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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