05 Mar 2020
Is it a wise decision to put your money in SSB over a high-yield savings account? What about a fixed deposit? Which is a low-risk investment that would be good?
The highest interest account without any hoops would be CIMB fast saver and that doens't beat SSB yields. The rest require either a salary credit, some Giro, or some credit card or insurance and investment spend with the bank.
So for purely no frills, SSB is pretty good.
The comparison with FD would be liquidity as SSB can be redeemed anytime and interest is pro-rated while FDs may have penalty or you lose the interest, and that SSBs can be held for 10 years, locking in returns while the longest FD is only 3 or 5 years at max.
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Standard Chartered JumpStart Account
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MIN. INITIAL DEPOSIT
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