Asked on 11 Jun 2019
I'm an 18-year-old male student with 2 bank accounts; OCBC Frank account and POSB eEverydays Savings account. I'm looking to have a higher interest account to increase my savings. Currently, my OCBC Frank card is my main spending account, while my POSB account has a couple of hundred of dollars inside and is my saving account (put money in, don't touch).
Currently looking at these few plans/accounts;
OCBC -Bonus+ Savings Account, Monthly Savings Account
Investment accounts too
Taking the assumption that you're a student and thus, would not be able to qualify for Salary Crediting, Credit Card Spend, Home/Car Loans and/or Investments. Here are the top 3 Saving Accounts you can go for with the highest interest rates.
P.S. Calculated/Researched based on this formula (Base Interest + Bill/Giro Payment + Other Bonuses)
1) Maybank's Save Up Programme
Base interest rate: 0.3125%
Total attainable interest: 0.6125%
2) Bank of China's SmartSaver
Base interest rate: 0.25%
Total attainable interest: 0.6%
Source: Bank of China
3) CIMB FastSaver Account
Base interest (Next $25, 000): 1.5%
Base interest (Above $75, 000): 0.60%
Based on our assumptions and interest rate formula, CIMB's FastSaver Account will provide you with the highest interest rate at 1% which will be ideal for you at this juncture.
However, don't just hear this from me, do check out what our community have to say by reading their reviews: https://seedly.sg/reviews/savings-accounts
Also, for a more detailed breakdown for all available savings accounts, do check out our Best Savings Account Cheat Sheet here: https://blog.seedly.sg/best-savings-accounts-singapore/
Last but not least, do note that you can use Seedly's Savings Account Calculator to find out which service provider is best for you: https://seedly.sg/tools/savings-account-calculator
I hope this will help!
Hi, I recommend you to sign up for CIMB FastSaver account. CIMB FastSaver is a great no frills savings account in the market currently. The interest rate for this account is 1% and interest is calculated daily so long you have at least $1000 each day. There is no fall below fee so you can have $0 in the bank account and not kena any bankdraft or whatsoever.
Since there is limited ATMs for CIMB, I always do a FAST transfer from CIMB to OCBC for withdrawals or vice versa for deposits.
Seeing as you would have no regular income as a student, I would go for CIMB FastSaver - no min. Fall below fee, 1 percent interest rate with no criteria to fulfill. Park money in the fixed deposit for up to 1.9 percent interest currently. Note that this account is online only (no atm withdrawal).
Alternatively, if you prefer to invest your savings, you can consider banks where you can access certain investment features. Example being OCBC with their Blue Chip investment plan.
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Hiya, I opened a CIMB FastSaver account at your age for the no frills 1% interest rate as the others have mentioned. It is safe, easy to apply for online (on desktop) but their mobile app is a little bit slow and less user friendly than POSB or OCBC. I still use Frank as my main spending account and closed my POSB.
When comparing CIMB to OCBC+, I still prefer CIMB because there is no withdrawal penalty i.e. the interest rate stays the same. This is unlike OCBC+ which encourages you not to withdraw at all. I would rather place the $$ into Singapore Savings Bond or a 3-6 month Fixed Deposit since interest rates for these are above 1.45%. Also, it may be hard to place a min sum of $500 of savings into that account monthly to hit the higher interest rate, unless you have a job or tuition gig that pays really well. Just my two cents.
Btw, I'm not sure when you are entering NS, but when you do, POSB Save As You Serve interest rates are better than CIMB during that period if you credit your pay into the account. https://www.posb.com.sg/personal/deposits/savings-accounts/says
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16 Jun 2019