Savings accounts have a simple premise, but often come with complex mechanisms for you to earn bonus interest. When you open a savings account with a bank, you deposit money into it and let that money earn interest. You'll enjoy higher interest rates on a savings account than you would on your normal account (called a checking account). The issue..
When you open a savings account with a bank, you deposit money into it and let that money earn interest.The issue is that not all savings accounts are made equal. Different banks offer different interest rates, have different minimum sums, and require you to hit different spend/transaction criteria .
What will you earn if you only credit your salary and spend using the bank's debit/credit card? Here's our realistic summary:Note: The table above assumes you earn at least $3,000 a month, spend $500 a month, and have a regular banking relationship. Insure : Purchase one or more new single premium policies totalling at least $50,000/month. This excludes policies purchased using Central Provident Fund Savings or Supplementary Retirement Schemes.Save : Deposit more money into your account, increasing your account’s average daily balance by at least $3,000 from the previous month’s.
For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs . This increases to $100,000 for Citigold and $150,000 for Citigold Private Client. On the plus side, 7.68% p.a. is applied to the entire sum of $100,000, whereas accounts like the UOB One savings account are only going to give the highest interest rate to a smaller sum based on a tiered system.
If you're gunning for this and need a Standard Chartered credit card, my top pick is the Standard Chartered Simply Cash Credit Card-I'm a fan of fuss-free unlimited cashback cards with $0 minimum spend. For our full breakdown of what these new rates mean for you, read our review of the UOB One savings account, where we talk effective interest rates, spending requirements and more.
Don’t have a fixed monthly salary? You can still get up to 3.00% p.a. on $50,000 after the first $75,000 with the UOB one account if you pay three bills by GIRO. To recap, the UOB One account gives you an EIR of up to 4.00 per cent on the first $15o,000 or 3.38 per cent p.a. on the first $100,000. While that's a lower maximum rate than OCBC 360, don't forget that the UOB One account rewards you with their maximum rates simply for crediting your salary and spending on your credit card.
Do note that the $500 monthly spend category for a bonus 0.60% p.a. interest applies only to selected OCBC credit cards:5% cashback on everyday dining 3% cashback on groceries, land transport, online travel, recurring telco and electricity bills However, to qualify, you'll have to put down a pretty hefty sum on their insurance products. We're talking a minimum of $12,000 in annual premiums with a 10-year premium term.
For comparison, the OCBC 360 account will give you 4.65 per cent p.a. for hitting the 3 categories of crediting your salary, saving, and spending on your credit card. What if you don't have any DBS credit card, insurance, or investments? If you're 29 years old or below, you can still earn 1.5 per cent p.a. on the first $50,000.
However, DBS Multiplier account interest rates start pretty low, especially if you don't credit your salary to a DBS/POSB account. Comparatively, CIMB FastSaver's interest rates start at 1.50 per cent p.a. for just opening the account and depositing a minimum of $1,000.The CIMB FastSaver account is the easiest savings account to earn money with this month. From now till July 31, 2024, earn up to 3.50% p.a. simply by depositing a minimum of $5,000 into the account!The EIR is 3.
This account is also perfect for most young adults starting out their career, because of the very low minimum balance of $1,000 and no fall below fee.What if you want to open a savings account, but don’t want to do anything but credit money into it? The best zero-effort contender is the POSB SAYE account.
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