Here’s One Way to Grow Your Savings Without Doing Anything
This post was written in collaboration with RHB Bank. While we are financially compensated by them, we nonetheless strive to maintain our editorial integrity and review products with the same objective lens. We are committed to providing the best recommendations and advice in order for you to make personal financial decisions with confidence. You can view our Editorial Guidelines here.
High interest bank accounts are all the rage in Singapore, and for good reason. After all, what’s not to like about getting a high interest rate on your cash savings?
The problem is, many high interest accounts look good on paper, but are actually a pain to use because they require you to fulfil multiple criteria in order to obtain the promised high interest, such as spending a certain amount on a credit card or depositing a minimum amount of fresh funds each month. It is worth noting that a great many of these accounts will only offer you a flat interest rate of 0.05% p.a. should you not meet the requirements set.
If you’re looking to stash your personal savings to maximise returns for your idle cash, RHB’s High-Yield Savings Account is a great place to park your money in as you can earn high interest yet have the flexibility to make withdrawals at any time.
Let your personal savings accumulate interest
As an individual, you’re looking to earn high interest on your savings while still enjoying the convenience of making withdrawals whenever you wish, without having to jump through hoops in order to get that interest.
The RHB High-Yield Savings Account is about as straightforward as it gets. Simply deposit your money and you’ll get 0.08% interest on your first $10,000, followed by 1% p.a. on your next $90,000.
Here are some of the RHB High-Yield Savings Account’s key advantages:
- High interest with high cap — 0.08% interest p.a. on first $10,000, 1% interest p.a. on next $90,000, 0.08% interest p.a. on remaining balance above $100,000
- Low minimum balance of $500 before the $10 fall below fee kicks in
- Free ATM card
- No lock-in period
- Instant tie in with RHB TravelFX app which allows competitive exchange rates of 11 foreign currency pairs as well as international ATM withdrawals.
Sign-up now to earn promotional rates at 1.05% p.a. for the first $50,000, 1.55% p.a. for the next $25,000 and 2% p.a. for the last $25,000. For all remaining balances above $100,000, the rate has been increased to 0.60% p.a. as well during the promotional period.
The low minimum balance and higher than average interest rate means you can stash your savings in this account no matter how much or how little you have. You’re also free to use the cash as and when you like without this affecting your interest rates.
Let’s say you have $100,000 worth of savings in the account. You will earn a cool $908 (0.08% x $10,000 + 1% x $90,000) worth of interest each year, regardless of whether you have or have not made withdrawals and deposits.
RHB is one of the more underrated banks in Singapore, but their no strings attached interest rates are definitely worth considering. Click here to find out more about RHB’s High-Yield Savings Account.
Do you have any questions about RHB’s High-Yield Savings Account? Ask away in the comments!