Did you know Some BANKS pay you 7% for your deposit? (High Yield Savings Account)

I was pretty shocked that many of my friends didn’t know this…

Just a few days back at a Chinese New Year gathering, one of my friend told me they saw one of my videos about saving money in the bank is a sure way to lose money due to inflation.

“What you say makes sense… the Inflation is about 3 to 4% but the bank rates are only giving 2%” my friend said.

“Yeap, but you can always put your money in a High Yield Savings Account” I replied.

“What’s that?” he asked. The rest of the friends in the group also became curious and started to gather to ask more.

“What? You have not heard of High Yield Savings Account?” I was pretty shocked.

The reason I am shocked is because most of my friends are in their late 30s to late 40s and typically I am sure they all qualify to get 4% to 7% of interest for putting money in the bank!

Btw, this is a NO RISK method. It is not investments. We know investing in index funds historically gave us more than 10% per year and investing into solid undervalued stocks gives us even more…

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Now back to High Yield Savings Account!

These are special accounts that offer higher interest rates than regular savings accounts, allowing you to grow your savings faster and more effectively. Some of them even offer up to 7.51% per annum, which is more than double the inflation rate.

Sounds too good to be true? Well, there is a catch.

Most of these high-yield savings accounts have certain requirements or conditions that you need to meet in order to enjoy the full interest rate. For example, some of them may require you to deposit a minimum amount of fresh funds, maintain a certain balance, credit your salary, spend on your credit card, invest in certain products, or perform other actions.

But don't worry, these requirements are not too difficult to fulfill, especially if you are already doing some of them as part of your financial habits.

And the rewards are definitely worth it.

Here are some high-yield savings account you can look at if you are in Singapore. If you are not from Singapore, simply Google “High Yield Savings Account (Country)”

#1: Citi Wealth First Account (Citigold): This account offers up to 7.51% per annum, which is the highest in the market. However, you need to deposit a minimum of S$250,000 in fresh funds within 3 months and maintain it until reward fulfillment. (The subsequent accounts needs lesser cash - read on)

You can also choose exciting rewards like an Apple iPhone 15 Pro or S$1,500 cash.

#2: **Citi Plus**: This account offers up to 4.0% per annum, which is still very attractive.

You need to make a minimum deposit of S$20,000 in fresh funds within 2 calendar months of account opening and maintain it until reward fulfillment.

You can also select rewards like Skullcandy Riff Wireless 2 Headphones or Apple AirTag (2 pack)

#3: HSBC Everyday Global Account (Personal Banking): This account offers up to 4.60% per annum, which is also very competitive.

You need to deposit a minimum of S$100!

I got most of the information compiled at this amazing local blog

Seriously, if you are having a savings account, why not make a switch into a High Yield Savings Account?!

And do forward this to your friends so they know about it as well! Remember to constantly read the emails to get more tips and insights!

Also, do check out this free newsletter that gives Early Insights into investing ideas! Thats where some of my ideas came from!

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Together, Next Level

Sean