Just this year, The Federal Reserve made the bold move of slashing interest rates by 150 basis points in two weeks to combat the impact of the pandemic to the economy. Even though lower rates are supposed to be beneficial to the economy, banks’ net interest margin have been pressured and resulted in cutting of interest rates in hopes of saving its own NIM. Savers are at the mercy of the banks when it comes to interest rates. Recently, several savings products popped up to meet the needs of high yield savers.
In this article, we will discuss the feasibility in using such products as an alternative to your usual savings account.
High Yield Savings Account
Be it DBS Multiplier, OCBC 360, UOB One or Standard Chartered’s Bonus$aver. You have chosen your high yield savings account because it meets your daily needs.