Do you know how much interest you are getting by putting your money in the bank?

Posted on September 1, 2012 by Gwen

 

I was looking for some information and came across POSB interest rates that can be gotten if you have kept your money in a normal savings account. The truth is, I don’t keep a frequent track on the interest rates that the bank gives for a savings account nowadays because it’s too pathetic. If you want to grow your money, there are more and better ways (reading this blog will help too! :)).

 

However, the figures looked a bit foreign to me, they seem different from the figures that I last remembered so I decided to dig out some old information for a comparison. And I was shocked that the rates has once again been revised downwards (it had been revised a few times already in these few years).

 

If you are interested to know, the interest rates are now at 0.05% p.a (aka 0.0005). According to my old data, it was 0.1% (aka 0.001).

About Gwen

Business Owner, Investor. Financial Guru, Educator. My passion is in business management, financial matters and education. Combining these favourites, I manage this blog to share the importance of money protection and growth. Today, I invest in business, stocks, forex and properties. Collectively, I own two overseas properties, a commercial and an industrial property in Singapore. Update: I've since sold my industrial property for a small profit. Have a question? Email me at gwenkok@moremorecash.com
This entry was posted in Deposits, Financial Concepts, Know Your Accounts (Summary) and tagged , , , , , . Bookmark the permalink.

One Response to Do you know how much interest you are getting by putting your money in the bank?

  1. Pingback: POSB eMySavings Account + » More More Cash

Leave a Reply

Your email address will not be published. Required fields are marked *