If my previous post had scared you about the interest rates that you are getting for the money you are leaving in your bank and want to get more, there’s some alternatives.
One of the alternatives would be to take advantage of special or other type of savings account that gives a higher interest. Do note that the interest gotten from saving accounts will not be enough to make you rich but what I am doing here is comparing and see how to increase the returns in similar asset classes.
If you save at least $300 with POSB eMySavings Account + (eMSA+) every month (one alternative), you can increase the interest rate you are getting to 0.20% p.a. compared to interest rate of 0.05% for normal accounts.
I like having another separate bank account like this for the purpose of saving. In my personal opinion, it’s best not to mix your savings with your normal GIRO accounts or savings account where you’ll withdraw your daily or monthly expenses from. This is to prevent you from accidentally spending your savings. Furthermore, for accounts like this, usually you’ll get to enjoy a slightly higher interest rates, depending.
There is a promotion now, if you open an eMSA+ account and credit 6 consecutive months of monthly savings amount successfully and not make any withdrawals, you can get an additional 1.5% p.a. savings reward.
