I plan to prepare necessary documents to put up an appeal. Point is prove that i am poor, which is true. Hope they give chance, else really burden sia the internet fees.

Give it a try who knows can approve.
Anyway cheapest internet broadband is about S$30/mth only.

I don't have a job and personal expenditure is less than S$200/mth.
No rental.
Hahaha saved a lot of money by whacking Duty Free alcohol. :D

Maybe you've a lot of financial commitments so that's why cash tight?
But seriously Singapore society emphasised too much on paper qualification.
Salary for Diploma holders is also like sh*t.
How to have more children after buying HDB 3-Room BTO flat at S$200K+? :s13:
 
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