Today I took a look at the results for the previous week results for action of treasury notes, only a 1.05% yield for the 3 mths treasury bill Most probably it would be a declining trend coming for this investment vehicle. Also, I realise that the itnerest generated from my 'since young' savings account is too little! Therefore I went on a massive hunt and came up with the following options in the order of preference. I would rate it according to the interest rates and also the relevant fees and charges. If you are like me, you have some excess money and want to make them work harder, without the need to take on additional risk, then here is the place for you to read.
First on the list, Maybank ISAvvy, interest rates would kick in after the 5000 mark @ slightly > 1%, in addition the bank also has this element on compounding another 6% interest after the 2nd mth if your account on the average mth doesn't fall below 5k balance. However, there is a account maintenance fee of 2 dollars a month which would significantly eat up any interest you want to achieve from it if your balance is below 500, same as most banks saving accounts.
Second on the list is probably Stan Chart e-savers account. Although its interest rate is nowhere near its historical rates of more than 2%, it is generally higher than normal saving plans. In addition, there is no minimum balance fee or any charges worth noticing if you just want to put the money as savings. At a interest rate of 0.78% - recently revised, it is still better than most banks. However, a comment about their customer service: it is appalling. Please Stan Chart, do something about it. My experience to enquire about this product is rather bad, nothing worth praising I would say.
Anyway, here are 2 avenues if anyone wants to make their savings work harder for them. But be careful of all the unnecessary hidden charges though as you apply for the plan to earn money, not to lose money
~Cheers and enjoy
No comments:
Post a Comment