StanChart & CIMB Offer 1% Interest on Savings

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In a sign that interest rates in general would soon be increasing, Standard Chartered Bank is offering time-limited interest of up to 1% per annum on savings deposits in its e$aver accounts. CIMB Bank runs a similar promotion.

Stanchart e$aver

Deposit Balance Basic Interest Bonus Interest
Less than S$50,000 0.2% 0.8%
$50,000 to less than $200,000 0.3% 0.7%
$200,000 and above 0.4% 0.6%

There are "no minimum balance" and "No lock-in periods". The main terms and conditions are that:

CIMB StarSaver

CIMB's offering is not time-limited, but for a depositor to enjoy the maximum 1% interest, a monthly top-up (incremental deposit) is required. Otherwise, the interest rate is 0.5% per annum, There is also a minimum deposit of S$5,000 to start an account. StarSaver's advantage over the e$aver is that the former provides free cheque books and a monthly statement.

Conclusion

While not very compelling, the e$aver and StarSaver accounts have one of the highest advertised rates for a Singapore dollar savings account, since the financial crisis began. It is however an ominous sign to people who have signed on floating-rate home loans.


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Last Updated ( Saturday, 12 June 2010 06:46 )