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.
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.
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