Am considering between the CIMB fast saver and singlife account. CIMB gives 1% interest up to 50,000 balance, but Singlife gives 2.5% for first 25k and 1% up to 100k. Which one is better?

Hi!

I've tried Singlife and would recommend using the SingLife account. However, I would recommend against putting most of your funds inside as the funds aren't really that liquid. Withdrawals to your own bank account are not necessarily instant (Singlife gives a 3 hour period). If you're between 18 and 26 years old inclusive, you can also consider the Standard Chartered JumpStart account which gives an interest rate of 2 percent, which is still higher than CIMB FastSaver.

Hope that helps!

Hey Anon, take note that the Singlife account offers 2.5% interest only on the first $10k, not $25k. Also, do not worry as all bank accounts are insured under the SDIC for deposits up to $75k in case they close shop.

Anyway, I'd go for the Singlife account for now as it offers 1.5% interest more than CIMB Fastsaver. The Singlife account comes with an optional debit card (VISA) which you can use for both online and brick-and-motar purchases.