So far, 2024 has been pretty hard on our bank accounts. Between the GST hike and an impending recession, it looks like our wallets are taking quite a hit this year, even with the GST vouchers and CDC vouchers to aid us. It's times like these when saving your money is more important than ever. One easy way to do...
So far, 2024 has been pretty hard on our bank accounts. Between the GST hike and an impending recession, it looks like our wallets are taking quite a hit this year, even with the GST vouchers and CDC vouchers to aid us.
Next, beef up that measly 0.01% up with bonus interest rates. You get different bonus rates depending on which of the following categories you fulfil:Purchase one or more new single lump sum investments totalling at least $50,000/month. Investments can include Unit Trust, Structured Notes and Bonds.: Deposit more money into your account, increasing your account’s average daily balance by at least $3,000 from the previous month’s.
The only advantage to starting a Citigold or Citigold Private Client banking relationship is that the bonus interest rates can apply to a larger sum of money. For Citibanking and Citi Priority customers, bonus interest rates are applied to only the first $50,000, according to the Citi Wealth First T&Cs . This increases to $100,000 for Citigold and $150,000 for Citigold Private Client.
Not bad if your card’s main function is to pay for your kid’s tuition fees, dental checkups, condo MCST fees and what-not. If you prefer a card with $0 minimum spend, the UOB Lady's Card is right up your alley. And yes, men can apply too! You get a bonus 1.2% every month that your account balance increases by $500 or more, so that might encourage you to save more even if you don’t hit the other criteria.5% cashback on everyday dining + 0.50% OR 0.80% The Bank of China SmartSaver account is a decently good choice for high earners. They offer probably the highest interest rates in Singapore for those who take home a monthly salary of at least $6,000. You get a cool 2.6 per cent p.a.
Assuming you hit three transactions and start with a bonus interest rate of 0.25%, you’ll get 4.3% on your first $50,000 and 5.5% p.a. on the next $25,000. For comparison, the OCBC 360 account will give you 4.65% p.a. for hitting the three categories of crediting your salary, saving, and spending on your credit card.
The good news is that there isn't a minimum amount for PayLah! spend. Just use it to pay for anything, even if it's a $1+ cup of kopi at your local coffeeshop. Easy! Admittedly, 3.50 per cent p.a. interest is not a lot. But we have to give the CIMB FastSaver account credit where it's due-it's the least headache-inducing of all the savings accounts to have.
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