Today I met a banker from RHB (Singapore). And I got to know about this current account of theirs. I was told the interest rate for this current account is about 0.4% p.a. There is no minimum sum to maintain and it comes with a cheque book.
Curious, I went to their website and attempt to find more information about the rates because at 0.4%, my brain tells me that this is more than the current average of 0.05%-0.1% that most savings accounts are giving. So it’s worth my time to take a closer look. The following information is what I gathered from their website.
| Account Name | Amount | Interest Rates (p.a.) |
|---|---|---|
| Savings Account | S$- | 0.375% |
| Junior Banker Savings Account | First S$9,999 | 0.48% |
| Junior Banker Savings Account | Next S$40,000 | 0.58% |
| Junior Banker Savings Account | Next S$50,000 | 0.78% |
| Junior Banker Savings Account | S$100,000 and above | 0.88% |
| Trio Current Account | First S$5,000 | 0.48% |
| Trio Current Account | Next S$45,000 | 0.58% |
| Trio Current Account | Next S$100,000 | 0.68% |
| Trio Current Account | Next SS$350,000 | 0.78% |
| Trio Current Account | Above S$500,000 | 0.88% |
My conclusion, purely on interest rate returns.
If you have between S$5,001 to S$9,999, it seems like the Trio Current Account would give a better interest rate.
If you have above S$50,000, Junior Banker Savings Account seems to give a better interest rate.
For the rest of the amounts, it doesn’t really quite matter if you choose between the Junior Banker Savings Account or the Trio Current Account.
But of course, if you decide to give any of RHB accounts a try, please check with them on the specific terms and conditions associated with each account. And the accounts we eventually choose to have should match our lifestyle and serve our needs. Junior Banker Savings Account seems to be targeted at children.
But at a glance, RHB’s current account seems like a good option for a person looking for a “normal” savings account with a better interest rate.
