Advertisement

Anonymous

24 Jul 2020

∙

If I have 100k in my OCBC Bonus+ Account (max 0.7%), should I move into CIMB Fast saver (0.5% for first 50k, 0.8% for next 25k and 1.5% for next 25k)?

It seems that for the first month, the interest yield in CIMB is higher (S$68.75 compared to S$58.33 - not sure if I calculated it correctly). But I am not sure with the compounding effect, whether in the long run, it makes more sense just to keep the money in my OCBC Bonus+ account, since beyond 100k, CIMB only has an interest rate of 0.4% so the interest earned is not compounded as well compared to OCBC?

CIMB FastSaver Account OCBC Bonus+ Savings Account

2

Discussion (2)

What are your thoughts?

Learn how to style your text

Benny

19 Oct 2023

Too many prom,o around for high interest

Reply

Save

Tan Wei Ming

24 Jul 2020

Founder and Writer at Frugal Youth Invests

You can consider RHB High Yield Plus account.

First $50,000 1.05%

Next $25,000 1.55%

Next $25,000 1.85%

Above $100,000 0.60%

https://rhbgroup.com.sg/personal/high-yield-sav...

You should put $10000 in Singlife first.

Reply

Save

Write your thoughts

Related Posts

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?

Should I close my OCBC and move over to CIMB? How many banks is too many for a student? I have 2 bank accounts, OCBC and POSB now, both are the basic savings accounts with super low interest rates?

I saved my first 50k in UOB ONE account to earn higher interest. What should I do with my next 50k in order to get higher returns?

What should I do with about $50k-$80k in spare cash at the moment? I have OCBC 365, UOB One Account and Citi Maxigain Account already and have maxed out the limits on these.

Hi I have around 40k of idle cash, no income.. from the reviews I see that CIMB Fast Saver and Citi MaxiGain are the 2 most popular savings account without having the need to credit salary. Which one should I go for?

Related Products

CIMB FastSaver Account

4.3

205 Reviews

Up to 2.20% interest p.a.

INTEREST RATES

$1,000

MIN. INITIAL DEPOSIT

$1,000

MIN. AVG DAILY BALANCE

OCBC Bonus+ Savings Account

3.8

12 Reviews

Standard Chartered JumpStart Account

4.8

782 Reviews

Related Posts

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?

Should I close my OCBC and move over to CIMB? How many banks is too many for a student? I have 2 bank accounts, OCBC and POSB now, both are the basic savings accounts with super low interest rates?

I saved my first 50k in UOB ONE account to earn higher interest. What should I do with my next 50k in order to get higher returns?

What should I do with about $50k-$80k in spare cash at the moment? I have OCBC 365, UOB One Account and Citi Maxigain Account already and have maxed out the limits on these.

Hi I have around 40k of idle cash, no income.. from the reviews I see that CIMB Fast Saver and Citi MaxiGain are the 2 most popular savings account without having the need to credit salary. Which one should I go for?

Advertisement