RHB High Yield Savings Account
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Summary
RHB High Yield Savings Plus Account Review 2021
- With RHB High Yield savings account, you can earn up to 1.00% p.a. on your deposits for account balances between S$75,000 to S$100,000. Simply depositing money with account balances within your first $50,000 can already get you 0.80% p.a.
- RHB High Yield Savings account is a simple, fuss-free, no-criteria type of savings account with relatively high interest rates.
RHB High Yield Savings Account
Up to 1% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE
RHB High Yield Savings Account
Up to 1% p.a.
INTEREST RATES
$1,000
MIN. INITIAL DEPOSIT
$1,000
MIN. AVG DAILY BALANCE
3.0
1 Reviews
- The savings account on promotional offer is one of the better rates in the market. But the application process and online banking have to be improved as it is so yester-years. With no online or mobile banking application now it is hard to bank more with them.
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Deposit Balance Amount (S$) | Interest Rate (% p.a.) |
|---|---|
First $50,000 | 0.80% p.a. |
Next $25,000 | 0.90% p.a. |
Next $25,000 | 1.00% p.a. |
Above $100,000 | 0.40% p.a. |
Interest Rates during non-promotional periods
How to maximise the interest rate for RHB High Yield Savings Account?
To reap 1.00% p.a., just keep your account balance between S$75,000 to S$100,000.
Assuming you have an account deposit of S$100,000, you stand to earn:
the first S$50,000 at 0.80% p.a. + your next S$25,000 at 0.90% p.a. + your next $25,000 at 1.00% p.a. = which gives you a total of S$875.
Other Features of RHB High Yield
- Allows you to receive your earnings at a decent interest rate, with no lock-in period
- Enjoy convenience and accessibility to your funds
- Maintain an average balance of S$500 and RHB will waive the S$10 monthly minimum balance fee.
Is High Yield the best savings account for you in 2020?
Pros
- Simple and straightforward savings account - ideal for people looking for a fuss-free, park-and-save savings method
- Although not the best, High Yield has a pretty decent starting bonus interest rate that is easily achieveable without having to meet additional criteria.
Cons
- Not ideal for people who cannot maintain a balance of at least S$75,000 - S$100,000
- Does not incentivise spendings hence not for those who intend to spend from this account
Want to know how RHB High Yield compares with other savings accounts? Here's a compilation of The Best Savings Accounts in 2020
Terms and fees for RHB High Yield Savings Account
- Initial deposit: S$1,000 (New-to-Bank) / S$20,000 (Existing-to-Bank)
- Minimum Average Daily Balance: S$1,000
- Fall below fee: S$10 (if your average daily balance falls below S$500)
- Early closure fee: S$30 if below 6 months
Eligibility: who can apply for RHB High Yield Savings Account?
- Citizenship status: Singaporeans, PRs and foreigners
- Minimum age to open an account: 18 years old
How to apply for RHB High Yield Savings Account?
- Apply Online on RHB website or Visit RHB Singapore branches
- For Singaporeans or Singapore Permanent Residents (PR), Documents needed are Original NRIC or Passport, verified by branch.
- For Foreign individuals, documents to prepare are: Employment Pass or Work Permit, IC or Passport,
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