Protect Your Savings Account 2

Protect Your Savings Account (Part 2)

In the continuing series on 'Protect Your Savings Account', Singapore-Savings-Account-Rates.blogspot.com will share some ideas on how to protect your savings account. Some of you may have heard of these nuggets of information. That is OK. It is better to be educated than to be ignorant.


Protect Your Savings Account(2)
Beware of super-high interest rate promotions and rewards.

While banks will honour these upfront goodies, consider why these banks will want to lure new customers in such a manner.

Is the bank desperate for money because of a cash crisis or a financial crisis that could shake its foundation to the core? Are they building up a cash hoard to satisfy some audit requirement?

Is there something that bank depositors don't know but should know about?

Or are they using these high interest rates to bait high net-worth customers so that they can sell other banking products or services?

At the very least, educate yourself on the financial stability of the bank or financial institution that is offering such attractive interest rates.

Always don't forget to read the fine print of your savings account for charges and any penalties.

More suggestions on how to protect your savings account will be discussed later.

Thank you for reading Singapore Savings Account Rates.