I thought I will share a little-known fact re savings after Meng Yang's and Amy's posts about getting the best returns for their investments.
Welcome to NTUC Thrift (how apt!).
This tip was actually published in The New Paper a few years ago but, being a tabloid paper, I guess no one paid much heed to it. It is basically a savings and fixed deposit (low base) account that provide a much better return for low-risk investments as compared to existing savings plans offered by high street banks.
Its 2% interest on normal savings basically thrash any of the rates quoted by MY's research. No service fee. No minimum deposit. All you need is to be a NTUC Thrift member (One-time refundable deposit of $20 to your subscription capital account). The only complaint you can have is that it does not provide Internet banking. Hence it is good for savings which you can set aside on a regular basis. What's more, you actually get a Free LED Light Keyholder on the successful opening of an account.
And you reap greater returns if you are a committed saver - a bonus of 10% to 20% if you save regularly with a fixed amount (at least $30 per month)!
Disclaimer: Meng Yang rightly pointed out that you have to be a NTUC member. There is a yearly subscription cost which I believe can be offset by points accumulated using their Rewards points. Anyone with more information please feel free to add.
4 comments:
alamak...... how come this is unheard of!!!! are the rates still current! shucks man...... now muz check it out too!
haiz.... there's a flaw in ur recommendation that i juz found after taking keen interest.
that is, on top of being a Thrift member, you also have to be an NTUC member!!! which equates to $122 of membership fees p.a. That alone renders the 2% void.... tsk tsk tsk....
Yup, there is a charge but you have not talked about the benefits. Moreover the membership fees can be offset using the Link Rewards points which I (personally) think is not difficult since the entire population shops at NTUC FairPrice.
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