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

The Best Child Development Account (CDA) in Singapore

Hey! If you are here because you are thinking of which bank to open a Child Development Account (CDA), then congratulations! You will soon be welcoming your bundle of joy to this world!

First off, let me explain what the CDA is all about. The Baby Bonus Child Development Account (CDA) is a co-savings scheme, where savings deposited by parents into the CDA are matched dollar-for-dollar by the Government, up to a specified ceiling, depending on the child's birth order. The CDA monies can be used at Approved Institutions (AI), such as Child Care Centres, kindergartens, Hospitals, Clinics, Pharmacies  and Optical shops. 

Yes! You can even use the money for your Pediatrician visits and for Vaccinations.

This article will compare the CDA from each of the 3 local banks and help you make the best choice, to give your child a head-start he/she deserves!

CDA First Step Grant (NEW!)

If your child is born on or after 24 March 2016, he/she is eligible for the CDA First Step grant of S$3,000 (announced on Budget Day 2016). To receive the grant, parents must wait until 1 July 2016 before saving in the child’s CDA. Since the CDA First Step Grant is a government initiative, the benefit is the same across all 3 banks!

1. POSB (Smiley CDA)

Interest Rate: 2% (Up to a max. of S$12,000 for 1st & 2nd Child)

Remaining balance: 0.05%p.a

Others: 
- 2% interest is guaranteed for 5 years
- Baby Bonus NETS Card ( Discounts on various online, retail and dining merchants).

2. OCBC (CDA)

Interest Rate: 2% (Up to a max. of S$36,000)

Remaining balance: 0.05%p.a

Others: 
- 3% Cashback on medical spend, on top of existing benefits with OCBC 365 Credit Card. 
- Discounts with the OCBC Baby Bonus Card at bookstores, optical shops, enrichment courses and other merchants like MindChamps and Kinderland.

3. UOB (CDA)

Interest Rate: 2% (With no deposit cap on all balances)

Remaining balance: N.A

Others:
- Kungfu Panda gift set promotion*

Summary

Regardless of your choice, the CDA is a must to give your child a head-start in life. Whether you intend to use the money for enrichment, education and heathcare (at approved institutions), the government will provide a dollar-for-dollar matching up until the cap, based on the order of your child.

Hopefully this article has helped you in your parenting journey!

Notes:
*Singaporean parents do not need to make a trip to the bank to open a CDA.
*The funds in the CDA cannot be withdrawn in cash.
*All banks will issue a Baby Bonus NETS card to the parents.
Credits: Babybonus

Shipping Amazon Purchases to Singapore using ezBuy (Formerly 65Daigou)

The U.S dollar has weakened slightly from the highs of S$1.45 to about S$1.35 (As of writing of this article). Perhaps it is time to consider making that Amazon purchase that you have always wanted (Don't forget to get your Cashback!). Whilst Amazon does provide shipping to Singapore on certain purchases (e.g Books, Clothing and Shoes), there are also some really good deals on items that do not ship direct (e.g Electronics, Tech. Gadgets and Health Products). 

If you are interested to get a product that does not ship directly to Singapore, you can use a freight forwarding service like ComGateWay, Borderlinx or ezBuy!

In this article, we will explain and provide a step-by-step guide on how to buy and ship an item from Amazon to Singapore using ezBuy.

Our experience with ezBuy has been positive and it has one of the most competitive freight forwarding rates in the USA.

1. Create an ezBuy Account

Create an ezBuy account (if you have not) and select "Ship-For-Me"->"Forwarding Address" to get your unique forwarding address.

This is the address that you would be shipping your Amazon purchases to. 

2. Setup the Address in Amazon

Login to Amazon, Go to "Your Account->Manage Addresses" to setup your ezBuy address (it should look like the screenshot below).

3. Browse for the item

Start Shopping!

Search for the item that is available in Amazon (In this example, the product is unavailable in Singapore and its variant is significantly cheaper if bought from the US/Amazon).

Certain electronics are also comparatively cheaper in the US than in Singapore, Example, this PS4 Slim would typically cost >$450 in Singapore. But buying it on Amazon (On Cyber Monday - US$212) Would likely cost you about $340 inclusive of freight from a forwarder. Do note about the warranty of these products. Some provide global warranties while others are only applicable in the US.

Do note that certain items are eligible for global shipping (direct from Amazon). If that is the case, you can ignore the remainder of this article and ship direct instead of using a freight forwarder.

4. Checkout and select the ezBuy Address

Make your payments and select the ezBuy address that you have just created. The items will be delivered to that address. Once the purchases have been shipped by Amazon, you can proceed to step 5.

5. Inform ezBuy of your purchases

Login to ezBuy and click "+ Submit New Order".

Copy and paste the product URL and Tracking No. This will facilitate the processing of your package when it arrives at the USA Address (Warehouse).

6. Pay and Receive

Login to ezBuy and select "Ship-For-Me -> Arrived".

Under the "USA" tab, you will see the total chargeable weight of the package. The rates (at time of article) are charged at S$ 3.99 per 500g (no base charge).

Choose your preferred delivery method, pay, receive the goods and enjoy!

For more help on the ezBuy purchasing guide.

* This is NOT a sponsored or paid article.

Best Savings Accounts in 2016

The New Year has arrived! With all the gloom and negativity about the global economy, rising interests rates and potential financial crisis, i thought it would be a good time to share some of the best savings account in Singapore. So that you can stretch your interest income without experiencing the risks and volatility of other financial products like stocks or REITs.

I have shared my technique on earning that additional 1.0% on my savings. In essence, i move my spare savings around different banks, thereby qualifying it as 'fresh funds', to enjoy the promotional interest rates - which definitely beats leaving it in a traditional savings account.

Since i have benefited from this, i would also highly encourage you to leverage on the current fresh savings deposit promotions in the coming new year and enjoy the promotional interests on your savings now!

1. e$aver Account (Standard Chartered Bank)

The Standard Chartered Bank's eSaver account gives the best interest rates for deposits of fresh funds less than $200,000. Enjoy a 1.5% p.a interest for fresh deposits during the promotion period. 

2. Uniplus Account (UOB)

The 2016 Chinese New Year promotion for Uniplus features a bonus interest rate of 1.0% to 1.4%, depending on the amount of fresh funds deposited and held in the account for the period till 29-FEB-16.

In addition to the bonus interest, you can also enjoy (while stocks lasts) a 24K gold-plated RISIS Bountiful Monkey Figurine* (worth S$238) when you deposit Fresh Funds of S$108,000.

3. iSAVvy Savings Account (Maybank)

For people who are disciplined savers, Maybank iSAVvy Savings Plus Account is a step up savings account that will reward you for consistancy. With this savings account, you will not only earn an interest of 0.30%-0.38% a year but you will also be rewarded with additional interest on interest as high as 6%, credited at the end of the 6th month. 

The current CNY promotion also includes an additional 1% interest on fresh funds. *Do note that the promotion ends on the 31-JAN-16.

4. 360 Account (OCBC)

For those who still haven't opened a 360 Account, 2016 is the time to do so. It is by far the best savings account (Especially if you are an OCBC credit card user) for up to $60,000.

You can refer to our article on the Best Interest Rates products here!.

A Quick Comparison

	SCB		UOB		Maybank		OCBC *
<S$50,000	1.45%	<S$50,000	1.10%	<S$50,000	1.30%	Up to $60k	Up to 3.35%
S$50,000 to <S$200,000	1.50%	S$50,000 to <S$100,000	1.30%	S$50,000 to <S$200,000	1.38%
≥S$200,000	1.60%	≥S$100,000	1.40%	≥S$200,000	1.50%		*With conditions