Wa, 1.28% is not bad. Actual link is here. Let’s look at the details:

  • Initial deposit of $1,000- $5,000
  • Monthly GIRO of $200 – $10,000
  • Interest rate for first $200,000 balance
  • No restriction for withdrawal

Questions that need to be answered, but with no information:

  • What is the minimum bank balance?
  • Is there a fall-below fee?
  • How is the GIRO set up? Authorization to SIF to deduct from your appointed bank?
  • *BONUS* Will this GIRO be considered as a GIRO transaction by your appointed bank?
  • *BONUS* How MANY GIRO deductions can be set up? ie. Can 1 SIF account be used to GIRO in money from multiple bank accounts?

This looks quite enticing. Current market competitors are CIMB FastSaver (1%, minimum $1,000 deposit) and Citibank Maxigain (0.75% – 1.95%, minimum $15,000). As a pure savings-only account, either for emergency or general savings, these 3 accounts are pretty …