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What is the best saving account for elderly that does not need salary crediting to their account?
Trying to help my parents sort out which is the best saving account for her to save while earn interest from bank.
Currently they are not working. They only receive my sister and myself allowance which is total around $1400.
Not sure is there any saving bank account that does not require credit card spending/GIRO for bill and salary credited and they are able to withdraw via ATM.
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Chin Guo Qiang (ITIL4 / CSPO / CSM)
24 Jun 2019
Assistant Vice President, IT Operations at Bank of China Limited
I would say either of the following.
CIMB FastSaver (1% interest for standalone accounts of parents)
Leverage on high interest savings accounts of the working siblings, where the first $75,000 (DBS Multiplier), $35,000 (OCBC 360, basic higher tier interest), earns potentially 1.55% (DBS Multiplier) and 1.25% (OCBC 360). This can be done with Salary crediting and minimal credit card spending ($1 on DBS Cards with DBS Multiplier account).
Parent can be paid with the extra interest amount from this account, on top of the monthly allowance of $1,400.
Note : A fixed sum of $10,000 has to be placed in these higher interest rate savings account, in order for the interest rate to work effectively.
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You can look at CIMB fastsaver account. It can give you 1% pa with a minimum of $1000 in the account...
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