Saturday, January 26, 2008

iSAVvy - e$aver comparison

I made a comparison on two of the best savings accounts currently available in Singapore. These accounts do not require any amount to be locked in like a fix deposit but still they offer interest rates higher than other passbook savings account.

iSAVvy account is offered by Maybank while e$aver account is offered by Standard Chartered. From the comparion, in terms of interest rate you can see that each bank targets a different group of savers. For amount below $5000, e$aver gives a much better rate while for amount higher than $5000 iSAVvy gives a much better rate. -> No longer true after iSAVvy revised rate wef from 4 Feb 2008

As for maintenance of account and in terms of fees, e$aver is the safest and cheapest compared to iSAVvy. A point to take note is that even though e$aver does not include an ATM card, you can still withdraw from ATM5 network if you have other Standard Chartered savings account that issues an ATM card.

The most important point to take note is those amounts deposited into either accounts are protected under the Deposit Insurance Scheme.

New rate updated on 2 Feb 2008
Interest rateDaily balance below S$5,0000.25% p.aLess than $50,0000.80% p.a
Daily balance of S$5,000 to below S$50,0001.08% p.a$50,000 to $199,9991.20% p.a
Daily balance of S$50,000 and above1.28% p.a$200,000 and above1.40% p.a
Interest calculationCalculated daily and credited monthlyCalculated daily and credited monthly
Cheque bookNoNo
Minimum initial deposit$10$0
Minimum average daily balance$500$0
Fall-below fee$3$0
Automatic account closureIf $0 for 30 daysIf $0 for 5 consecutive months
Withdrawal service fee at branch$15$5
Deposit service fee at branch$5$0
Early account closure fee (within 6 months)$30$0
Number of branches in SG2217
Deposit Insurance Act 2005ProtectedProtected

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