Updated: 1 May 14 – Version 2 available here
Interest rates are at an all time low now, but Singaporeans who are not keen to place their money in funds or stocks should look at the table below carefully before placing your money in the wrong bank. Of course, MAS only protects the first $20k in your bank account, and the foreign banks definitely provide a better rate compared to the local banks (except for Citibank which is damn miserable). Nevertheless, even the best rate of 1.38% does not combat inflation so this is definitely only for the weak hearted who cannot stomach ups and downs in the investment field. If you are more adventurous, go for bonds, unit trusts or stocks. Of course, always do your research first and know what you are headed for first!