I've Opened 2 Accounts

Having a bigger commitment to savings, I've decided to start to manage my bank account with better positioning and care. In other words, I've looked for the banks with various interest rates and done a comparison.

Here's the general outlay, most banks give an initial interest of 0.25% p.a. from the 1st dollar. A higher interest of 0.3% is given when monthly average is excess of $3,000. An example of these banks are DBS-POSB, UOB and OCBC. Above rates are referring primarily to savings accounts. These usually comes with a passbook for your banking records with an ATM card and usually Debit cards if you want.

Now for the sides..... internet and phone banking is optional and some banks charge for this for savings accounts to link to current accounts. Current accounts either cost you $2 per month or have a 0% interest rate for your money inside. Had to search for free internet banking with savings interest. Another thing to note was the monthly minimum and charges, which is the $2 charge for average monthly deposits falling under $500 for the basic savings accounts.

Found 3 banks that have the things I wanted. NTUC FairPrice Plus under OCBC, Stanchart e-$avers account and Maybank i-SAVvy savings account. Here are the deals.

FairPrice is offering 1% interest rate. NO monthly minimum sum charge. NO monthly service charge. Access to internet and phone banking. Access to over 770 OCBC and UOB ATMs with the Debit card that also gives Linkpoints for NTUC.

Stanchart is offering 1.5% interest rate. NO monthly minimum sum charge. NO monthly service charge. Access to internet and phone banking. NO ATM card either.

Maybank is offering 1.68% interest rate for deposits exceeding of $5,000. NO monthly service charge. Access to internet and phone banking. ATM card provided. $30 penalty for early account closure with $2 monthly charge for average daily balance under $500.

Hence I've proceeded to opened the 2 accounts of NTUC Fairprice Plus under OCBC and the Stanchart e-$avers account. This is as my POSB has no free internet banking service.... and I'll need that service to transfer cash over to my Stanchart e-$avers. Afterall, POSB/DBS and UOB/OCBC are 2 accounts good to have for access to our island-wide ATMs available. As Stanchart and Maybank have competitive interest rates, maybe will get a Maybank account to save up for the long term. However, I still like the Stanchart account for it has no minimum sum required unlike Maybank needing 5%. No minimum sum works with me as I rather use the cash for investments. Maybe Xuefeng should get the Maybank account instead since she is non-investment inclined, ie. risk-adverse. hehehe