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Sep 30, 2008

Singapore Savings Account Rates: 30 September 2008


Singapore Savings Account Rates: 30 September 2008

Date: 30 September 2008

The Straits Times published today mentioned that savings account rates may be on the uptrend due to the credit turmoil in the US financial markets.

However there is no change to the Singapore savings account rates of those banks that we monitor regularly since last update.

We have presented a summary of the latest Singapore savings account interest rates for POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF, Citibank and ABN Amro in the last Singapore Savings Account Rates post here.

Keep in touch with the latest Singapore Savings Account rates at our blog via free rss reader or e-mail subscription.

We shall update you on the latest savings account rates for the following bank accounts in Singapore: POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF, Citibank and ABN Amro.

Thank you for reading Singapore Savings Account Rates.

The Team
Singapore Savings Account Rates

Sep 26, 2008

Keep Personal Savings Liquid

Keep Personal Savings Liquid

Under a cloud of uncertainty in the present financial and banking turmoil, it seems logical for Singapore savers to keep their personal savings liquid. What does it mean to keep personal savings liquid?

Keeping personal savings liquid certainly does not mean seeing your money turn to liquid and disappear forever. But in these current market upheavals where big banks and reputable institutions dissolve away like ice into water, we are not too far away from that comparative scenario.

In keeping personal savings liquid, we mean that your personal financial assets should be held in accounts or instruments that allow you to access them for use safely, securely and instantly. In this regard, we can think of two places to hide your bundles of cash – under your pillow or in a Singapore savings account.

We are confident you can think of a third way or fourth way to keep your personal savings liquid. Regardless of whether your personal savings are liquid in the safety of a pillow or a Singapore savings account or other unorthodox methods, when financial instability brings about lowered stock values and diminishing investment values, cash in your personal hands can provide the best feeling in the world.

By all means spend on necessities. Things that you want but not need should be deferred in these uncertain times. Saving your monthly personal pay in a safe place is good advice. Keep this personal savings in a location that you can access easily adn securely.

In such difficult financial times, try not to make your savings lose their values. Bear in mind that keeping personal savings liquid allows you to participate in the financial markets after things have stabilized, so that in the resultant upturn, you are ready with your personal liquid cash to jump in and ride the upswing.

So remember to keep your personal savings liquid!

Thank you for reading Singapore Savings Account Rates.

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Sep 25, 2008

Best Singapore Savings Account Rates: Bank of Singapore

Best Singapore Savings Account Rates: Bank of Singapore

For depositors looking for one of the best Singapore savings account rates, Bank of Singapore is offering its best interest rates for Singapore investment and savings account of 1% per annum. This Bank of Singapore investment and savings account rate works best from the very first dollar that you deposit into the Bank of Singapore's Finatiq investment (individual) account.

This is one of the best rates around to make your savings work harder. Depositors will find not many other banks offering these best rates for Singapore savings account locally. Most banks in Singapore offer best rates of about 0.25 per cent to 0.35 per cent per annum for sums less than one thousand dollars. You can best maximise your earnings from Bank of Singapore's interest rates currently.

One of the best features of this account is that interest is calculated daily and credited monthly into your Finatiq investment account. Other best of the lot features include no queue at the bank, no monthly charges and no cap on the amount you can deposit.

Best of all, you can link your Bank of Singapore account to other Singapore bank savings accounts in your name to make fund transfers. If you want to get the best out of this account, you can open Singapore fixed deposits to make your money work harder for you from the higher interest rates from FDs.


Follow this link to Bank of Singapore to check for the best Singapore savings account rates.

If you prefer, subscribe for FREE to Singapore Savings Account Rates to be updated on the best interest rates in Singapore's savings account scene.

Thank you for reading Singapore Savings Account Rates.

Best regards,

The Team
Singapore Savings Account Rates

Sep 23, 2008

Singapore Savings Account Depositors Protected

Singapore Savings Account Depositors Protected

In The Straits Times published 23 September 2008, Ms Angelina Fernandez, Director (Communications) of the Monetary Authority of Singapore (MAS) assured Singapore savings account depositors that their savings in their Singapore savings accounts are protected.

Here is a quote from the MAS letter for Singapore Savings Account Rates readers:

"Under the deposit insurance scheme, administered by the Singapore Deposit Insurance Corporation (SDIC), an individual's Singapore dollar current, savings and fixed deposit accounts with a full bank or finance company in Singapore have an aggregate coverage of up to $20,000 per institution. This coverage fully insures more than 80 per cent of individual depositors in Singapore and is within international norms of 80 to 90 per cent."

Does this mean your $20000 in a Singapore savings account is totally safe? How about the robustness of the Singapore Deposit Insurance Corporation (SDIC) which is also an insurance company? Given that even a huge insurance company like AIG has also buckled under financial strain, how is a depositor to know if this SDIC will not buckle?

You may want to refer to SDIC at their website for details on their structure and board members for some reassurance. The Singapore Deposit Insurance Corporation (SDIC) administers the Deposit Insurance Scheme in Singapore. It has a 6-member board and they are accountable to the Minister in charge of MAS. SDIC collects premiums from participating banks annually to maintain a fund that will be used to compensate depositors if required.

Read more at SDIC site.

More information at Monetary Authority of Singapore (MAS).

Thank you for reading Singapore Savings Account Rates.

Sep 20, 2008

Lehman Brothers and AIG Events: Don't Lose Your Savings

Lehman Brothers and AIG Events: Don’t Lose Your Savings

In the light of the collapse of US investment bank Lehman Brothers after it filed Chapter 11 protection that affected some investors who ploughed their savings into structured products like DBS High Notes 5, and the near-financial meltdown of AIG causing queues of panicky customers at AIA offices in Singapore, many savers must be wary of recent events and the safety of their Singapore savings, investments and insurance.

These are uncertain times with uncertain events in the global financial markets. There has not been such financial turmoil nor gut-wrenching events in recent memory. Who would have thought that Lehman Brothers and AIG, such huge financial institutions, could falter so badly and lose their way in their financial pursuit of profits?

How many other investment banks, savings banks or financial institutions are in trouble with similar Lehman Brothers or AIG type of events? How many more Lehman Brothers or AIG will lose their credibility in the future? How many more AIG companies will need saving?

With knowledge of these Lehman Brothers and AIG events, we now know how low things and events can fall. Are our savings, investments and insurance safe? Are we aware of more events that may befall the financial markets that can affect our savings?

The worries will flow during these difficult Lehman Brothers and AIG events and at the very least we should learn some lessons not to lose our savings, investments and insurance. But what can small savers like us do in Singapore?

After seeing events that affected Lehman Brothers and AIG, the last thing Singapore savers want is to lose their savings. We should also not blindly liquidate all savings, investments and insurance, to hide these savings, returns and whatever sources of money under our pillow.

This should really be the time to reflect on what money and savings mean to you. Now is the time to reflect on what you want your savings and investments to do for your life. Of course, in practice it is difficult to find a foolproof way to safeguard your savings AND make money that will boost your own ego.

At the very least, go back to basics. Educate yourself on the various savings, insurance and financial products that you plan to use.

Understand how they work, how long they take to work, how high the potential returns are and how much downside risk you are prepared to stomach in a worst-case scenario.

Use your common sense and do not be swayed into making savings, investments or insurance decisions without thinking hard during the cooling period.

As a reminder, your Singapore bank savings account denominated in Singapore dollars is guaranteed in Singapore up to the amount of S$20000 net of your liabilities. For sums above that savings level, you really must decide for yourself how you wish to deploy your savings in Singapore or elsewhere to avoid a Lehman Brothers or AIG type of event from happening to you.

Take care.
Singapore Savings Account Rates

Sep 14, 2008

Best Singapore Savings Account Rates For A Thousand Dollars




Best Singapore Savings Account Rates For A Thousand Dollars

Where can you find the best Singapore savings account rates for a thousand Singapore dollars? This question was posed by an avid reader of Singapore Savings Account Rates recently.

We have analyzed the recent Singapore savings account rates to source out the best savings account rates for a simple savings account holding a principal of one thousand Singapore dollars.

The Top and Best Singapore Savings Account Rates are:

  • Fairprice Plus Savings Account 1.0%
  • Maybank Youngstarz Account 0.5%
  • RHB Junior Banker Account 0.48%
  • OCBC Easisave Account (With Debit Card) 0.4%
  • UOB FlexiDeposit Account 0.35%
The Singapore savings account rates are correct as of today.

If you know of better Singapore savings account rates out there in the Singapore banking savings retail scene, do let us know if we missed out better Singapore savings account rates. Your input will be highly valued.

Thank you for reading Singapore Savings Account Rates!

The Team
Singapore Savings Account Rates

(If you like to be updated on the best Singapore savings account rates, SUBSCRIBE for FREE to Singapore Savings Account Rates.)

Sep 5, 2008

Supplementary Retirement Scheme (SRS) Changes From 1 October 2008

Supplementary Retirement Scheme (SRS) Changes From 1 October 2008

Source: Ministry of Finance Singapore: http://www.mof.gov.sg/taxation/srs.html

What is SRS?
The Supplementary Retirement Scheme (SRS) is meant to help the financial needs of a greying population, which were highlighted in the Report of the Inter-Ministerial Committee (IMC) on the Ageing Population, released in November 1999.

The Supplementary Retirement Scheme (SRS) complements the Central Provident Fund (CPF). Participation in Supplementary Retirement Scheme (SRS) is voluntary. You can contribute a varying amount to Supplementary Retirement Scheme (SRS) (subject to a cap) at your own discretion. The contributions may be used to purchase various investment instruments including bank savings account. The SRS took effect on 1st April 2001 and is operated by the private sector.

Supplementary Retirement Scheme (SRS) CHANGES IN BUDGET 2008

In Budget 2008, the Minister for Finance announced several enhancements to the Supplementary Retirement Scheme (SRS). The changes are listed in the following table. They will take effect from 1 October 2008.


The main attraction of Supplementary Retirement Scheme (SRS) is the attractive tax benefits:

- contributions to SRS are eligible for tax relief,

- investment returns are accumulated tax-free(except certain Singapore dividends) and

- only 50% of the withdrawals from Supplementary Retirement Scheme (SRS) are taxable at retirement.

If you want to learn more about how the Supplementary Retirement Scheme (SRS) works, and who can participate in it, go to Ministry of Finance website. It also explains the benefits of the scheme, and provides information on when and how you can make contributions or withdrawals, as well as where you can invest your Supplementary Retirement Scheme (SRS) funds.



Current Treatment
1 Employers cannot directly contribute to their employees’ Supplementary Retirement Scheme (SRS) accounts.

New Treatment (from 1 Oct 2008)

Employers can contribute to their employees’ SRS accounts, subject to the current SRS contribution limits, and claim full tax deduction. SRS members will enjoy tax relief on the contributions made by their employers.

Current:
2 SRS members can contribute up to the prevailing statutory retirement age. They can withdraw their Supplementary Retirement Scheme (SRS) monies over 10 years from the prevailing statutory retirement age.

New:
SRS members can contribute beyond the prevailing statutory retirement age, up to the point of their first penalty-free withdrawal. They can withdraw their SRS monies over 10 years from the date of their first penalty-free withdrawal. Withdrawals will continue to be penalty-free only if they take place after the statutory retirement age that was prevailing at the time of the first contribution.

Current:
3 Individuals without any earned employment income in the previous year cannot contribute to Supplementary Retirement Scheme (SRS) in the current year.

New:
Individuals without any earned employment income in the previous year can contribute to the SRS in the current year

The Budget Speech 2008 Annex on these changes can be found at http://www.singaporebudget.gov.sg/speech_p5/annexb-6.pdf


For members who are aged 62 or above on 1 October 2008, MOF will provide a one-off transitional concession so that they can take advantage of the new rules.

a. Those who have made penalty-free withdrawals and/or closed their accounts before 1 October 2008, but wish to continue to contribute to the Supplementary Retirement Scheme (SRS), may do so as long as they make a new SRS contribution between 1 October 08 and 31 December 2008. They can withdraw their Supplementary Retirement Scheme (SRS) monies anytime thereafter, and their 10-year withdrawal period will begin when they make their first penalty-free withdrawal. Once they start withdrawing, they will no longer be able to contribute again.

b. For those who do not wish to start contributing again or have not begun withdrawals, the new rules will automatically apply and their withdrawal period will end ten years from the date of their first penalty-free withdrawal.

Supplementary Retirement Scheme (SRS) And Saving Money For You

How does Singapore's Supplementary Retirement Scheme (SRS) apply to Singapore Savings Account Rates? In a nutshell, you can use SRS money to deposit it into your personal Singapore bank savings accounts. You earn interest on this principal. You also earn tax deduction in your income tax submission on this principal amount together with the interest earned.

You defer paying tax on this principal sum that you put into your Supplementary Retirement Scheme (SRS) account until you make a withdrawal from this Supplementary Retirement Scheme SRS account. At the time of withdrawal, 50% of the sum withdrawn (including interest money) will be subject to tax.

With the new Supplementary Retirement Scheme (SRS) changes, you can delay withdrawal of money from your Supplementary Retirement Scheme SRS beyond the official retirement age, at any time you choose. You can also stagger the principal amount withdrawn from the Supplementary Retirement Scheme SRS over ten years.

It is thought that by the time you need to withdraw this Supplementary Retirement Scheme (SRS) money, you would have fully retired and be earning zero income or very little earned income. Hence you will taxed at a low income tax bracket. As an illustration, if your total income for a year (including Supplementary Retirement Scheme SRS withdrawal) amounts to less than $20000, you pay zero tax.

Sep 4, 2008

Best Singapore Bank Savings Interest Rates: September 2008

Best Singapore Bank Savings Interest Rates: September 2008

Welcome to Singapore Savings Account Rates where we bring you the best Singapore bank savings interest rates for various banks on our little island.

Today, we present the best Singapore bank savings interest rates for the month of September in the year 2008. Note that Singapore banks structure their bank savings interest rates differently according to various factors which make comparison of bank savings interest rates between banks rather difficult.

Some of these factors that affect the comparison of the best Singapore bank savings interest rates are the type of Singapore bank savings interest rates account (e.g. Kids Account vs Seniors Account), the principal amount needed to qualify for different bank savings interest rates payout (e.g. 5K vs 50K), your banking relationship with the bank (e.g. standard depositor vs High Net worth depositor) and certain promotional periods when special bank savings interest rates may apply.

However different the various Singapore bank savings interest rates are, we will always give you the best and the latest Singapore bank savings interest rates here at Singapore Savings Account Rates.

Summary: Since our last update, the current Singapore bank savings interest rates remain unchanged.

We present the best Singapore bank savings interest rates for POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF and Citibank:

Singapore bank savings interest rates of POSB Passbook:
First $3000 0.2500
Next $47000 0.2750
Next $50000 0.3750
Remaining balance above $100000 0.4750

Singapore bank savings interest rates of DBS Autosave (Personal):
First $3000 0.25%
Next $47000 0.35%
Next $50000 0.45%
Above $100K 0.60%

Singapore bank savings interest rates of OCBC Bank Savings Account (With Debit Card)
First $10000 0.25%
From $10001 to $50000 0.35%
From $500001 to $250000 0.40%
Above $250K 0.65%

Singapore bank savings interest rates of UOB FlexiDeposit Account
First $15000 0.35%
Next $85000 0.45%
Next $200K 0.65%
Above $300K 0.75%

Singapore bank savings interest rates of Maybank iSAVvy Account
Less than $5000 0.25%
$5000 to below $50000 0.88%
$50000 and more 1.18%
Interest-on-interest every 6 months * 6.0%
average balance at least $50000

Singapore bank savings interest rates of HSBC Premier Account
First $4999.99 0.15%
From $5000 to $14999.99 0.2%
From $15000 to $49999.99 0.35%
From $50000 to $99999.99 0.6%
From $100,000 and more 0.85%

Singapore bank savings interest rates of HLF (Hong Leong Finance) Savers Plus
$500 to $49999 0.25%
$50000 to $2 million 0.375%

Singapore bank savings interest rates of Citibank Maxisave Singapore
Base rate = 0.35%
From $10000 to $50000 = 0.88% (12 months)
From $50000 to 1 million = 1.18% (12 months)

Singapore bank savings interest rates of ABN AMRO Millennium Account
First $10000 0.15%
Next $40000 0.2%
Above $50000 0.3%

Stay tuned, as we shall update this list of the best Singapore Bank Savings interest rates for POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF, Citibank and ABN Amro.

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