Went down to the bank to get my eSaver account open today… it offers the current highest savings account interest while I do not have enough savings funds to go for a better investment yet. Since I’ll be leaving my money in the bank account anyway, why not let it earn by itself? Though I know it’s still very very little interest, it’s still more than 7 times more than what I can get elsewhere. Also the daily calculated interest is paid monthly instead of annually, so there’s actually a bigger compound interest factor, making it worth even more than the “more than 7 times more”.
In the end I opened two accounts with them, the original eSaver I went for, and an additional bank account which links to my eSaver account. The “promoter” introduced me an accompanying account that comes with a debit card and cheque book, so I was able to withdraw eSaver funds from the ATM directly with the card, despite eSaver itself being unable to. This also granted me access to the atm5 network which I’ve been wanting to join. I’ve queued enough at those dreaded POSB/DBS atms!
Since the new account also had no minimum balance I just needed $1 in each account to get it open. The only catch which he reminded me is to cancel the new account after 3 years, cos that’s the time for the expiry for fee waiver! Hopefully I’ll be lucky enough to get an extended waiver from them!