Singapore Savings Account Rates

Aug 14, 2017

Compare Bank Interest Rates

Compare Bank Interest Rates of 2016

How much interest did banks and financial institutions pay to savings and fixed deposit account holders for 2016? We summarize the interest rates for your perusal today.

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.

You can see that interest rates were unchanged from Jan 2016 till December 2016. These rates do not take into consideration occasional promotions run by the banks from time to time.

Lessons learned from this observation?

(1) Finance companies pay marginally higher interest than banks. Switch from banks to finance companies for slightly better rates.

(2) If you want to earn better savings account and fixed deposit interests, you need to catch savings and deposit promotions occasionally unleashed by banks.

(3) If you want even higher rates than the pathetic rates from banks' / finance companies' savings and deposits accounts, take your money out and invest them elsewhere.

We can recommend two investment products that earn better rates AND are even safer investments than bank savings accounts.

What are they? Singapore Savings Bonds and T-bills / bonds of Singapore Government Securities (SGS).

Our site has updates on these safe investments from time to time. Do stay with us!

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

Singapore Savings Account Rates.

Aug 10, 2017

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.