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Tuesday, October 30, 2007

Standard Chartered's e$aver Accounts Interest Rates Drop Again

Standard Chartered's e$aver Accounts interest rates is to drop again for the 3rd time since its launch.

On the first day of its launch, interest rate for deposit balance below $50K was at 1.88% before falling to 1.50%. In the latest announcement, interest rate for deposit balance below $50K will be further reduced to 1.20% p.a.

FYI, Standard Chartered's e$aver Savings Accounts still remain one of the best saving plans in Singapore.

There's actually another savings account in Singapore that offers a higher interest rate - MayBank's iSAVvy Savings Account. Since its launch, interest rate for deposit above $5K to below $50K was at 2.38%. This interest rate was reduced to 2.08% before reducing further to the current 1.68%. I forsee it to fall again soon but should stay above Standard Chartered's e$aver.

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