14 October 2005

Oh My. We're All Going To Be Rich.

No, we're not. Increasing an extremely, extremely low interest rate to an extremely low interest rate does not help you to get very much richer.
Oct 14, 2005
DBS raises interest rates for deposit accounts

AFTER keeping savings rates unchanged at a record low level for over two years, DBS Bank finally nudged up its rates for savings accounts more than a week ago ...

With the latest changes, POSB savings account-holders will get 0.25 per cent for the first S$3.000, or double the 0.125 per cent previously. The next S$47,000 will attract 0.275 per cent, up from 0.125 per cent previously.
Seriously, folks, if you're still keeping your life savings in the traditional bank savings account .... DON'T. Put the money somewhere else.

Just keep enough money in your POSB bank account to pay your usual monthly bills and other foreseeable expenses. As your monthly salary is credited each month, sweep the excess into other investments and accounts. Everything is online these days, just click, click, click and you're done.

Even if you know nothing about investing, at least open an online bank account such as Standard Chartered Bank's eSaver account or Finatiq's Cash Investment Account. Then sweep the bulk of your cash there. They pay you 1.88% and 1.90% respectively. More than 10 times what POSB is giving you.

The only way to get rich on savings accounts.

2 comments:

Beng said...

I guess most of POSBank's savings a/c holders are holding it cos' their companies are depositing their salaries there...

And the prevention of the trouble to withdraw their salary every month to deposit into any bank's account could be the reason for their "loyalty"...

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