Saturday, August 04, 2007

Make Your Savings Go A Longer Way!

Savings is an essential financial aspect in everyone's life. Who can afford not to save? We never know what tomorrow will bring. We save for emergencies, future needs or even to pass on to our next generation.

Singapore's savings interest rates is regarded as low compared to many other countries. However, we have limited choice. While people in other countries are able to live off interest from a large principal sum for the rest of their lives, it is practically impossible in Singapore, unless you are a multi-millionaire. Despite the low interest rates, people are still finding means and ways to maximize their returns from their savings.

For average people like us, where do we maximize our savings?

Savings <$5000:
Standard Chartered Bank e$aver Account

Interest rate: 1.5% per annum

Savings $5000-$49999:
MayBank iSavvy Account

Interest rate: 1.68% per annum

Savings >$50000:
Standard Chartered Bank e$aver Account
Interest rate: 2.0% per annum

Each of the above accounts comes with different set of terms and conditions, and possesses advantages as well as disadvantages over one another. Do read up more on the account before signing up for an account.

For a well-balanced account, I will strongly recommend FairPrice Plus Savings account, NTUC FairPrice's partnership with OCBC which offers 1.0% per annum interest rate for all balances.

While traditional big banks like POSB/DBS and UOB are still the natural choice for most savers, people who would like to maximize their savings may consider the few accounts I suggested above.

"Savings goes a long way" Make it go even further. Maximize your savings now!

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PanzerGrenadier said...

Thanks for visiting my blog!

All the best to your blog, be well and prosper. :)

Digging For Bucks said...

Hey PanzerGrenadier,

Thanks! Have a lot to learn from you too! Loyal fan of your blog here :)

Mind if I ask how old are you? Your thoughts are very mature and I am making a guess of 26-28?

PanzerGrenadier said...

Haha... I am old unkle liao by hardwarezone forum standards.

I've completed my 10 years reservist cycle and am in Mindef Reserve.

How old should I be? :)

Be well and prosper.