Sunday, July 1, 2012

Which savings account currently has the best interest rate?

A long time ago, I did a comparison of the best savings account interest rate (I checked back and my post was dated in 2008! Link)

Decided to do an updated comparison, seems that rates have fallen really low compared to the 1% which some banks were offering previously.


Maybank

iSAVvy Savings Account

Average daily balanceBase Interest RateInterest-on-Interest
(paid every 6 months)
Effective Interest Rate
Below S$5,0000.1875% p.a.-0.1875% p.a.
S$5,000 to below S$50,0000.3000% p.a.6%0.3200% p.a.
S$50,000 to below S$100,0000.3800% p.a.6%0.4000% p.a.
S$100,000 to below S$200,0000.3800% p.a18%0.4500% p.a.
S$200,000 and above0.5000% p.a.-0.5000% p.a.


POSB
First $10,000                                         0.0500
Next $90,000                                         0.0500
Rates quoted are in % p.a. and are subject to change without prior notice. 


UOB

Uniplus /  TX Accounts  (% p.a.)
First S$3,0000.05
Next S$47,0000.05
Next S$50,0000.075
Remaining Balance Above S$100,0000.100



PLUS! Savings Account (by OCBC)
AmountRate (% p.a.)
First S$50,0000.200
From S$50,001 to S$500,0000.400



Standard Chartered
e$aver Account
Account
Balance
Interest
Rate
Less than S$50,000
0.10% p.a.
S$50,000 to S$199,999
0.15% p.a.
S$200,000 & above
0.25% p.a..
These rates are effective from 1 Jan 2012

Seems that Maybank iSavvy Savings Account and Plus Savings Account currently have the best interest rates!

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