Three weeks ago, received a letter from Standard Chartered Bank, stated that with effect from 21 Jan 2008, the e$aver saving account interest rates for deposit balance less than $50,000 will be reduced to 0.80% while 1.20% for balance between $50,000 and $199,999
Similarity, Maybank also revised their interest rates for iSAVvy savings account. Starting 4 Feb 2008, the interest rates for iSAVvy will drop to 0.25% for balance below S$5,000 and 1.68% for balance between S$5,000 and S$50,000.
Apart from investing, where is the best place to park your spare cash now?
One option is FairPrice Plus (FPP) Savings Account.
The advantage of FPP account is no monthly balance requirements and no monthly service fee.
FPP Savings Account earns you 1% interest rate from the very first dollar.
You can easily access your fund using any OCBC and UOB ATMs islandwide.
Recommends to use FPP account for your monthly GIRO deductions because there is no need to maintain monthly minimum balance and the same time earns 1% interest too.
Good news for Year of Rat.
NTUC Thrift also offers best Fixed Deposit rate in town, which is 2.3% interest rate for 24 months. Click on the attractive Hong Bao 2008 fixed deposit promotion page for details.
This is OPAD Day 4 post.