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Closing My Standard Chartered XtraSaver Account

moneyboxStandard Chartered XtraSaver Account used to be my darling account.

I used it for my everyday expenses because it gives generous cashback of 2% on MasterCard transactions and 0.5% cashback on NETs transactions.

It often adds up to a few dollars cash rebates each month

Now I have decided to close my XtraSaver Account and put the funds into better use.

WHY?

Not too long ago, I realised they reduced the MasterCard transaction cashback from 2% to 1%! and removed the 0.5% cashback on NETs transactions!

So sad, didn’t inform me.

Is it a big deal with the reduction in cashback?

You bet!

It is because my funds can grow much faster in another savings account that gives much better interest rates as compared to the cashback received from XtraSaver Account.

Hint!

The savings account is from OCBC.

 

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