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What is the best passive savings account for parent's allowance?
My parents have asked that I put their monthly allowance (~1K SGD) into a savings account as they'd rather I help them save it for a rainy day. We are unlikely to touch the money for a while.
I'm debating between CIMB FastSaver, Citi Maxigain and maybe even SSB.
Leaning towards Maxigain due to the higher bonus interest rate (no 70k) vs FastSaver.
I like SSB but am not sure how I'd "deposit" my parent's monthly allowance using SSB.
Any thoughts or experiences? :)) Thank you.
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Kelly Trinh
01 Nov 2019
Backoffice technical at financial services firm
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CIMB FastSaver Account
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204 Reviews
Up to 2.20% interest p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE
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SSB I think too much admin as you would need to do monthly purchase.
For Maxigain - it does have a min. of 70k for the bonus interest (which you highlighted but still leaning?), so I would actually think CIMB is better
You might find the article below helpful as a broader comparison as well:
https://blog.seedly.sg/best-savings-accounts-si...