Friday, February 27, 2009

Comparing Saving Interest Rates

Currently we have ocbc saving alc (0.25% p.a.) and standchart e-saver alc (0.4% p.a.), e-saver alc was at a saving interest of 1.88% p.a. 2 years ago, it drop down to 0.4% p.a. in about 6 months time since the financial crisis. So we started checking out other saving alc offered by other banks. Then, we decided to close Ocbc saving alc, keep e-saver, open 2 new alc :- FairPrice Plus Sav alc and Citibank Step Up a/c.


Ocbc saving alc 0.25% p.a. (Typical sav alc rate)
* Svc fee of $2 for avg bal. less than $1k
* Don't have Ocbc ATM machine near our area, only got OUB ATM machines and it charges $0.30 after 2 cash withdrawal per mth.

Standchart e-saver 0.4% p.a.
* For amt less than $50k
* No min. bal to maintain
* No mthly svc fee
* Internet/Phone banking only

FairPrice Plus Sav alc 0.5% p.a.
* For amt less than $50k
* No min. bal to maintain
* No mthly svc fee
* 1% p.a. for above S$50k
* Internet/Phone banking, ATM access & statement

Citibank Step Up alc 0.3% p.a. + Step up int 0.9%p.a. = 1.2%pa
* I am quite confuse about the additional interest of 0.9% so I just treat it as having a interest of at least 0.3%p.a.
* Worldwide ATMs, with no cash withdrawal charges (This is the main point, hubby was interested to open this alc as he tends to travel alot)
* No min. bal to maintain
* No mthly svc fee with salary credit
* Free cheque books
* Internet/Phone banking, ATM access & statement

1 comment:

Anonymous said...

GREAT COMPARISON!