The US interest rate has been raised to 3.5%. But here in Singapore the rate is still the lowest when it dropped to as low as 0.7% P.A. in year 2003. Thanks to foreign banks who put some good stuff to this stagnant market.
(1) eSave in Standard Chartered Bank is my first choice. It doesn't require minimal deposit, doesn't require fixed term. The rate is 1.88% P.A. But it is a pity that it will be down to 1.28% since 1 Sept. Another inconvenience is that it requires internet banking or phone banking to transfer funds.
(2) CitiBank gives us another choice. With a 12-month term deposit, you can enjoy the rate of 2% P.A. What's more, you can withdraw partial saving while keep the rest intact. The drawback is that the minimal deposit is $50,000. If I had that money i will repay my home loan first.
(3) Maybank gave me a shock when I saw its ad in June. It offered 2.3% at 2-year term with minimal sum of $20,001. And it pays interest in advance. So its effective interest rate is 2.4%. Today when I visit its website the ad has gone. So it is a good idea to visit their website frequently to see if they have any promotions.
(4) The last one is not a bank deposit actually. NTUC income is offering a single premium insurance. It matures in 2 years. You get total 4% return if you invest at least $30,000. If you invest $10,000, the rate is 1.95% P.A. Because it is NOT a deposit, if you withdraw it before mature, you could lose some capital.
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