Open New Savings Account with 3.55% Interest Rates

[Updates 31Oct16] For BoC Smartsaver, they have revised their T&C:
As of 1Dec16:
1) Card Spend Bonus: (previously 1.55%)
     - Above $500 to enjoy 0.8% interest
     - Above $1500 to enjoy 1.6% interest
2) Salary Crediting Bonus: (previously 1.00%)

     - Above $2,000 to enjoy 0.8% interest

     - Above $6,000 to enjoy 1.2% interest

3) Payment Bonus Interest: (previously 0.6%)

     - Above 3 bills to enjoy 0.35% interest
Since BoC has upped the requirement, it's no longer worth it. Based on normal salary of $2,000 and expenses of $500, the interest is only 1.95%.
Unless your salary is above $6,000 AND your monthly expenses is above $1,500, then you will get 3.15%.

WHOptimized:
If you are employed full time with a take home pay of >$2,000, opt for OCBC 360 Account. Else open UOB One Account instead.

----------  End for: Updates 31Oct16  ----------


Do you notice that your savings account is giving you less than $1 of interest per month? Or some even less than $10 per year.

Well, this is because normal Savings Account interest rates is just 0.05% per year.

It's "0.05%", not even 0.5%. It's 20x lower than 1%.
It's "per year" and not per month. It's about 0.004% per month. Yup, it's 250x lower than 1%.

Do you know that you can earn up to 71x of your Savings Account interest rate? This means that if you are currently seeing your monthly interest rate of $1 in your monthly statement, you can increase it to $71 per month! Risk free!

Let us introduce to you to these 3 Savings Account:

1) Bank of China (BoC) Smartsaver
(with interest rate from 3.40%~3.55%)
The interest rate given depends on the total balance of your account for the specific month.

2) OCBC 360 Account
(with interest rate of 2.25%)
Though the total is up to 4.2%, but we feel that 2.25% is more practical as the additional 1% interest for investment is hard to achieve, unless you have existing investment or insurance with OCBC.
And the other 1% is on incremental balance only and not on the entire balance. So can treat it as just an "additional bonus" but not a fix bonus.

3) UOB One Account
(with interest rate from 1.55%~2.43%)
Though it shows up to 3.33% the actual total is only up to 2.43% as the interest earned is based on incremental balance.
Having the least interest, it's still good for those whose take home pay is less than $2,000 per month. The interest rate is still 51x higher than your normal Savings Account interest.

Below is the summary of the interest rate earned for the 3 banks above as well as our normal Savings account and Fixed Deposit interest rates for 1 year:

As the interest rates fluctuates depending on the total amount you have in your account, below is the actual interest earned per year based on the respective balance:

So if you have $1000 in your normal savings account, you will just earn a pathetic 50cents a year! That is about 4cents a month!
If you have BoC Smartsaver, you can earn $34 per year or $2.80 per month.



Hope these interest rate excites you. Though it's risk free, but we need to do these 3 simple steps to enjoy this rates to the fullest:
1) First, simple job. After opening the new account, just update your new account details to your HR/Payroll department.

2) Second, simple job. Arrange 3 giro payments. It can be to your mobile phone bills, utilities bill, credit cards payment, etc.
If still less than 3, let us know and we can advise other alternatives.

3) Third, simple~tough "abit" job. Spend $500 per month on any of the credit cards from the bank. If your monthly expenses is less than $500, you can always shift all your giro payment like your mobile phone bills, utilities bill, etc to your credit card.
If still insufficient, let us know and we can advise other methods.

WHOptimized:
So how do you decide which account to open?
Just follow the simple flowchart below:

And remember about "Compound Interest"? If not click here. The additional interest you earn, will further earn more interest for you.