Savings accounts’ interest rates tracker
The current inflationary environment has caused many banks to increase their interest rates, one after the other. It is getting harder to track which bank has the best interest rates suitable for you, so I have come up with ….
*DRUMROLL*
…a simple interest rates tracker!
Contents
Why all that effort? Can’t I just leave my money in my savings account?
Can is can la. But your DBS/OCBC basic savings account earns only 0.05%, losing to the inflation rate of 6.7% (long-term average of 2-3%). You are losing purchasing power without realizing it. So, you know what to do now right? Don’t let inflation eat away at your hard-earned savings, keep it in a high-yield savings account or other platforms such as Singapore Savings Bonds, Fixed Deposits, or T-bills that lets you catch up to inflation. The best way is to invest in equities to obtain a >7% returns lah, but that is another topic for another day. Without further ado, let’s talk about the interest rates tracker!
Interest Rates Tracker
Okay, it’s not impressive I get it, but hey, I welcome any feedback. This spreadsheet contains the latest interest rates targeted for young working adults or even students with less than 20k capital. Of course, if you have more $, the interest rates will work out better in your favor. You may come back from time to time to look at the latest interest rates which I will update whenever there are new developments! You can also make a copy of it, but do not request access.
Important points to note
This tracker is made in mind for those who want a hassle-free way to park their money without jumping through the usual hoops of salary credit or credit card minimum spending. This means you do not have to do anything other than depositing or withdrawing your $$. Therefore, the accounts that have complicated requirements will be marked with a 0.05% base interest rates, such as UOB and OCBC. I have also added the criteria for additional interest in the remark column and highlighted the banks that you should pay attention to those. Keep life simple, am I right?
Just tell me what is the best bank for a student like me?
Okay lah, everyone wants to know this… so in my humble opinion, Standard Chartered Jumpstart would be the best option if you are under 26 and want a stable consistent, long-term interest rate of 2%. If not Standard Chartered Esaver is also a good alternative at 3.85%, just take note of the fall below fee if you never meet the minimum sum of $1000 average daily balance. Following that, the next in line would be CIMB Fastsaver and Trust bank for fuss-free 1.5%.
You may find the link to the spreadsheet here.
