Asked by Anonymous

I can no longer meet the conditions to earn the 2% Cash Gift in POSB SAYE Account (no monthly salary), thus receiving up to 0.25%. If that's the case, is it advisable for me to close the account and go for OCBC Frank of 0.30% for abv S$10,000 ?

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  • Jay Liu
    Jay Liu, Diploma in Accountancy at KHEA
    Level 6. Master
    Answered on 19 Sep 2018

    Cimb fastsaver need a min 1k in the account for the 1% interest btw. Since you might have accumulated a sum of money in the SAYE, why not put it in SSB or FD if you have sufficient enough for placements?

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  • Gabriel Lee
    Gabriel Lee
    Level 6. Master
    Answered on 18 Sep 2018

    Hey, would advise you to park it in CIMB Fastsaver which gives 1% interest. Currently using that account with DBS Remix. It allows FAST transfer instantly with no service fees so you can easily transfer funds that you need to your savings account with an ATM card like DBS Remix or OCBC FRANK. Personally prefer to use DBS as my main account for more convenience. Parked my life savings, emergency funds and excess savings in CIMB Fastsaver.

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  • Jeff Yeo
    Jeff Yeo, amateur Social contributor at School of social sharing
    Level 6. Master
    Answered on 18 Sep 2018

    Maxi gain has a min of 15k and you need to keep the money without touching for a longer period to earn the int. might not be ideal in your case

    i would remember Cimb or uob one acc if you are able to take up and spend 500 dollar a month. This will help with the non salary credit

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  • Pascal Samsoon
    Pascal Samsoon
    Level 3. Wonderkid
    Answered on 16 May 2018

    As mentioned in previous answers, CIMB FastSaver looks really tempting and is definitely a great option.

    Citi MaxiGain Savings Account is also interesting but requires you to maintain and continuously increase your balance. And thus use the account, mostly, to stash away your emergency cash.

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  • Kenneth Lou
    Kenneth Lou
    Level 8. Wizard
    Answered on 15 May 2018

    Hey there!

    highly recommend also that you go For the CIMB FastSaver account.

    It’s the easiest no-frills 1% p.a account that just works and you can actually read the reviews here: www.seedly.sg/reviews/cimb-fastaver

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  • Gabriel Tham
    Gabriel Tham
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered on 14 May 2018

    Without salary component, you can also consider CIMB fastsaver at 1%, no frills account. Just deposit and collect 1% interest. Only condition is minimum average daily balance is 1k.

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  • Ck Chai
    Ck Chai
    Level 4. Prodigy
    Answered on 19 Sep 2018

    Go for CIMB Fastsaver with 1% interest rate! Or like the rest suggest you can consider SSB or FD too.

    P/S: CIMB recently have a promo till 30 Sep for min. 10K FD account opened online, offering 1.84% interest rate!

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  • Jonathan Chia Guangrong
    Jonathan Chia Guangrong, Fund Manager at JCG Fund
    Level 6. Master
    Answered on 19 Sep 2018

    If you have above S$10,000, Citibank's maxi gain is your best bet for just leaving it there untouched. Base interest of 80% of monthly SIBOR rate, and accumulative 0.1% bonus interest every month (max 1.2% after 12 months). Try to ask for waiver of monthly fee if you don't have enough to meet the Total Relationship Management amount of S$15,000 (you didn't hear it from me here). I had mine waived permanently long ago and I was no where near the TRM amount. (and no, you didn't hear it from me here).

    Other than this, CIMB as several others have mentioned here is a good alternative at 1% up to S$50,000.

    If you are keen, Singapore Savings Bond can give higher interest over a 10 year period which you can explore as well.

    Hope this helps.

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