I have about 25k in savings and I have 2 savings accounts - Maybank iSavvy Savings account and CIMB fastsaver account. Should I save in only 1 savings account? - Seedly
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Anonymous

Asked on 24 Jun 2020

I have about 25k in savings and I have 2 savings accounts - Maybank iSavvy Savings account and CIMB fastsaver account. Should I save in only 1 savings account?

Savings beginner 26 year old. Don't intend to change to other banks due to religious concerns about interest.

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PillowCase
Level 5. Genius
Answered on 28 Jun 2020

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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ūüĎć
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Thank You!
Can you clarify
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QK
Qu Koh
Level 2. Rookie
Answered on 24 Jun 2020

Find the combination that gives you the highest interest yield. Can consider Singlife 2.5% for first 10k. Remaining 15k can be put in the one that gives the highest i/r.

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ūüĎć
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Thank You!
Can you clarify
I wonder if
This is so helpful ūüĎć
What about
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