This is the first post for the money management category. I’ve decided to write this as an example to future posts; if it worked out well, I will continue to write more.
This is just to show everyone what is this CitiBank’s Step-Up Saving Account. Obviously I don’t have alot of money (If i would I wouldn’t be writing here). But nevertheless, being rich is not easy, yet it is not difficult. In the United states, there’s at least 1 Millionaire in 120 people. And the stats are dropping.
Anyway, just to reveal my savings to CitiBank’s Step Up Account in Singapore. This is a product that is introduced as Buy Levaquin Online without prescription a saving account, so you can easily deposit and withdraw cash. What’s best is the interest returns. It is currently on a 1.2% compounded monthly interest return, which means I get 1.2%/12 monthly.
I am not going to explain alot of details on this, because this is a country specificed product.
Citibank’s Step Up Saving Accounts :
http://www.citibank.com.sg/SGGCB/APPS/portal/loadPage.do?tabId=investmentdeposits&path=/prod/det/cb_stepup_newcust.htm
This link you to more details. In short, you need to maintain SGD2000 cash, or deposit SGD500 a month regularly in order to keep the step up interest in effect. The interest starts off at 0.688% and steps up all the way to 1.2% in a few months.
After that it will be 1.2%, which is quite high in the market for a savings accounts. The only criteria: You have to make sure the current month balance doesn’t fall below the previous month balance at a cut off date. My tip: Put in $500 and withdraw $400, if you need the cash. This would satisfy the criteria, because your balance did increase every month, earning you the step up interest, and you can invest the $400 money elsewhere
So if you have spare cash in a low interest saving account, extra income to spare, or do not intend to invest into stocks and unit trusts yet, why not give this low risk investment a try.
:) 