Highest Interest Rates Savings Accounts Comparison

For less than S$50-60k,

3.55% pa, BOC Smartsaver
Pros: Highest Interest Rate (Spend $500, Giro salary and Pay 3 bills)
Cons: Bank's web interface is dated

3.25% pa, OCBC 360 (Varies 2.25-3.25%)
Pros: Best for people who spend on dining (365 Card). High Interest Rate (Spend $500, Giro salary and Pay 3 bills)
Cons: Need to invest to get the additional 1%, otherwise interest rate will be 2.25%

3.06% pa, Maybank SaveUp
Pros: Highest Interest Rate  (Spend $500 on Card, Giro salary, Giro $300 payments)
Cons: Credit card not one of the best in terms of rewards

2.43% pa, UOB One
Pros: Highest Interest Rate among Local banks (Spend $500 and Giro salary/3 Giro payments)
Cons: Need to spend consistently using the One Card every 3 months additional yearly rebates up to $200

2.5% pa, Citibank Interest Plus (Not recommended - Due to investment components)
Pros: Highest Interest Rate (Insure, Invest and Spend)
Cons: Need to buy a Citi Insurance, Need to invest in Regular Savings Plan and Spend $25 per month on Credit Card.

Alternatives

2.08% pa, DBS Multiplier
Pros: Best if high income ($20k and above) and do not want the hassle of credit card spends.
Cons: Difficult to reach $20k (Combination of salary, investing and credit card spends per month).

1.55% pa, SCB eSaver
Pros: Best for people with No cc, no Giro, No salary crediting, No min sum, No need for withdrawals.
Cons: Applicable only to Fresh funds / Incremental Balances. ~

1.15% pa, Maybank iSsavy
Pros: Promotional rate of 1.15% for first S$50k
Cons: Applicable only to Fresh funds / Incremental Balances. ~

1.00% pa, CIMB FastSaver
Pros: No gimmicks, flat 1% on first S$50k.
Cons: Not many ATMs, Web interface is dated.

0.88% pa, UOB Uniplus
Pros: Local Bank, Promotional rate of 0.78% for first S$50k
Cons: Applicable only to Fresh funds / Incremental Balances. ~

~ Moving balances between banks once every 2 months, will constitute the monies as fresh funds, enabling you to qualify for the 'Promotional' interest rates.

For any other amounts above S$50-60k*,

1.98% pa, Bank of East Asia (BEA) - Best 1 Year Fixed Deposit
1.80% pa, Maybank iSsavy Time Deposit - Fixed Deposit
1.75% pa, Singapore Savings Bond (May 2016) - Singapore Government Bond
1.70% pa, SCB eSaver - Amounts up to S$200k
1.60% pa, UOB High Yield Account - Amounts up to S$350k
1.40% pa, Maybank iSsavy Savings - Amounts above S$200k
1.28% pa, UOB Uniplus - Amounts from S$100k - 1Mil
1.00% pa, CIMB FastSaver - Savings Account

Realistically, it would not be difficult to get between 1-2.25% on your Savings. Why leave your money idling, in a bank that gives 0.0275% interest p.a, when you can make it work! Hopefully the list above can help you make a choice on some of the best interest rate savings account available in the market today.

Read more on the Best Savings Accounts in 2016.

*Do note that the interest rates promotions may change with time. So do refer to the date that this page is updated.

Last Update: 05-Aug-2016

- Added Maybank SaveUp

Xiaomi MiBunny Watch - The Perfect Watch for your Kid!

Xiaomi has recently released an interesting Smart Watch for kids. Unlike the typical fitness tracker/time-telling functions that most smart watches on the market have, the Mi Bunny (米兔) is actually really cool - something that i am sure many parents will want their kids to wear!

Here are some of its cool features!

Location Tracking

It allows parents to track their child’s movements using a new app for Android 4.2 (or higher) or iOS 8 (or higher). Boasting connectivity with Russian and American GPS satellites, its inbuilt GPS system promises an accuracy of 10 meters. This is especially useful for parents with children who either travel to school or are brought there by their domestic helpers.

Voice Message and Calls

Anyone setup on the control application, can send voice messages or calls from their phone to the child wearing the MiBunny. The child can also reply by talking into the watch. (You will likely need a SIM Card for this feature to work). This feature can also be programmed to be turned-off when the child is in class or childcare.

SOS

In the unfortunate event that your Child is lost or in trouble, he or she can simply press the SOS button to alert the parents. This is quite an interesting feature to have, but i am not so sure if it is relevant in the context of Singapore.

Summary

Whilst it is definitely not the first child targeted wearable device on the market, the Mi Bunny does have some interesting feature that many parents would like to have. It serves not just as a pedometer, location tracker but also a communication device - AND it just looks cool!

The Mi Bunny (米兔) has a reported 2 day (usage) and 6 day standby battery life. Available in pink or blue. The Mi Bunny costs 299元 (S$60*) and is currently only available in China. 

Credit: http://www.mi.com/mituwatch/

* Rate: S$1 = RMB 4.8