Investing In Bank Accounts

Investing In Bank Accounts

This article on Investing in Bank Accounts is taken from MoneySense, a national financial education programme.

Singapore Savings Account Rates reproduces a part of it for the benefit of our numerous readers.

Before investing in bank accounts, you should be aware of the types of banking accounts and their suitability.

1) Types of banking accounts
Opening a bank account will help you manage your money to meet daily and emergency needs. At the same time, you can earn interest for your deposits with some types of accounts.

There are three main types of bank accounts, namely Savings, Current and Fixed Deposit Accounts. Their main features are tabulated below:¬

*If funds are required urgently you need to perform a premature withdrawal of the fixed deposit. A premature withdrawal may result in no payment of interest or partial loss of interest.

** Depending on the product features offered by your bank, you may choose to receive a passbook or regular account statements to keep track of your transactions and interest earned.

2) Which account is most suitable for me?

To decide what type of account is most suitable, consider your purpose of having the bank account.

If you are going to use your account for day-to-day money management, such as to pay bills, a current, savings or a combined current and savings account will be most useful.

If you are thinking of putting aside a sum of money for medium to long-term savings, then you may prefer to open a fixed deposit account.

For further reading on other consumer guides, please log on to the MoneySense website at www.moneysense.gov.sg

Thanks for reading Singapore Savings Account Rates.

The Team
Singapore Savings Account Rates.

FairPrice Plus Savings Account Rates

FairPrice Plus Savings Account Rates

What is the latest and best FairPrice Plus savings account rates in January 2010? That is the answer that we seek at Singapore Savings Account Rates as we inspect the FairPrice Plus Savings Account this January day.

Some things to note about the FairPrice Plus savings account:

Competitive interest rates from the very first dollar;
No opening deposit is required;
No minimum monthly balance to maintain and No monthly service fee.

Take note too that FairPrice Plus Savings Account rates are shown for your information. Before you consider investing cash in stocks, shares, bonds, unit trusts or other banking products, ensure that you re-confirm the savings account rates with bank concerned.

FairPrice Plus Savings Account rates are also subject to change without notice at the absolute discretion of the respective bank.

Here are the latest and best FairPrice Plus savings account rates.

FairPrice Plus Savings Account Rates:

Amount | Rate (% p.a.)

First S$50,000 = 0.30

From S$50,001 to S$500,000 = 0.60%

(Subject to maximum deposit of S$500,000)

Rates are provided for information only and not as inducement or recommendation to use the account. We disclaim all liabilities. You take 100% risk and 100% sole responsibility for any investing decision you make based on what you read here.

If you can live with that, continue reading Singapore Savings Account Rates.

We shall return in 2010 to bring you more of the latest and best selected Singapore savings account rates.

The Team
Singapore Savings Account Rates.

CPF Life

CPF Life

The Sunday Times published a front page article on Singapore's CPF Life payout today on 3 January 2010.

Singapore Savings Account Rates read that article and extracted some nuggets on CPF Life scheme and CPF Life payout data.

For those not in the loop, CPF Life is an annuity scheme. CPF Life is the acronym for Central Provident Fund Lifelong Income Scheme For The Elderly. You can read more about it in our earlier CPF Life post here.

In the newspaper article, the actual CPF Life account payout rates were not released. Only CPF Life payout sums were mentioned. The monthly CPF Life payout amount depends on factors like CPF Life account balance, gender, age, plan chosen.

37,000 members have opted for the CPF Life scheme, putting in SGD $1.5 billion. Highest CPF Life payout amount is $1040 a month.

72 per cent of those who signed up for CPF Life qualified for the L-Bonus and 74% qualified for the V-Bonus.

The CPF Life L-Bonus of up to $4000 is given to the first five cohorts who sign up for CPF Life. The L-Bonus amount depends on member's income level and annual home value.

The CPF Life V-Bonus of up to $1800 is given to members who voluntarily defer drawing down their minimum sum.

Government will be giving out $80 million in L-Bonus and V-Bonus in this CPF Life scheme.


Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best selected Singapore savings account rates.

The Team
Singapore Savings Account Rates.