Oct 14, 2005Seriously, folks, if you're still keeping your life savings in the traditional bank savings account .... DON'T. Put the money somewhere else.
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.
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.