facebookIf 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)? - Seedly

Anonymous

24 Jul 2020

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Saving Hacks

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?

Discussion (2)

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Too many prom,o around for high interest

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.

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