I went down to the bank today to open a new savings account.
Heard about this high interest savings rate from this blogger. I checked it out with my friend and the CIMB website to make sure it is real. And real it is.
0.8% interest on your savings ! That is about $8 of interest a year for $1000 you keep in the bank. They give you interest each month so as your savings grow the interest grows as well so you will probably get more than $8 at the end of the year.
This is one of the highest I have heard in years and so I quickly checked that you only need to put in $1000 deposit minimum and additional $100 each month.
The best part is that this bank only has 2 branches in Singapore and almost no ATMs island wide so you can safely save your money there, even from yourself.
POSB is giving about 0.1% and Phillips market fund is going at about 0.5% now. No prizes for guessing where I am moving my long term savings to.
Those who are keen can find out more by searching CIMB StarSaver and enjoy better returns on your savings. I am looking forward to seeing some REAL interest on savings.
Will post an update on this after a month so let you know how it goes.