High-interest savings account: S$420/mth interest

If you had S$100k in your bank account, you can earn 5% interest on it quite simply. 5% is very attractive for a super low risk savings plan (though note that SDIC only insures up to S$75k).

This is the UOB ONE Account. Like many high-interest rate accounts, their interest rates are tiered (see slide 3). But at 100k, you earn an effective 5%. There's only 2 things you have to do:

1) Credit your salary of over S$1.6k

2) Spend a minimum of S$500 a month on selected UOB credit cards (inclusive of UOB One, UOB Lady's etc.)

And tadah! Almost S$420 a month of interest in your bank account.

What I enjoy about the UOB banking app is you can track how much eligible spend has been made on the credit card, so you don't miss out on interest thinking you've hit S$500 in spending when you haven't!

#savings #AdultingWoes #finance #banking