The last High Interest Rate Savings Account listing was updated in 2009, since then the interest rate pretty much falls to new lows.
Seeing the interest rate falling really breaks my heart. But there is a newcomer in the Singapore banking industry that brought surprises. Their tagline is “Be surprised by money”!
Thats right, it is CIMB bank. Currently offering one of the highest interest rate of 0.8% p.a. for your savings with their CIMB StarSaver Account.
0.8% p.a. is 4 times that of StandardChartered eSaver Account which currently stays at 0.2% p.a.
The only cons for this bank is that since it is relatively new, there isn’t much ATMs and branches available in Singapore yet. But please don’t be lazy, make an effort to go and open the StarSaver Account with them to enjoy the high interest rate of 0.8% p.a. while it last.
CIMB StarSaver Account
- Month-end incremental deposit of $500 or more: 0.8% p.a.
- Month-end incremental deposit of less than $500: 0.5% p.a.
Maybank iSAVvy Savings Account
- Daily balance below S$5,000: 0.1875% p.a.
- Daily balance of S$5,000 to below S$50,000: 0.25% p.a.
- Daily balance of S$50,000 and above: 0.32% p.a.
- Interest-on-interest every 6 months: 6.00% p.a.
Citibank Stepup Account
- Base interest – 0.14% p.a.
- Step-Up of 0.015% per month
- Interest rate steps up each month, and up to a maximum of 0.32% p.a. over a 12-month period
StandardChartered eSaver Account
- Less than S$50,000: 0.2% p.a.
- S$50,000 to S$199,999: 0.3 p.a.
- S$200,000 & above: 0.4 p.a.
Plus! Savings Account
- First S$50,000: 0.2 p.a.
- From S$50,001 to S$500,000: 0.4 p.a.
Finding a high interest rate savings account is not easy these days due banks slashing them lower and lower. Sometimes banks such as StandardChartered do offer bonus interest rate for fresh funds deposited into their eSaver Account for a period of time.
These High Interest Rate Savings Accounts do offer better rates as compared to POSB savings account which currently offers only 0.1 p.a.
