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. You'll enjoy higher interest rates on a savings account than you would on your normal account .
Most savings accounts require you to jump through a whole bunch of hoops to enjoy their best rates. But let's be realistic here. Most of us aren't going to be taking a home loan, buying insurance from the bank, and investing with the bank-and certainly not all at the same time. 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.
The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. So while 7.68 per cent p.a. is still pretty high, it isn't easy to hit this maximum interest rate on the Standard Chartered BonusSaver. You'd need to fulfil all five requirements: credit your salary, spend on your credit card, pay three bills, invest, and buy insurance.
However, you'll get a higher rate of 2.25 per cent p.a. with UOB One on your first $100,000 just for spending $500 a month on your credit card and making 3 GIRO debit transactions. Now let's talk realistically. Many of us may only credit our salary and meet the requirement to spend $500 a month on a Standard Chartered credit card. If you only do these two things, you'll enjoy an interest rate of 2.65 per cent p.a. on your first $100,000, inclusive of the base interest rate.
For now, I'm happy to report that at least UOB isn't changing the mechanics of how to earn bonus interest on the UOB One. That means the winning quality of the UOB One account remains intact-its criteria to snag the highest interest rate is easy peasy. You only need to fulfil these two requirements:Spend at least $500 spend per month on an eligible UOB CardAmong these cards, the UOB One Card is one of the best cards to pair with the UOB One savings account.
What you need to look at is the effective interest rate-the true interest rate on the full amount you deposit in your UOB One Account. Here's how much you'll really earn with different account balances and with the fulfilment of different criteria:Simply for crediting your salary and spending $500/month on your credit card, the UOB One Account's four per cent p.a. EIR is currently one of the highest out there-second only to OCBC 360's 4.05 per cent p.a..
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 per cent p.a. interest applies only to selected OCBC credit cards:My top pick is the OCBC 365 Credit Card for its high cashback rates, subject to a minimum monthly spend of $800:6% cashback on fuel spend at all petrol service stations locally and overseasBut if you’ve jumped through enough hoops for your savings account and just want a blanket 1.6% cashback rate from your credit card, the OCBC INFINITY Cashback Card is a better fit.
On the other hand, let's say you only credit your salary and spend . Including the prevailing base interest, you'll earn an interest rate of 1.90 per cent + 0.50 per cent + 0.40 per cent= 2.80 per cent on your first $100,000.The Maybank Save Up Programme lets you choose from 9 different Maybank products/services to get bonus interest:The Maybank Save Up Programme starts with a higher base interest rate than most other savings accounts.
You can earn up to 10 miles per dollar with the DBS Altitude Visa Signature Card on your travel spend at Expedia and Kaligo, and 2.2 miles per dollar on other overseas spend. Overall, the DBS Multiplier account makes it easy to earn bonus interest with its zero minimum spend transaction categories and the flexibility to credit your salary into any DBS account, not necessarily the DBS Multiplier.
If we assume you hit the requirements to earn 5.3 per cent on your first $25,000, your effective interest rates are: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.
The HSBC Everyday Global Account lets you transact in 11 different currencies, but that's probably not the reason why you're reading this article. More importantly for our purposes today, it also functions as a savings account.
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