OCBC is having a Chinese New Year promotion where they are offering interest rates of up to 1.8% per annum or even up to 2% per annum (Premier Banking customers only). The first offer is called the OCBC Bonus + Savings Account and the second offer is called the Premier Dividend + Savings Account. The effective interest rate works out to be 0.9% p.a. and 1.00% p.a. respectively. That is not too bad considering that a normal savings account usually offers much lower interest rates. Of course, terms and conditions apply (e.g. fresh funds, etc). But anyone interested ought to check it out.
At the same time, POSB is also offering an account to earn up to 2.014% interest per annum with a POSB eMSA 2014 account. This requires one to set up a regular monthly savings plan (from $1000 to $3000) into the eMSA account in order to enjoy the higher interest rates.
I have not signed up for any of these accounts but think it might be worth checking it out. Think the promotions might be ending soon. So those who are interested ought to check it out really soon. Caveat emptor.
On the other hand, if you are not interested in all this, you might just be interested to read my previous post why it might make sense to top up your cpf account.
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CIMB Starsaver account at 0.8% p.a. interest compounded monthly, no gimmicks ( e.g. interest on incremental balance only, no withdrawals for 3 months etc) like those offered by the banks mentioned. Only condition is incremental $100 monthly balance required.
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