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Anonymous

19 Jun 2020

Saving Hacks

Which bank account would you recommend me as a new savings account at a decent interest rate?

High yielding accounts seem impossible for me due to high min annual income to open at this moment. I am determined to start a serious financial planning. I am 30 & freelancer hence the monthly incomes are not stable in the regular interval. I’ll be starting to pick up side hustle. My current saving will be reaching over $10k by end of this year. I am also planning to start investment via DCA to grow at the same time. I will consider to buy basic insurances once I put emergency funds aside.

Discussion (9)

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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)

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Lim Qin Da

Lim Qin Da

19 Jun 2020

Business Administration & Analytics at National University of Singapore

Hey Anon!

Here are some choices that you can consider. Not all of them are banks but they are places where you can park your savings for interests without a minimum sum.

  1. Singlife Account (2.5% p.a. for the first $10k)

  2. Stashaway Simple (1.9% p.a.)

  3. CIMB FastSaver (0.5% for the first $50k)

When your income starts to stabilise and pick up, you can also consider opening a DBS Multiplier or OCBC 360 Account. Since you are currently planning, understanding your personal cash flow and doing some budgeting can help you to decide which savings accounts you should opt for.

To help you in your decision, you could try out our Savings Account Calculator which can help you compare the interests across the different savings accounts available according to the information you enter. Alternatively, you could also visit the Savings Account Product Pages to look at the reviews from our community, as well as some questions that they have.

Hope this helps!

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