Friday, October 31, 2008

Interest Rates for Your Saving Accounts

Do you know what is the interest rate for your saving account? The answer: It depends on what type of saving accounts that you have. I have a Plus Saving Accounts with Public Bank. The interest rates as below:I have to mantain at least RM3001 for a full year in my account for me to enjoy the 0.20% (Interest of RM6.002/year). Very small amount, right?

My young niece of 8 years old also has a saving account with Public Bank. Hers is Wise Saving Accounts. The interest rates that she enjoys as below:

See the differences? Assuming she has RM3001 in her accounts, she's getting an interest of RM84.6282/year. Wow, there is a difference of RM78.6262! I can purchase about 1g of gold with that difference :) and also, her interest is paid on monthly basis. For my Plus saving accounts, i got paid twice yearly (30th June and 31 Dec). Perhaps I can consider to park some of my $$$ under her accounts :p BTW, she can enjoy the Wise Saving Accounts till 18 years old. After that, automatically, PB will transfer her account to Plus Saving Accounts.

Anyway, I see the reason behind. PB has a good intention to encourage the youngs to save for their education. It's encouraging. I surely will open a Wise Saving Account for my future children :)

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