Monthly Savings Account

If you are looking at saving a fixed sum of money regularly, say $500 a month, there is a type of account which you can do this at a higher savings interest rates.

Citibank
Step-Up account. Basically it offers 1.2%pa at the end of 1 year.

DBS:

MYSAVINGS ACCOUNT (Interest rate is based on the Monthly Savings Amount) FOR MONTHLY SAVINGS AMOUNT
$50 - $290	0.4500
$300 - $790	1.0000
$800 - $1,490	1.2000
$1,500 - $3,000	1.5000
MYSAVINGS ACCOUNT (TREASURES PREFERENTIAL INTEREST RATES) (Interest rate is based on the Monthly Savings Amount) FOR MONTHLY SAVINGS AMOUNT
$50 - $290	1.3000
$300 - $790	1.4000
$800 - $1,490	1.5000
$1,500 - $3,000	1.6000

OCBC
Monthly Savings Account (for 2 years)
$50 - $790 1.08%pa
$800-$5000 1.28%pa

If you are DBS Treasures (ie with 200k deposits) rates are quite good. Else can get Citibank at 1.2%. If you save $800 or above, get OCBC at 1.28%

Personally I don't put in these. I prefer Fairpriceplus savings account (1%pa) and Money Market Funds (about 1%+) combined.