Interest rates for fixed deposits offered by a few banks had their rates adjusted downwards in the past few weeks.
Was at DBS last week to change my passbook when the counter service staff recommend me this ‘forced’ monthly savings plan that pays a higher interest compared to normal savings account. And if the monthly amount is quite, the interest earned would be higher too. Eg, for a min sum of $800 per mth, the interest earn is 1.2% (which is higher than some of the fixed deposits interest rates).
This ‘forced’ monthly savings plan is called MySavings Account
|
Monthly Savings Amount |
Interest Rate (p.a.) |
|
S$50-S$290 |
0.45% |
|
S$300 – S$790 |
1.00% |
|
S$800 – S$1,490 |
1.20% |
|
S$1,500 – S$3,000 |
1.50% |
Pls Note: I am not an employee of DBS bank nor am I in any way related to them. The analysis is done purely for my own reference. For details, you might wish to check with the bank directly.
oh i signed up for it too when i was at POSB last mth. they will only send u a statement every 3 mths…
ya… but u can view in via Internet Banking.. so no need to wait for statement to come
find tat the plan is quite flexible… if I decided to put in excess $$ into my account for that month I would earn a higher interest (for that mth only)