Interest Rates for Your Savings Accounts

Recently, I did a simple comparison of the banks' savings interest rates in Singapore. We all know that the banks' savings interest rates are meager as compared to other more advanced instruments such as fixed deposits, structured deposits, unit trusts, stocks etc. However in my humble opinion (I am not trained in finance :-P), a saving account is the most basic and flexible (easiest to withdraw cash if needed for emergency) form of personal savings. I feel that one will not only need a savings account for salary credit purpose but also for building up a sizable savings amount so that he can channel the extra money into other more advanced instruments as mentioned above. While the money is still in savings account, we can also make it work harder.

Thus, with this in mind, I did a simple comparison table (check here to download!). The top three savings accounts that offer highest interests are:

• OCBC Monthly Savings (from 1.68%) - 24 months lock-in
  
• StanChart e$aver (from 0.8%)
• Citibank "Step-Up Interest" (0.6875%)

This information only serves as a guide for personal use. Interests rates and savings plans change from time to time. The rule of thumb for your finance goal is to make your money work harder!