Savings Accounts

In view of banks' savings account with interest rates of 0.25%pa, I wish to share some high interest yielding savings account that I know of.

Currently, I'm using NTUC Fairpriceplus account. It is giving 1%pa interest on your daily balance. You can opt for debit or credit card, which also works as a ATM card and a NETS card. You can also use internet and phone banking on this account. Monthly statements will be sent to you reflecting all your transactions. There is no minimum balance to maintain. For more details, check out www.fairpriceplus.com To open this account, simply go to any NTUC and get the form to start up.

Another 1%pa account is Finatiq. Also known as Bank of Singapore, it is a wholly-owned subsidiary of OCBC Bank. It works basically like fundsupermart, allowing you to trade unit trusts. It also allows you to place fixed deposits at pretty good rates. Like normal bank account, you can deposit money in the cash account which gives 1%pa. For more details, check out www.finatiq.com.sg

Personally I prefer NTUC Fairpriceplus because you can withdraw cash at any OCBC/UOB ATM and spend anywhere that accept NETS/VISA. It works exactly the same way like a normal bank current account with a ATM/NETS/VISA card combined.

Of course there are other acocunts like Standard Chartered Esavers and Maybank's Isavvy accounts, but interest rates are less than 1%, unless you put in 50k.