#LIFEHACKS
How To Grow Money Faster In Banks

Tired of meagre interest rates? Check out these enhanced regular savings plans.

      28 January 2020

The sheer turbulence of the financial market is enough to confuse and put off the regular Joe from investing, combined with the possibility of losing the entire invested sum.

Many people would have accumulated a sizable savings account after working for several years. While money is safe in a savings account, having a savings plan is the next safest way to grow savings over a fixed period of time. A typical savings account earns you 0.05% in interest, while many savings plans offer higher interest per annum.

Here are our picks of the easiest savings plans to get started.

DBS Multiplier Account

1.55% – 3.8% p.a. Interest
Income credit via GIRO
DBS Bank Limited
www.dbs.com.sg

The DBS Multiplier Account is a deposit account that offers higher interest if one credits their income (salary and/or dividends) and transactions with credit card spend, home loan instalment, insurance or investments.


POSB Save As You Earn (SAYE) Account

2.05-2.25% p.a. Interest
Income credit via GIRO
POSB
www.posb.com.sg

The POSB SAYE Account is a fixed monthly savings, with amounts from S$50 to S$3,000 on a fixed day every month. To qualify for the additional interest, users must not make any withdrawal from the POSB SAYE Account. For NSFs, check out their Save As You Serve (SAYS) plan for additional benefits!


360 Account

1.2-3.45% p.a Interest
Income credit via GIRO, minimum S$2,000
OCBC Bank
www.ocbc.com

The OCBC 360 Account allows account holders to earn bonus interest in six categories: Salary, Spend, Step-Up, Wealth, Grow and Boost. These interest bonuses can be earned independently as well.


One Account

1.5-3.88% p.a. Interest
Income credit via GIRO, minimum S$2,000
United Overseas Bank Limited (UOB)
www.uob.com.sg

UOB makes it simple to achieve a 1.5% p.a interest by offering only two criteria: salary credit and a minimum of S$500 spending. One can additionally pay three bills monthly via GIRO, and enjoy a higher 1.85% p.a. interest.

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