Its been more than one year since I last post. It was due to many reasons and a story for another time. However, as mentioned by many personal finance blogs, there had been a flurry of reduction of interest rates for the high interest bank accounts. These had been covered and analysed by other bloggers, so I shall not be duplicate the good efforts.
However, I shall bring attention to what are the alternatives. In my opinion, there are three options right now. There were four but SC’s eSaver’s bank account made adjustment on 1st June 2020. Hence, its no longer a contender. Of course, there is also the SingLife Account which offers 2.5% for the first SGD10k, but i will not cover it because its been well-reviewed by a few bloggers.
The three options are:
1. HL Bank iSaving Account
2. CIMB Fastsaver Account
3. Maybank iSavvy Account
I have tabulated the interest for these three accounts for up the SGD300k below. However, do note of the following:
1. HL Bank iSavings – the base and promo interest rates are valid till 30th June 2020. Also, the FAST transfer limit is SGD50k.
2. Maybank iSavvy account interest is assumed that the Average Daily Balance in April is SGD500.
If one has exactly SGD100k, I think CIMB FastSaver is the account to own for interest of 1.325%. For those who have SGD200k and above, i think it may make sense to open a HL Bank iSavings account even based on the normal interest rate.
Personally, I have just opened an HL Bank iSavings account online. The account was opened immediately with MyInfo details. However, I am still awaiting for the security token to be sent to me. The security token is required to add interbank payees and also adjust the maximum daily transfer limit.
Hope the above chart and analysis will help you in your decision making for your alternative bank accounts.