It is the 'NTUC Thrift Savings account' . The effective interest rate per year is 1.5% ( updated 02 NOV 2008 ) That's really high considering the present market. However there are a few conditions..
- Sign up as a thrift member, however there is no membership fee, just that you must open your savings account with at least $20. ( not an issue i think, since you are going to open the account anyway
- The max amount you can open the account with is $1000. Hence if you are thinking of using it as a fixed deposit for the money you have presently, it might not be as useful.
- You have to top up the account from anywhere between $30-$1000 via GIRO every month. Hence the name 'savings account'
- Nothing has been said about what will happen to the interest earned if you take your money out. However i can not confirm this from the webby, if you are interested, you might want to check out with NTUC first before placing your deposits
However, for those richer people, who wan to save more..i.e more than $1000 a mth, an alternative will the POSB My savings account and the Citibank step up account, though their interest rates are much lower but it is still higher than an ordinary savings account. More on that in future posts. Also, nothing has been said about what will happen to the interest earned if you take your money out. However i can not confirm this from the webby.
Links to the NTUC thrift savings account can be found at