Asked on 23 Jul 2018
Hi folks, as stated in the topic my SAYE account is at 24 months. I am waiting for the 25th month to get my bonus interest. Where should i put my savings to afterwards? I have read up about the DBS multiplier and the CIMB fastsaver, both looks good but not sure which one should i go for.
Side question, how do i close my SAYE account after the 25th month?
Thanks in advance for the response!
Based on how much you have in that account. If you have more than 15k go for maxigain. If you have lesser than 15k(few thousands) go for cimb fastsaver. If you have salary credited and meets DBS multiplier, Park in there and do the requirements for higher interest. But don't just blindly spend to meet the interest. If its not a necessity to spend, just look at maxigain or fastsaver.
Check out DBS Multiplier if you can meet the salary crediting criteria.
For higher interest savings account without salary crediting requirement,
1) can put in CIMB Fast Saver for fuss free 1% with minimal S$1k balance.
2) If you have spare S$15k can consider Citibank Maxigain. Interest rate per annum is 1.2% with monthly step up to 2.4% (based on current sibor rate)
Can also consider putting it in SSB as it gives higher interest than CIMB Fast Saver (of 1%) and it has the flexibility to withdrawl early at a penalty of $2.
Seedly got this covered. Check out this awesome calculator: https://seedly.sg/tools/savings-account-calculator
You put in information such as your monthly income, expenses, loans, etc, and the calculator will let you know which savings account is best for you :)