Hi everyone! It is that time of the year again that we set out to evaluate the highest interest savings account available for our readers again!
Since our last post on this topic, the bonus interest rate you get when you fulfill certain criteria in high interest savings account has continued to be slashed (most recently by OCBC in their 360 accounts as reported by The Straits Times). It is an opportune time to see how we can maximize our interest in the low-interest rate environment today!
What is a high interest savings account?
If you or your friends are currently using savings accounts such as the DBS Multiplier, OCBC 360, or UOB One, you already know what high interest savings accounts are – they typically offer significantly higher interest rates of 1-2% per year as compared to a bank’s typical 0.05% p.a. base interest rate.