I haven’t done a thorough check recently but I think Maybank is still offering one of the best (if not the best) interest rates around town. Haven’t been using the iSavvy account much ‘cos I forgot my userid and password the past few months. Only got down to sorting that out recently and what good news I saw when I logged into Iceman and my joint account – the interest rate will be revised upwards from 1 Dec 2008. Woohoo!
These are the revised rates if you’re interested…
Daily balance below S$5,000
Daily balance of S$5,000 to below S$50,000
Daily balance of S$50,000 and above
Interest-on-interest every 6 months*
Effective from: 1 December 2008
* For average monthly balances of at least S$5,000
I was exploring the functions/features of Maybank’s online banking site and guess what I found? There’s this iCheque service that allows you to send a local currency cheque to a local adddress, via their website, FREE! Does that rock or what!
This means.. no more queuing at AXS to pay credit card bills (HSBC is one of the online payees for Maybank. For other banks that are not direct payees, you can just send an iCheque!!). The fine print to that is that you must allow Maybank 2 business days to process the cheque before having it mailed to the local address. Well, I can live with that couple of days of delay as long as I get to avoid queuing up at AXS machines with their often dreadfully long queues!
In addition, you don’t have to worry about running out of cheques when your cheque book finishes. (Stupid DBS didn’t send Iceman a new cheque book till he called them up for one… and as with almost all current account T&Cs, he was charged $10 for it!).
For foreign currency cheques deliverable to an overseas address, there’s a charge of 0.125% if I don’t recall wrongly. But that’s still convenient right? Heh.
Anyway, I thought this was useful information for folks wanting to maximise their bank interest earnings. Hope you find this useful. 🙂