facebookI have about 25k in savings and I have 2 savings accounts - Maybank iSavvy Savings account and CIMB fastsaver account. Should I save in only 1 savings account? - Seedly

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Anonymous

28 Jun 2020

Saving Hacks

I have about 25k in savings and I have 2 savings accounts - Maybank iSavvy Savings account and CIMB fastsaver account. Should I save in only 1 savings account?

Savings beginner 26 year old. Don't intend to change to other banks due to religious concerns about interest.

Discussion (2)

What are your thoughts?

Hey there.

If you are considering high-interest savings accounts, CIMB has recently announced today that they will be revising their interest rate for FastSaver. You might want to take a look here.

Other alternative choices that do not require spending/minimum sum include:

Singlife Account (2.5% p.a, capaital guaranteed, interest non guaranteed)

FSM Auto-Sweep Account (1.05%p.a, interest rates may be revised)

Stashaway Simple (1.9%, capital non guaranteed, interest non guaranteed)

SCB JumpStart (1%p.a, only for aged 18-26)

Crypto Earn (Depending on currency, as high as 16%p.a (CRO) without any prior staking. However, do take note of the volatility of cryptocurrencies. For higher interest rates, a fixed duration of 90 days is imposed before withdrawal can be made. Intetest is paid out every 7 days)

Crypto Exchange (20%p.a for CRO currency. Similar to Crypto Earn, just that fixed duration is set at 180 days. Interest is paid out daily)

Vivid Account (1.05% p.a for first 10k, 1.30% for 10k-20k)

Tiq 3 Year Endowment Plan (2.10%p.a, guaranteed)

Find the combination that gives you the highest interest yield. Can consider Singlife 2.5% for first 10k. Remaining 15k can be put in the one that gives the highest i/r.

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