POSB is cutting down on their interest rate they are offering for their deposit savings account.
This looks to be a major cut to the interest they are offering, which is about 50% down from the previous rate.
When you think the interest rate is low enough, it gets even lower!
Using the example of $10,000, you will get a grand total of $5 interest per year! That is $0.42 cents per month!!!
Effective date: 14/10/2011
| POSB Savings (Including POSBkids Account, POSB eSavings, POSB eSavings – EP, POSB eSavings – SP, POSB Everyday Savings, POSB Passbook Savings, POSB Save-As-You-Earn, POSB Savings – AF and POSB Work Permit Account) |
||
| Amount | Existing (% p.a.) | New (% p.a.) |
| First $10,000 | 0.100 | 0.050 |
| Next $90,000 | 0.100 | 0.050 |
| Next $250,000 | 0.250 | 0.050 |
| Next $650,000 | 0.250 | 0.075 |
| Remaining balance above $1,000,000 | 0.275 | 0.100 |
| MySavings Account | ||
| For Monthly Savings Amount | Existing (% p.a.) | New (% p.a.) |
| $50 – $290 | 0.125 | 0.050 |
| $300 – $790 | 0.400 | 0.200 |
| $800 – $1,490 | 0.400 | 0.250 |
| $1,500 – $3,000 | 0.400 | 0.250 |
[Source]
