Singlife accout or CIMB fastsaver

By Bully The Bear • May 20, 2020

I recently signed up with the Singlife account. You can read about it from other blogger's reviews or from the actual site itself, but to me, it's essentially a savings account. Since I also have CIMB fast saver, I want to explore the decision tree to decide when to put extra funds into CIMB fastsaver or into Singlife account. In my analysis, I'm really going to ignore all the extras, like retrenchment benefits, insurance parts etc of the Singlife account.

Here's the facts:

Singlife account:

First 10k - 2.5% pa

Next 90k - 1.0% pa

Thereafter - 0% pa

CIMB fast saver:

First 50k - 1.0% pa

Next 25k - 1.5% pa

Next 25k - 1.8% pa

Thereafter - 0.6% pa

Here's the calculations of the interest earned and interest % pa for both:

Singlife account:

Singlife account

CIMB fast saver:

CIMB fastsaver

I just did up the interest for the various banding. Straight away we can see that the interest we can get for CIMB is much more for greater amounts of principal put inside

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