How many of you guys have this question in your mind? Where should I place my money? Investment fund? Equity Market? Forex? For some people those instruments are just too risky for their likings. So how about placing your saving in fixed deposit/saving account? So we go to the 3 major bank in Singapore asking about the interest rate, then you will say “oh my god”, how come the interest rate is so low now? Presently, the 3 major banks in Singapore (UOB/DBS/OCBC) is paying an interest rate of 0.05% for ordinary saving account and less than 1% for 1 year fixed deposit. Those rates are just too low when you start thinking of the high inflation rate recently. At 0.05%, a 10k saving deposit will yield just $5 a year. That is enough for a plate of vegetable rice and a can of drinks at the coffee shop.
So what should we do with our money then? If saving into the bank is your only option, maybe you can start looking at other banks other than the 3 major banks in Singapore for higher interest rate. But one thing to take note is to ensure that your saving is protected by the Singapore Deposit Insurance Scheme. Banks such as Maybank, SBI, Standard Chartered, NTUC Plus account give better interested rates. So maybe before depositing your money, it will be good to visit the website of different bank for the best rates before deciding where to place your cash….
No comments:
Post a Comment