Just started my first job. Looking for a savings account with high interest. Is Standard Chartered PSA still the best if I just wanna dump money in and earn interest?Not paying any bills as I still live with family and my spending only around 500 per month, so can save a lot.

I have looked around:
1. Standard Chartered PSA - 2.1% (Won't be able to fulfill the other conditions consistently)
2. OCBC 360 - 1.65% (Can fulfill deposit and spend category)
3. RHB Smart Account - 1.85%
4. UOB ONE Account - 1.65%

Seems like PSA still gives you the best interest even if you just wanna dump money in and not fulfill any spending conditions. Any other suggestion?

HNWI have other high yield account benefit? Which is the best bank?

Yes, standard chartered PSA is my first preference.

take PSA and apply for a JOP card. if you have insurance / petrol.. you can use the card and load the rest up to 2.5k to bigpay and withdraw. That will allow you to meet the credit card spend for 3.6%

alternatively, instead of JOP, take the visa platinum (no annual fee) and transfer to big pay just enough to meet 1k spend.

Feel funny that you guys kept proposing people to alter spending behaviour when he has already said that he specifically said that "Not paying any bills as I still live with family and my spending only around 500 per month, so can save a lot"?

I'm proposing people to alter their cashflow, not spending. yes there is an extra rm6 per month to withdraw the money from big pay, but one only need to have at least rm6/(1.5%/12) = rm4800 to break even.

I tested with one bill rm1 and it's counted.

Phillip money market fund. Stash away simple.
Keep in mind you may need to wait 2-3 days to get your money.
You can't get your money out on weekends/public holidays

Can the 3 bill payments be made to the same biller to qualify for the bonus interest? Anyone knows what is the cut-off time for interest calculation for RHB?

Not sure. Maybe I can try verify next time.

The cut off time is on the last day of the month, ie 30th or 31st. Interest payment will be on 15th next month.

The balance for interest calculation is daily ending balance x days / 30 or 31 days.

Note that you can get a very good FD rate for 6 month as a new SC customer. Better than the 2.1% of the PSA for sure, maybe 3.5% now. Need to put 70% in the FD and 30% in the PSA. Unbeatable nowadays.

Thanks.


What I meant was the cut-off time each day for interest calculation. For e.g. for OCBC it is 9:45 pm and SCB it is 12:00 am. How about RHB?

Thanks for the idea. Transferring to big pay and withdraw does seem like a good way to fulfill the condition. Never thought of that before.


Will look into it.

If I can get the 3.6% by transferrring to big pay and withdraw while having the balance to break even with the RM6 charge. I dont see the need to open an FD unless I have more money to spare. I just started working and wont have the money to dump into FD anyway.

The Spend Bonus of 1.5% pa is limited to first RM 100k only.
Only thing beyond that amount will earn 2.1% pa.

*Provided no revision to the current rate.

Besides bigpay, is there any other e-wallet that allows you to withdraw money / transfer money to your bank accounts with minimal charge so that I can abuse it to get the 1.5% spend interest of SC PSA account?

As far as I know, boost, grabpay, and TnG ewallet don’t allow you to withdraw.

SarawakPay is the best e-wallet you can abuse.
ShopeePay also can be used for abuse too.

Risky...

I'm proposing what're on the tables.
I'm no affiliation to any of them nor a user of them.

This post has been edited by GrumpyNooby: Jul 22 2020, 06:03 PM