11 thoughts on “How to be Awesome at Saving

  1. Nice post and I like the part abt go jump into curry :p

    Sorry to burst your bubble but I’ve to let u know that POSB savings earns 0.05% p.a. now and MySavinga acct earns between 0.2-0.25% p.a. These rates were revised 14 Oct 11. Other banks incl Citibank step-up salary acct are doing the same. I think there’s some clause in the T&Cs which says the bank has absolute discretion to revise deposit interest rates whenever.

    The only good thing abt this is that home loan interest rates are at record lows for new property purchases, refinancing or cash out (taking a loan against a fully paid up property), and also the reminder of the importance of investing (with inflation at 5.7% in singapore).

    Oh wells, hope the abv helps, at least when u look at your savings acct (a brilliant idea) at the end of the year you won’t be shocked by the measly interest (oh wait wasnt it twice higher last yr? Whatever happened to compounding)?

    In case you’re wondering yes I’m at DBS bank! I advise on housing loans, mutual funds and currency linked investments as well as insurances. Any queries I can with or if you know friends shopping ard for a property/housing loan, pls drop me a mail! sharonang@DBS.com. No obligations 🙂

    Merry Christmas and continue writing! Hope SIA is treating u well!

    • Hi Sharon! You’re absolutely right! Thanks for the correction and I’ve amended my post to indicate the correct (crappier) interest rate.
      Having said that, that’s precisely the reason why most of my money is in a third bank account (CIMB), whose interest rates are starting to look a lot more attractive now that DBS has lowered theirs. Though yes, I’m aware that CIMB’s interest rates aren’t guaranteed either 😦

      I still maintain a MySavings account for short-term savings (< 1 year) though – it's psychologically advantageous to sift aside some money, not looking at it until the end of the year when I get to blow it all on Christmas gifts, holidays, and parties, absolutely guilt-free 🙂

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