How is it possible to get 2.08% interest return through putting money into a savings account in POSB. There is a way.
Singapore Savings Account Rates helps you to earn cash from savings accounts, savings bonds and other financial investments in Singapore.
POSB 2.08% Savings Promotion 2016:
POSB Savings Account Multiplier Programme
Earn up to 2.08% p.a. on your savings through regular savings plan.
If your regular banking adds up to S$7,500 per month, you’re eligible to earn higher interest.
The higher interest earned will be paid on the first S$50,000 in your Multiplier Account. There is No lock-in period.
1 Remaining balance over and above the first S$50,000 will be accorded the prevailing base interest rate for that month.
Higher interest will be credited in 2 parts:
(i) base interest at our prevailing base interest rate calculated on daily balances will be credited at month end, and
(ii) the remaining preferential interest, calculated as the nett of the higher interest rate and the prevailing base interest rate, based on the sum of your eligible cash flows with us, by the 7th working day of the following month.
You should perform your own due diligence to assess the suitability of these financial products for your personal financial circumstance. Consult professional financial advisors and understand your own risk / reward appetite. Knowledge and understanding of the financial product features and risks are critical as well.