Anonymous

05 Jul 2019

∙

Should I put money into the MSA since it has better interest rate as compare to the 'normal' savings account?

Hi all, I am taking a look at my accounts and realize that the annual interest rate is not stated unless I have to do some online searches for it (if anyone knows how you can view it in the ibank, please do tell me ^^ ). Currently I have an Ocbc Plus account (debit card) and Ocbc MSA. Likewise the same for Posb, one that was created back in Pri. School days and a MSA too. Between these 4, would it be better for me to park the money in the MSAs? P.S I am a student.

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jiajing wang

05 Jul 2019

It depends on what you are really using MSA for. I Assume you are only using it to deposit any balance of your allowance for saving and the money flow is frequent. The base interest for all MSA are basically very low.. In fact too low that it depreciates due to time value of money.. If you are a young student(<21 years old).. Concentrate on saving up then when you have your own income,invest in SSB

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