Seiko Club Singapore Museum

Bank interest rates

madabt
Bank interest rates
Feel very moody. Realised my bank account interest rate drop from 0.1% pa to 0.05% pa few days ago. :(



Anyone got Maybank iSavvy Account? Saw their interest rate is 0.3% pa if got minimum $5k daily balance which is no problem for me.

https://sslsecure.maybank.com.sg/scripts/mbb_rates_savings.jsp#isa" false;



Any other alternatives besides closing my accounts and putting it all in biscuit tins?
ruzmidah
Re: Bank interest rates
buy gold? =D
silverguy
Re: Bank interest rates

"madabt"

Feel very moody. Realised my bank account interest rate drop from 0.1% pa to 0.05% pa few days ago. :(



Anyone got Maybank iSavvy Account? Saw their interest rate is 0.3% pa if got minimum $5k daily balance which is no problem for me.

https://sslsecure.maybank.com.sg/scripts/mbb_rates_savings.jsp#isa" false;



Any other alternatives besides closing my accounts and putting it all in biscuit tins?


I am not sure it is good to it all in one tin, a simple rule is risk should be diversify:-) Just a 5 cent thought ;)
madabt
Re: Bank interest rates

"silverguy"

[quote="madabt"]Feel very moody. Realised my bank account interest rate drop from 0.1% pa to 0.05% pa few days ago. :(



Anyone got Maybank iSavvy Account? Saw their interest rate is 0.3% pa if got minimum $5k daily balance which is no problem for me.

https://sslsecure.maybank.com.sg/scripts/mbb_rates_savings.jsp#isa" false;



Any other alternatives besides closing my accounts and putting it all in biscuit tins?


I am not sure it is good to it all in one tin, a simple rule is risk should be diversify:-) Just a 5 cent thought ;)[/quote]

Milo tin, biscuit tin, Anlene tin? :mrgreen:
herzausstahl
Re: Bank interest rates

"madabt"

Feel very moody. Realised my bank account interest rate drop from 0.1% pa to 0.05% pa few days ago. :(



Anyone got Maybank iSavvy Account? Saw their interest rate is 0.3% pa if got minimum $5k daily balance which is no problem for me.

https://sslsecure.maybank.com.sg/scripts/mbb_rates_savings.jsp#isa" false;



Any other alternatives besides closing my accounts and putting it all in biscuit tins?


0.3% of 5k is $15 per year?! I think a seiko sawtooth appreciates faster :lol: :lol: :lol:



There are of course alternatives, aplenty! How tenable each alternative is depends on a few things.



Perhaps some useful questions to reflect on are these:

How much total money are you looking to save/invest? - The more money the more options, the more attractive the options

How much illiquidity can you afford? - If you need liquidity it constraints your options

How much unnecessary debt/high-interest debt do you currently have? - It is very difficult to consistently out-do interest rates on unsecured or flat-rate debts, so paying them off first might be better

Are you financially savvy, financially educated?

What is your emotional threshold for risks?
madabt
Re: Bank interest rates
Hmm.. Im definitely not financially savvy or educated, tried reading up on ETFs, even those cartoons that try to explain it, but catch no ball.

No debts, not a risk taker, liquidity isnt an issue (i think) and have about $15k to invest. Any suggestions?
Paladium
Re: Bank interest rates
if got available fund and u can afford to, don't leave the money in bank. always invest.. in stocks, shares, bonds. Or property. Find me if interested in property investment. :D