Recently I received a call from my bank, informed me that my savings account's interest rates has gone up from 0.01% to 0.05% and of course the call had some other agenda. Anyway it was not something worth celebrating about as the increment do not seems to make much difference hence it made me want to find the best savings account out there.
So below are some of the best savings accounts which currently offer the best interest rates and I guess it would be a prefect time for you to check what's available.
ANZ Progressive Saver Account
Only requires you to increase the balances with at least $500 per monthly to gain 0.7% interest so it is a good way to stash away $500 savings into this account.
| Initial Deposits | Min. Monthly Balances | Interest Rates | Other Features |
|---|---|---|---|
| $5,000 | $5,000 |
|
|
CIMB StarSaver Savings Account
This is simplest of all the savings accounts as there is no minimum balances to maintain and you get 0.5% out of the box. On top of that to gain the 0.8% interests you will need to increase the monthly balances by any amount.
| Initial Deposits | Min. Monthly Balances | Interest Rates | Other Features |
|---|---|---|---|
| $1,000 | $0 |
|
|
Maybank iSAVvy Savings Plus Account
For this you will get different interest rates base on your daily balances tiers which the highest offers 0.38% but what is interesting every 6 months you will get a bonus interest of 1.56%.
| Initial Deposits | Min. Monthly Balances | Interest Rates | Other Features |
|---|---|---|---|
| $10 | $500 |
|
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These are the 2 savings account which I would like to highlight as they offer you the highest interest rates when you meet their requirements. And so here we have DBS Multiplier Programme and OCBC 360 Account.
DBS Multiplier Programme
As for DBS it requires something call cash flow and basically what it means is the amount of cash that you earn, spend or borrow and which is at least $7,500. It would be ideal for those who had taken up DBS home loan as this programme encompasses it.
An example: Income $7,500, credit card $1,200 and home loan $1,500 equals to total cash flow $10,200 which qualify for 1.28% interest.
| Total Monthly Cash Flow | Interest Rates |
|---|---|
| $7,500 & below | 0.05% |
| $7,500 to $10,000 & below | 0.98% |
| $10,000 to $12,500 & below | 1.28% |
| $12,500 to $15,000 & below | 1.48% |
| $15,000 to $20,000 & below | 1.68% |
| $20,000 & above | 2.08% |
OCBC 360 Account
It is really easy to hit the bonus rate of 3.05% on this one. OCBC just requires at least a monthly balance of $3,000, together with the 3 activities to qualify for the bonus interest rate. Put your salary in, GIRO your insurance and pay your phone bills and other credit card bills, and spend $400 on your credit card, and you are good to go. I am pretty sure most of us are already doing this every month and why not get the best interests while at it.
| When You.. | Earn Extra |
|---|---|
| Account balances up to $200,000 | 0.05% |
| Credit monthly salary | + 1.00% |
| Pay any 3 bills monthly | + 1.00% |
| Spend at least $400 with OCBC credit card monthly | + 1.00% |
| Total | 3.05% |
Conclusion: I am sure you will feel better knowing that you can collect more interest on your savings than the average 0.01% or 0.05%. I guess it would comes down to which scenarios would you preferred - an average Joe who just want to stash his savings into one side and take a look at the glory once in a while or the active one who will making sure to meet the requirements for higher tier of interests. For me the OCBC 360 Account would definitely be my choice as the required activities are something I am already doing on a month to month basis.
So it now depends on you.
2 comments
thanks, didnt know that there are banks that offers better interests rates out there
Replynice info!
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