Getting a Higher Interest from your Bank Savings

With a low interest rate of 0.05% for a normal bank saving account, a 50k deposit will only yield $2 interest per month. However, banks are offering some account with higher interest rate up to about 2.5% if you fulfill the condition that they set. That is 50 times higher interest which will give you about $100 interest per month with a 50k deposit. These are not fixed deposit account and you are free to withdraw your money anytime. Examples will be DBS Multiplier Programme and the UOB One Account. Most of the major banks offer similar account.

Do your research and decide for yourself how you can fulfill the condition set out by the banks in order to get the higher interest. I will quote my own example here for reference. I have both the DBS Multiplier Programme and the UOB One Account. For DBS, I fulfill 3 conditions to milk the highest interest. The condition I fulfill are 1) Salary credit 2) Credit card spend - you only need to any amount with a DBS/POSB credit card and 3) Investment - just invest a small amount in their regular savings plan. For UOB, I just need to fulfill 2 conditions to get the highest interest. These are 1) Spend S$500 on your UOB One Card and 2) Pay 3 bills monthly via GIRO. On top of that, you will also get cash rebates for your spend on the UOB One Card.

And if you run out of idea on how to fulfill the conditions set out by the banks, there is the CIMB FastSaver Account which earns you 1% without the need to fulfill any condition. These are just some ideas to get more than the standard 0.05% interest on your savings. You will be rewarded by doing some research and opening the right accounts.

Rule No. 1: Never Lose Money. Rule No. 2: Never Forget Rule No. 1.

These 2 rules are from one of the greatest investors of all time, Warren Buffett. If you don't know about him, it's good to google his name and his investment company Birkshire Hathaway to learn some of his investment philosophies.

Nobody likes to lose money, but people tend to forget this rule when they're looking for ways to make quick money. There're many types of scams out there trying to cheat people their hard earned money. And once you lose money in a scam, it's almost impossible to get your money back. It will be gone forever to the scammers who will be enjoying life with your money. And it will take a long time to save or make back the money that you've lost.

That's why I'm writing about scams in the first article of my investment blog. I hope nobody will lose money to scams. Remember, if it sounds too good to be true, it probably is. If the high returns promised are so good, why not the banks or fund houses or even the government take part in it?

Don't let greed overcome common sense. Go to http://bewareinvestmentscams.sg to learn more about scams and how to avoid them. Also, if you encounter website which claim to be HYIP (High Yield Investment Program), avoid them at all cost. These scams have been around for many years on the internet. Basically, they're pyramid scheme, using the money from new investors to pay the early investors. Eventually, the money will run out and the program will die.

I wish a safe investment journey for everyone. And most importantly, good health and happiness.