Well, this is because your normal Savings Account interest rates is just 0.05% per year.
Yes, it's just "0.05%", not even 0.5%. It's 20x lower than 1%.
It's "per year" and not per month. It's about 0.004% per month. Yup, it's 250x lower than 1%.
Well, you can immediately earn 20x more than your pathetic interest rate of 0.05%/yr by opening a CIMB FastSaver Account online here:
http://www.cimbbank.com.sg/en/personal/products/accounts/savings-accounts/cimb-fastsaver-account.html
By just registering online, your CIMB FastSaver account number will be issued instantly. With the account number you can then transfer your Singapore Dollar funds from your existing bank to this new account number.
And voila.. from this very second onwards, your money starts to earn 1%/yr instantly. It's that simple.
To give you some perspective, if you have $20,000 in your POSB Savings Account, by the end of year, when you update your passbook, you will see an extra of $10 for interest.
But for CIMB FastSaver, every month you will see an extra $16 (yup, it's monthly and not typo). If per year, it's $200!
That is a $190 difference!
With this simple step, you can also easily beat current standard FD (Fixed Deposit) rates. E.g. as of 28April2017, DBS 12-month FD is 0.35%/yr.
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You might be thinking, well, even if it's 20x it's still 1%.. You still feel it's low. Well stay tuned, next we will share how to earn 71x your normal savings account rates with up to 3.55%!
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