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.