Did Your Savings Beat Core Inflation of 0.9% in 2016
The MAS Core Inflation for 2016 was published as 0.9%. Detailed CPI statistics can be found in the Department of Statistics’ release on “Singapore Consumer Price Index for December 2016 and Year 2016”
Core inflation reflects the change in prices of goods and services consumed by savers. When inflation rose in 2016, the value of your money dropped.
To some savers who aim to stay abreast of inflation increases, they should aim for their investment returns to at least match the inflation rate rise.
So did your savings beat Core Inflation of 0.9% in 2016?
Savings account and fixed deposit returns are hardly ideal places for interest returns to beat inflation.
Non-promotional interest rates of savings and deposits accounts in 2016 (except a rare few) did not exceed 0.9% return.
Remember: savings accounts and fixed deposits are meant to be safe havens to park your money temporarily. So that you can achieve sounder sleep, without having to hide them under your pillow. (Reminder: Great Financial Crisis of 2008) At least for the first $50000 placed in each insured bank / financial institution.
Once you source out a better financial investment that can potential earn a higher return (that beats inflation at least), you take out the savings and fixed deposits for deployment.
Singapore Savings Account Rates blogspot dot com presents new update on savings and other banking accounts in Singapore today.
Singapore Savings Account Rates helps you to boost interest income from savings accounts, savings bonds and other financial retail investments in Singapore.
Singapore Savings Account Rates helps you to boost interest income from savings accounts, savings bonds and other financial retail investments in Singapore.
See also:
Safest Singapore Fixed Deposit Rate
BOC Fixed Deposit Promotion Rates
No hurdle 1.35% iSavings Account
Singapura Blue Sky Savers update
5% Savings Account For Kids
Thanks for reading Singapore Savings Account Rates.
The Team
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