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Jan 28, 2009

Finatiq Account Interest Rate Drops



Finatiq Account Interest Rate Drops

With effect from 19 January 2009, the Finatiq investment account interest rate for individual investors drops to 0.6% per annum.

This investment account functions like a savings account as it pays depositors interest rates. Readers of Singapore Savings Account Rates will remember that before this drop in deposit interest rate, the previous Finatiq account interest rate was 0.8% per annum.


























Finatiq Interest Rates At A Glance

Financial AccountAmount
Rate %
Finatiq From first dollar0.60
Rate is subject to change without prior notice.



Notwithstanding Finatiq’s account interest rate drop, this deposit rate is still higher than the average Singapore Savings Account rate of 0.25%.

Jan 25, 2009

Wishing all Singapore Savings Account Rates Readers a Happy Lunar Year


Wishing all Singapore Savings Account Rates Readers a Happy Lunar Year !

With the goodies dished out to savings accounts recently in the 2009 Budget, we hope the Year of the Ox will turn into a prosperous new year for everyone.

Thank you for your tremendous support.


The Team
Singapore Savings Account Rates

Jan 22, 2009

Singapore Budget 2009: Savings Reserves To Be Used

Singapore Budget 2009: Savings Reserves To Be Used

I have highlighted some issues why Singapore Savings Account readers might be interested in the Singapore Budget 2009. Now that the Singapore Budget 2009 has been released, let us see if our questions have been answered.

In delivering the Singapore Budget 2009 on 22 January 2009, Singapore's Finance Minister, Mr Tharman Shanmugaratnam, revealed that Singapore will dip into its reserve savings for the first time ever since independence to fund a S$20.5 billion dollar Resilience Package, creating a budget deficit of 6.0% GDP in the process.

What this means is that the Singapore Government will use its savings reserves from its own savings account (accumulated during good times) to help create jobs, cushion the impact of Singapore's worst recession and to build a home for the future.

Singapore's President has given his in-principle approval for withdrawal of $4.9 billion from past savings reserves. The President’s assent to the Supply Bill will be obtained after Parliament has passed the Bill.

This is also the first time that the government has sought the President's approval for such action since the Constitutional framework for protection of reserves was set up in 1991.

Our Finance Minister also made it clear that more off Budget measures may be activated (?? possibly more withdrawal from the savings of our reserves) should the recession worsen.

In the Singapore Budget 2009, the CPF rates remain unchanged. Instead a Jobs Credit has been created (in the form of a cash grant amounting to 12% of the first $2,500 of the each employee's wages) to pay companies who retain their staff on their payroll.

Bank savings account interest rates are unlikely to change much with the release of Budget 2009. The good news is that our Finance Minister thinks that inflation will come down to zero in 2009. So our paltry interest payments received from bank savings accounts in 2009 may actually beat inflation for once!

As to whether bank savings deposits guarantees will still be around after the end of 2010, it will depend on the state of the economy near that point in time. By the decisive and responsive measures taken by our Finance Minister, we can be assured that the decision making will be appropriate and sound.

Thank you for reading Singapore Savings Account Rates, the place to look for the best and latest savings account rates in Singapore.

Kids’ Money Saving Habit

Kids’ Money Saving Habit

In my school days of old as a kid, I used to save with POSB whenever the bank staff visited our primary school.

My classmates (all kids) and I would bring our savings cards all filled up with stamps (paid for by our parents) to present to the bank clerical officers. It was one of those high points during school days that we looked forward to. The reason? Our money saving habit as kids was expected to pay off. Kids like us got into the kids money saving habit to receive kiddie goodies from the POSB aunties.

Now that I've grown up, the magic of saving seemed to be lost with my own kids and those of my friends. With internet bank transfers, check deposits and ATM withdrawals, the good old practice of physically squirreling coins and dollar notes into a piggy bank as a kid's money saving habit is now gone.

Instead, money (from me) is deposited into my kids' savings account. Cash withdrawals are made for school pocket money to be spent totally rather than saved. I'm not sure if my kids get the message that money comes from parents' hard-earned efforts, rather than a cash-spitting ATM machine.

My own money saving habit that I learnt as a kid is now being applied, for the benefit of my kids. Do you have similar experiences with your kids’ money saving habit?

Jan 20, 2009

OCBC Young Savers Account Rates

OCBC Young Savers Account Rates

For parents considering to open a bank savings deposit account for their bundle of joy or young child, take a look at OCBC Young Savers Account Rates. This savings account is a type of Baby Savings Account. For features of such savings account, read about Baby Savings Account that has been written here.

The OCBC Young Savers Account Rates can be seen above. The first $10000 in the Young Savers Account offers an interest rate of 0.25% per annum. The next $40000 earns an interest rate of 0.27%. From $50001 to $250000, the interest rate payment is 0.38% p.a. If you have a quarter of a million Sing dollars, OCBC will pay your Young Savers Account 0.48% per annum.

Read our articles on Singapore Savings Account Rates to keep yourself in the loop on the bank deposit interest rates available on our island.

Jan 18, 2009

POSB kids Savings Card

POSB kids Savings Card

What is the POSB kids Savings Card?
The POSB kids Savings Card is a saving programme for kids that uses sticker cards to teach and encourage children a great way to learn how to save money. It is linked to the child’s savings account.

How does it look like?
The POSBkids Savings Card is shown here. There is a smiley squirrel dancing in a park as it begins its journey of saving.

How does the POSBkids Savings Card work?
Each child will get a nut sticker for every S$30 saved in the child's POSBkids Account. When your child collects the 5th and 10th sticker, he or she will receive a limited edition prize at any POSB branch. To get the 5th sticker, your child needs to save $150. For the 10th sticker, the total sum saved would be $300.

In addition, there will be a special prize when you make a one-time deposit of S$1,000 in your child's POSBkids Account.

This POSBkids Savings Card Programme is available to those below 12 years old, holding a POSBkids Account or POSB Savings Account.

Amounts deposited into the child’s POSBkids Account cannot be withdrawn to pay for the next sticker. If you withdraw within 3 months from the date of deposit, the value of any prize issued may be debited.

The interest rate that you earn for this Savings Card is equal to the usual deposit interest rates for the POSB Savings account or the POSBkids Account. Current deposit interest rate for these accounts is 0.25% per annum.

If you grew up with POSB while in school like us, and if you wish your kids to learn good habits of saving through a fun and rewarding way, the POSB kids Savings Card may be the one for you.

Keep reading Singapore Savings Account Rates where we bring you ‘interest-ing’ news about savings account rates in Singapore.

Jan 15, 2009

Earn 20 Percent Interest On Savings Interest


Earn 20 Percent Interest On Savings Interest

NTUC Thrift Bonus Savers Account offers up to 20% bonus interest on savings interest earned on the 4th anniversary.

The NTUC Thrift Bonus Savers Account is a regular monthly savings account. Depositors need to put cash savings into the NTUC Thrift Bonus Savers Account on a monthly basis in order to earn interest on savings interest.

At the end of the second year, depositors earn a bonus savings interest of 10% on the interest amount. This bonus savings interest rises to 15% for the third year and 20% for the 4th year.

Conditions apply for use of the NTUC Thrift Bonus Savers Account. For a start, you must be a Thrift member (annual fees apply). Only Singapore citizens and permanent residents are eligible. You have to contribute a minimum of $30 monthly and up to a maximum of $5000 monthly. Once you skip a month's contribution to your NTUC Thrift Bonus Savers Account, your bonus savings interest reward will be withdrawn.

The NTUC Thrift Bonus Savers Account currently pays a savings interest rate of 1.5% per annum.

Check with NTUC Thrift for details on the savings interest paid on this Bonus Savers Account.

Thank you for reading Singapore Savings Account Rates.

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Singapore Savings Account Rates

Jan 12, 2009

RBS SGD Royal Preferred Account Rate


RBS SGD Royal Preferred Account Rate

Singapore Savings Account Rates would like to draw your attention to the RBS SGD Royal Preferred Account Rate.

The minimum amount to start this account is $5000. Note that the first $10000 dollars denominated in Sing Dollars earns an interest rate of zero percent per annum.

The next $40000 above $10000 earns a depositor an interest of 0.125% per annum. This rises to 0.150% when you put more than 50K into the RBS SGD Royal Preferred Account.

Keep reading our Singapore Savings Account Rates to keep abreast of the latest and newest bank interest rates in Sg.

Jan 9, 2009

Bank Savings Rates

























































































































































































Singapore Savings Account Rates Of Banks

BANK SAVINGS ACCOUNTAmount in Sing Dollars
RATE % Per Annum
POSB Passbook First $30000.25
Next $470000.275
Next $500000.375
Above $100000 0.475
DBS Autosave (Per) First $30000.25
Next $470000.35
Next $500000.45
Above $100000 0.60
OCBC Savings DebitFirst $100000.25
$10001 - $500000.35
$50001 - 2500000.40
More than $250K 0.65
UOB FlexiDeposit First $150000.35
Next $850000.45
Next $200K0.65
Above $300K 0.75
Maybank iSavvy < $50000.25
$5K -less than $50K1.088
$50K and more1.38
HSBC Premier First $4999.990.15
$5K - $14999.990.20
$15K - $49999.990.35
$50K-less than $100K 0.60
$100K and more 0.85
Hong Leong Finance $500 - $499990.25
$50K - $2 million0.375
Citibank Maxisave From $10000 & more0.35
RBS Millennium First $100000.0
Next $400000.125
Above $500000.150



Bank Savings Rates

As at 9 January 2009

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

Today, we present news update on selected Singapore bank savings rates for the month of January 2009. With the start of 2009, will there be an increase or decrease in bank savings rates?

We present the latest bank savings rates for POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF, RBS and Citibank:

Singapore bank savings 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 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 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 rates of UOB FlexiDeposit Account
http://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 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 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 rates of HLF (Hong Leong Finance) Savers Plus
http://www.hlf.com.sg/personal/deposits/sacct.html

$500 to $49999 0.25%
$50000 to $2 million 0.375%

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

From $10000 and above 0.35%

Singapore bank savings rates of RBS Millennium Account
http://www.rbs.com.sg/consumer/pages/products/deposits/deposits.htm

First $10000 0.00%
Next $40000 0.125%
Above $50000 0.150%


We shall update this list of selected Singapore Bank Savings rates for POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF, Citibank and RBS.

Thank you for reading Singapore Savings Account Rates.

Jan 8, 2009

Baby Savings Accounts

Baby Savings Accounts

What is a Baby Savings Accounts?

It is a savings account that you can open for your child from the time of birth. You can withdraw and deposit cash into this Baby Savings Account.

The unique feature of such a Baby Savings Account is that it usually comes with an insurance cover for the child and yourself, up to a certain age. The amount of insurance cover depends on the bank and the amount of deposit to place in the Baby Savings Account.

Once your baby reaches adulthood or earlier, you can convert the Baby Savings Account into a standard savings account in his or her own name.

Where can you find a Baby Savings Account in Singapore?
All the local banks and some foreign banks and financial institutions.

Are the Baby Savings Account interest rates high?
It depends. Most banks offer about the same rates as ordinary savings accounts. The attractive component lies in the insurance cover and some sign-on free gifts to entice parents.

How do I find out more about Baby Savings Accounts?
You can check the various bank websites. Singapore Savings Account Rates will highlight such Baby Savings Accounts in the near future.

Jan 7, 2009

Sing Investments & Finance Ltd Savings Account Deposit Rate


Sing Investments & Finance Ltd Savings Account Deposit Rate

While there is an attractive fixed deposit rate promotion at Sing Investment & Finance Ltd currently for the approaching Lunar New Year, their interest rate for the savings account deposits remains near the interest rate levels of other Singapore banks.

The latest interest rate for Sing Investments & Finance Ltd savings account deposit rate is presently at the rate of 0.25% per annum. This latest savings account deposit rate of Sing Investments & Finance Ltd is subject to change.

Visit Sing Investments & Finance Ltd's website for more details on the savings account deposit rates in Singapore.

Jan 5, 2009

Singapore Budget 2009, CPF Rates and Savings Account Rates

Singapore Budget 2009, CPF Rates and Savings Account Rates

Minister for Finance, Mr. Tharman Shanmugaratnam will deliver the Budget Speech for the Financial Year 2009 in Parliament on Thursday, 22 January 2009.

Singapore Savings Account Rates readers can watch the delivery of the Singapore Budget 2009 Speech via live webcast on Budget Day, in addition to the simultaneous live telecast over Channel NewsAsia (with Chinese translation on dual sound mode) and over radio on 938Live.

What will be revealed on 22 January in the Singapore Budget 2009?

Of interest to our readers would be a few issues that could result from measures to be announced in Singapore Budget 2009.

CPF Rates
Will there be any downward revision to the CPF contribution rates (ordinary, medisave, special and retirement accounts) with the announced convening of the National Wages Council, notwithstanding the assurance given by Minister Lim Boon Heng?

Savings Account Rates
Will there be any Singapore Budget 2009 initiatives that will impact (positively or negatively) the balance sheets of banks and financial institutions, that in turn may affect the Singapore savings account deposits rates?

Recession Relief
Will Singapore Budget 2009 be enough to mitigate the pain of a deepening global recession, given the published announcement that the Singapore economy may shrink 2% in 2009?

Savings Guarantees
Will there be an extension of the government guarantees on Singapore savings account deposits in banks and financial institutions beyond 2010 if the global credit crisis persists?

Some answers, hopefully desirable, may soon be revealed in Singapore Budget 2009.

Singapore Budget 2009 is out.

Read more about our views on the budget...

In the meantime, life must go on. Keep reading Singapore Savings Account Rates to make your bank savings deposits work hard for you.

Jan 1, 2009

Happy 2009 To Singapore Savings Account Rates Readers


Happy 2009 To Singapore Savings Account Rates Readers

Thank you readers of Singapore Savings Account Rates! Your support in 2008 has encouraged and energised our team for the year 2009.

We shall continue to bring you more savings account interest rates of Singapore banks and financial institutions in the days ahead in 2009.

Keep reading our Singapore Savings Account Rates throughout 2009 for the latest and best news on selected savings interest rates the year 2009 has to offer.

We wish all our savvy readers a happy new year and a prosperous 2009!

The Team
Singapore Savings Account Rates

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