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Tuesday, January 19, 2016

Best Savings Accounts in 2016

The New Year has arrived! With all the gloom and negativity about the global economy, rising interests rates and potential financial crisis, i thought it would be a good time to share some of the best savings account in Singapore. So that you can stretch your interest income without experiencing the risks and volatility of other financial products like stocks or REITs.

I have shared my technique on earning that additional 1.0% on my savings. In essence, i move my spare savings around different banks, thereby qualifying it as 'fresh funds', to enjoy the promotional interest rates - which definitely beats leaving it in a traditional savings account.

Since i have benefited from this, i would also highly encourage you to leverage on the current fresh savings deposit promotions in the coming new year and enjoy the promotional interests on your savings now!

1. e$aver Account (Standard Chartered Bank)

The Standard Chartered Bank's eSaver account gives the best interest rates for deposits of fresh funds less than $200,000. Enjoy a 1.5% p.a interest for fresh deposits during the promotion period. 

2. Uniplus Account (UOB)

The 2016 Chinese New Year promotion for Uniplus features a bonus interest rate of 1.0% to 1.4%, depending on the amount of fresh funds deposited and held in the account for the period till 29-FEB-16.

In addition to the bonus interest, you can also enjoy (while stocks lasts) a 24K gold-plated RISIS Bountiful Monkey Figurine* (worth S$238) when you deposit Fresh Funds of S$108,000.

3. iSAVvy Savings Account (Maybank)

For people who are disciplined savers, Maybank iSAVvy Savings Plus Account is a step up savings account that will reward you for consistancy. With this savings account, you will not only earn an interest of 0.30%-0.38% a year but you will also be rewarded with additional interest on interest as high as 6%, credited at the end of the 6th month. 

The current CNY promotion also includes an additional 1% interest on fresh funds. *Do note that the promotion ends on the 31-JAN-16.

4. 360 Account (OCBC)

For those who still haven't opened a 360 Account, 2016 is the time to do so. It is by far the best savings account (Especially if you are an OCBC credit card user) for up to $60,000.

You can refer to our article on the Best Interest Rates products here!.

A Quick Comparison

<S$50,0001.45%<S$50,0001.10%<S$50,0001.30%Up to $60kUp to 3.35%
S$50,000 to <S$200,0001.50%S$50,000 to <S$100,0001.30%S$50,000 to <S$200,0001.38%
≥S$200,0001.60%≥S$100,0001.40%≥S$200,0001.50%*With conditions