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The latest on Singapore Savings Account Rates:

Dec 29, 2008

Savings Account Interest Rate Specialist


Savings Account Interest Rate Specialist

Singapore Savings Account Rates is dedicated to be a savings account interest rate specialist. We specialize in bringing you selected savings account interest rates for Singapore banks and financial institutions. Like specialists, our forte is to give you some of the latest savings account interest rates that are on the market.

We thank readers who have sent emails with good suggestions and comments to Singapore Savings Account Rates. Keep sending those encouraging emails about savings account interest rates and we will strive to reply with our specialist insight.

If your bank or finance institution would like to promote your latest savings account interest rates to our readers in a cost effective manner, send us interest rates deals and details. There are many readers of Singapore Savings Account Rates who are keen to sniff out a great promotional rate.

Thanks to all our readers for visiting, reading and recommending Singapore Savings Account Rates! Have a great new year ahead!

Dec 26, 2008

Making Sense of Your Singapore Savings Account

Making Sense of Your Singapore Savings Account

We know you pay attention to the amount of interest that your bank offers depositors. We know that you compare these interest rates closely between banks to get the best Singaproe savings account deal.

Once you've found the savings account that pays you the best rates in Singapore and made the deposit, do you leave the bank statements aside while you look for better savings account rates?

A Singapore bank savings account allows you to make payments and financial transactions. Your bank will send you a consolidated statement of your savings account showing your transactions every month.

You should take time to verify the correctness of all details contained in each statement of account. We highlight the good stuff that MoneySENSE brings you through information (PDF) in a Singapore bank savings account statement.

Pay particular attention to the statements printed in your Singapore savings account to ensure that the correct interest rate amount is credited to your savings account at the end / start of each year. If you don't check, it could be your loss.

Dec 25, 2008

Merry Christmas

Singapore Savings Account Rates

takes this opportunity

to wish all our readers

Merry Christmas !

Dec 23, 2008

Supplementary Retirement Savings (SRS) Account Rates


Supplementary Retirement Scheme (SRS) Savings Account Rates

Supplementary Retirement Scheme (SRS) is a voluntary scheme to encourage employees and self-employed to save for retirement, over and above their CPF savings.

The Supplementary Retirement Scheme SRS offers attractive tax benefits. Contributions to Supplementary Retirement Scheme SRS are eligible for tax relief. Investment returns (with the exception of Singapore dividends) will also be tax-free before withdrawal and only 50% of the withdrawals from SRS are taxable at retirement.

You can open an SRS account at any of the three SRS operators:

Development Bank of Singapore (DBS) Ltd
Overseas-Chinese Banking Corporation (OCBC) Ltd
United Overseas Bank (UOB) Ltd

Now that you know what is the Supplementary Retirement Scheme SRS, what is the best interest rates on the supplementary retirement scheme SRS savings account in Singapore?

According to the Ministry of Finance, with some limitations imposed, the banks who operate the SRS generally make their own commercial decisions on what products you can invest in.

For those who keep their cash as savings deposits in the SRS, interest rates offered by the banks on your supplementary retirement scheme SRS savings accounts are similar to savings account that depositors put money into at the branch counters.

In other words, SRS savings account interest rates are the SAME as cash savings account interest rates. At present, these interest rates are pretty low, at around 0.25%. You can also open fixed deposits accounts to earn a slightly higher rate.

The low rates correspond to the relative security of this asset class. If you intend your SRS to be your nest egg for retirement, do consider that you would not want to invest your entire sum of money in financial products (e.g. toxic structured products) that are at more risk of loss than you are willing to accept.

Dec 22, 2008

Update on NTUC Thrift Interest Rates








NTUC Thrift Savings Account
NTUC Thrift interest rates used to be 2% or more(see NTUC Thrift post).

Now the best that you may get is 1.5% p.a. interest rates on the NTUC Thrift savings account when you save with a monthly savings plan via GIRO. To receive this high rate,you have to put additional savings into the NTUC Thrift savings account.
If you prefer not to contribute additional savings, you can open the NTUC Thrift Flexi-save account.

However, the interest rate offered will be lower at 0.6% pa.

Other conditions apply to NTUC Thrift savings account:

• You must be a Thrift member
• Initial deposit required: min $20 and max $1,000.
• Monthly savings by GIRO only : min $20 and max $1,000

Thank you for reading Singapore Savings Account rates.

Dec 19, 2008

RHB Bank Junior Banker Account Rates, Singapore

RHB Bank Junior Banker Account Rates, Singapore

In Singapore, RHB Bank was first established in 1961 as UMBC (United Malayan Banking Corporation Berhad). Through a series of rapid expansion and strategic mergers, RHB Bank Singapore emerged in 1999.

RHB Singapore is a full-licensed bank with a network of 7 branches situated strategically in various locations. The main office is located at 90 Cecil Street, #03-00 RHB Bank Building, Singapore 069531.

RHB Bank branches are at Bukit Merah, Upper Serangoon, Katong, Bukit Timah, Cecil, Geylang and Jalan Besar.

RHB Bank Singapore provides comprehensive range of financial products and services to both corporate and consumer clients, including Junior Banker savings accounts and other deposits accounts.

RHB Junior Banker Account interest rates are:

less than $10000 = 0.48% p.a.
$10000 to $49999 = 0.58% p.a.
$50000 and more = 0.78% p.a.

Note than RHB Junior Banker Account rates are subject to change without notice.

Thank you for reading Singapore Savings Account Rates.

Dec 18, 2008

DBS Autosave Account Rates







DBS Autosave Account Rates

DBS Autosave Account is an interest-paying chequeing facility. That means that it functions like a savings account and a current account.

DBS Autosave Account earns daily interest on the full balance. You can expect to automatically receive a new chequebook each time you're down to your last few cheques.

Detailed monthly statement of all your transactions are provided in the DBS Autosave Account. It comes with a DBS BankCard that's activated instantly where access to over 800 DBS/POSB ATMs and 12,500 NETS outlets is available in Singapore.

Overseas, you can withdraw cash at over 180,000 PLUS ATMs and enjoy cashless shopping at about 240,000 retail outlets that display the VISA Interlink sign.

Overdraft facility is provided with DBS Autosave account if your annual income is at least S$30,000.

The usual self-service banking facilities like ATMs, Cash Deposit Machines and Quick Cheque Deposit Boxes or Phone Banking and iBanking services are also available.

Fees to use DBS Autosave apply such as a S$2 monthly account fee and $7.50 fall-below fee if the average daily balance falls below S$3,000.

Applicants to the DBS Autosave account must be at least 21-years-old. with a minimum initial deposit of S$3,000.

DBS Autosave Account rates are:
First $3000 = 0.25% p.a.
Next $47000 = 0.35% p.a.
Next $50000 = 0.45% p.a.
Above $100000 = 0.6%

Dec 17, 2008

Hong Leong Finance (HLF) Savers Plus Interest Rates



Hong Leong Finance (HLF) Savers Plus
Interest Rates

The Hong Leong Finance (HLF) Savers Plus is a savings passcard account that earns daily interest. You start earning interest on this Savers Plus account with as little as $500.

HLF Savers Plus account users will receive a personalised Savers Plus card. With it, you can deposit and withdraw money at any of the finance company's branches.

Transactions in the Hong Leong Finance (HLF) Savers Plus account will be posted to depositors by post on a monthly basis.

The latest interest rates offered on the Hong Leong Finance (HLF) Savers Plus account is as follow:

Amount / Interest Rate (p.a.)
$500 - $49999 = 0.25%
$50000 - $2 million = 0.375%

Correct as of 16 December 2008. Check Hong Leong Finance (HLF) website for more details.


Thank you for reading Singapore Savings Account Rates.

Dec 15, 2008

Top Ten Average Savings Account Interest Rates of Singapore Banks and Finance Companies for 2008

Top Ten Average Savings Account Interest Rates of Singapore Banks and Finance Companies for 2008

With the year 2008 coming to a close, Singapore Savings Account Rates takes a look at savings account interest rates since the beginning of the year.

The table shows the average savings interest paid out by the top ten banks and top ten finance companies in Singapore as determined by MAS. This savings account interest rate information is obtained from the Monetary Authority of Singapore's (MAS) website.

A few observations can be obtained from this table on savings account interest rates of Singapore banks and finance companies.

Savings account interest rates hover between 0.23% p.a. and 0.25% p.a. for banks and between 0.33% p.a. and 0.25% p.a. for finance companies.

The returns from savings accounts are very low fundamentally because they are low risk areas (for peace of mind) to park your money with excellent flexibility to withdraw them without penalty.

You may consider fixed deposits for higher returns but bear in mind that your deposits will be locked in for a fixed period with penalty risks for premature withdrawal of such FDs.

If you managed to find a bank or finance company with a savings account that paid higher rates than these, you would have beaten the market. In the process, you would have made your money work harder for you.

That's why readers visit Singapore Savings Account Rates because we highlight some of the best savings account rates on our site from time to time.

Looking forward to 2009, Singapore Savings Account Rates believes that interest rates will continue to be low and may even drop lower if the economy dips into poorer shape.

In a simplistic manner, one school of thought to beat recession (where people fear to spend) is to reduce interest rates. When the returns from savings becomes too meaningless, people will take out a portion of savings to spend on more meaningful things.

Do read our forecast with a huge dose of salt (or pepper or chilli or whatever you fancy). Whatever the state of the economy, some people will save more, some will spend more. By coming to read our Singapore Savings Account Rates, we believe you are more of a Singapore money saver.

Thank you for reading and supporting Singapore Savings Account Rates.

Dec 11, 2008

Best Savings Account Interest Rates December 2008

Best Savings Account Interest Rates December 2008

For the month of December 2008, these are the best and highest savings account rates in Singapore for $50,000 and less:

Maybank iSavvy Account = 1.38 per cent per annum for $50K minimum.

Fairprice Plus Savings Account = 1 per cent per annum for $1 and more.

Bank of Singapore = 0.8 per cent per annum for $1 and more.

These best savings interest rates in Singapore are correct to the best of our knowledge as of today. Note that these interest rates may change without notice so it is best to check these interest rates again.

More Details on the Best Savings Interest Rates in Singapore:

Visit Maybank iSavvy account
Visit Bank of Singapore account
Visit Fairprice Plus savings account

Thank you for reading about the best savings interest rates in Singapore at Singapore Savings Account Rates.

Dec 10, 2008

UOB High Yield Chequeing Account

UOB High Yield Chequeing Account

The UOB High Yield Chequeing Account is a chequeing account that gives high interest rates. The UOB High Yield Account rewards a depositor based on the total banking relationship.

Deposits and investments include savings, current and fixed deposit accounts, structured deposits, unit trusts, securities, bonds and notes, excluding Shares Trading Accounts, linked to the UOB High Yield Account.

Interest will be paid on balance in the UOB High Yield Account.

Interest of 1.2% p.a. can be earned if you have $1 million in savings and investments to spare.

This exclusive account combines the prevailing market value of your deposits and investments with UOB, giving you higher interest rates which are pegged to the interbank rates.

This helps you to earn higher returns while enjoying the flexibility to withdraw funds fromt he UOB High Yield Chequeing Account whenever needed.

The more wealth you accumulate, the higher the returns in the High Yield Account.

Dec 5, 2008

Bank Account For Savings: Interest Rates Comparison in December 2008

Bank Account For Savings: Interest Rates Comparison in December 2008

Latest on 5 December 2008: We have added RBS (Royal Bank of Singapore) SGD Royal Preferred Account rates for comparison. Singapore Savings Account Rates has also updated the comparison on selected bank savings account interest rates.

Note that selected Singapore banks structure their bank savings interest rates differently according to various factors (like the difference in savings amount), which make direct comparison of bank savings interest rates difficult.

We present selected December’s bank savings interest rates for POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF, Citibank and RBS:

Singapore bank savings interest rates of POSB Passbook:
http://www.dbs.com.sg/ratesonline/dddd.html
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):http://www.dbs.com.sg/ratesonline/dddd.html
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)
http://www.ocbc.com/personal-banking/tools%20and%20info/Toi_Rates_Dep_Listing.shtm
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 Accounthttp://www.uob.com.sg/pages/personal/deposits/savings/passbksavings.html
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
http://info.maybank2u.com.sg/site_functions/rates.htm#
Less than $5000 0.25%
$5000 to below $50000 1.088%
$50000 and more 1.38%

Singapore bank savings interest rates of HSBC Premier Account http://www.hsbc.com.sg/1/2/personal/deposits/singapore-dollar-deposit-rates
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 Plushttp://www.hlf.com.sg/personal/deposits/sacct.html
$500 to $49999 0.25%
$50000 to $2 million 0.375%

Singapore bank savings interest rates of Citibank Maxisave Singaporehttp://www.citibank.com.sg/SGGCB/APPS/portal/loadPage.do?tabId=Investment&path=/prod/det/id_maxisweep2.htm

From $10000 and above 0.25%
Singapore bank savings interest rates of RBS (Royal Bank of Scotland) SGD Royal Preferred Account
http://www.rbs.com.sg/consumer/pages/products/deposits/deposits.htm

First $10000 0.125%
Next $40000 0.150%
Above $50000 0.200%

Kindly check with the respective banks for confirmation of interest rates before you make any new investment in savings accounts using your hard-earned cash savings. Bank interest rates are subject to change without prior notice.

Stay tuned as we shall update this list of Bank Savings interest rates for POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF, Citibank and RBS regularly.

Dec 2, 2008

Arab Bank Personal Banking Savings Account

Arab Bank Personal Banking Savings Account

Arab Bank has a branch in Singapore. It offers Offshore Banking services that includes a variety of Personal Banking services.

With Headquarters based in Amman, Jordan, the Arab Bank constitutes the first private sector financial institution in the Arab World.

The Arab Bank has 500 branches spanning 30 countries in 5 continents. It holds positions in key financial markets and centers such as London, New York, Dubai, Singapore, Zurich, Paris, Frankfurt, Sydney and Bahrain.

Arab Bank products cover Current & Savings Accounts and a host of other banking facilities.

The latest Arab Bank savings account rates is unavailable at press time. We shall update this rate as soon as we can confirm the interest rate.

For more information on Arab Bank Personal Banking savings account rates, speak to their officers.

READ MORE at Offshore Bank Rates site.


Thank you for following Singapore Savings Account Rates.

Dec 1, 2008

Fairprice Plus Interest Rate: One Percent






Fairprice Plus Interest Rate: One Percent

Fairprice Plus has one of the best savings account interest rates in Singapore. Fairprice Plus is still offering attractive interest rate of 1% p.a. from the very first dollar.

Fairprice Plus savings account requires no opening deposit. There is no minimum monthly balance to maintain. There is no monthly service fee.

Further details on Fairprice Plus savings account rates here.

Updated by Singapore Savings Account Rates.

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