How do I interpret bank interest? I always have trouble understanding it. Take Singlife and UOB One Account as an example, can anyone advise? - Seedly
Seedly logo
Seedly logo
 

Savings

Savings Accounts

Interest Rates

Singlife Account

UOB One Account

Anonymous

Asked 1w ago

How do I interpret bank interest? I always have trouble understanding it. Take Singlife and UOB One Account as an example, can anyone advise?

Singlife: Balance 20k

2.5% p.a First S$10,000, 1% p.a Next S$90,000

Does it mean: (a)

1) $500 - $10,000 => 2.5% p.a

2) $10,001 - $20,000 => 1% p.a

Final interest = interest received from 1 + 2

or (b)

The full $20.000 => 1% p.a

UOB One Account: Balance 80k

1,25% First $15,000, 1.30% Next $15,000, 1.35% Next $15,000, 1.40% Next $15,000, 3.68% Next $15,000, Above, $75,000 $0.05%

How do I calculate the interest for both Singlife and UOB One Account with the balance indicated.

0 comments

1 answer

Answer Now

Answers (1)

Sort By

Lok Yang Teng
Lok Yang Teng
Top Contributor

Top Contributor (Jun)

Level 9. God of Wisdom
Answered 1w ago

Bank interest are tiered. For example, if Bank A has 1% for the first $10,000, then the deposits up to $10,000 will receive 1% interest. Anything more than $10,000 (e.g. the $1 in $10,001) may be subjected to different rates.

Going back to Singlife, option (a) would be the idea. $500 is the minimum amount for account opening, but only need to maintain minimum of $100 so it should be $100-$10,000. The same goes for UOB One account.​​​

3 comments

👍 0

1 more comments

Lok Yang Teng
Lok Yang Teng

6d ago

For example if you have $80,000: 1.25% - $15,000 (first $15,000) 1.30% - $15,000 (next $15,000, $15,0001 to $30,001) 1.35% - $15,000 (next $15,000) 1.40% - $15,000 (next $15,000) 3.68% - $15,000 (next $15,000) 0.05% - $5,000 ($80,000 - $75,000)
ten

6d ago

This is so helpful 👍 Thank You!