I try my best to keep the fixed deposit deals as accurate as possible. But i recommend giving the companies a call first before actually going down to the company.
The highest interest rate now should be by CIMB bank
- CIMB bank StarSaver Account (12th Aug 2009)
Minimum deposit S$5,000.
Month-end incremental deposit | Interest Rate |
S$500 or more | 1.2%** p.a. |
Less than S$500 | 0.5% p.a. |
However, you can put in a lump sum and the whole amount will enjoy the 1.2% (provided you have at least $5500)
This is how it works.
Say you put in $10,000
$5,000 will got into the 'minimum. The remaing 5k will be able to provide you a 1.2% interest for $5000/500=10 months.
Therefore by putting in $10000, you will enjoy an effective interest rates of 1.2% p.a. on the WHOLE $10,000.
Things to note
- No minimum balance required. However there is an early closure fee. Therefore, just withdraw all the cash when required and just leave the account open
- No ATM card
- No Internet banking
- Free cheque books
- The interest is compounded monthly, but the effective interest per year is 1.2% => its less than 1.2%p.a. monthly
I personally find it a good place to park your spare cash, as it has the highest interest rates for liquid assets. You can transfer the money out by just writing a cheque.
Also, here is their FD rates for SGD
1.70% p.a. for 24 months
1.20% p.a. for 12 months
0.75% p.a. for 6 months
0.50% p.a. for 3 months
Promotional rates are for a minimum deposit of SGD10,000 and up to a maximum of SGD500,000
Link to the FD promotion here
1 comment:
Added a link to your site already.
Anyway, I used to track bank deposit rates. But then I figured that it wasn't worth tracking as the bank deposit rates are just so low.
Basically, the time put in to research on the best bank rates are not worth the effort as the small point something percentage point difference makes little difference at all unless one has a huge amt of savings.
Keep up with the good work of postings anyway!
Rgds,
FF
Post a Comment