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 ? - Seedly

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Asked by Anonymous

Asked on 14 May 2018

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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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 (Jun)

Level 8. Wizard
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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