RHB High Yield Savings Plus Account

In the last post, I took a look at the CIMB Starsaver account.This is an easy, no-frills account to earn a slightly higher interest than your normal bank account at one of the big 3 local banks (DBS, OCBC and UOB). Today we will take a look at another option, the RHB Bank High Yield Savings Plus.

This account does not require a lock-in period, nor a minimum balance

The Bank will pay interest at its prevailing rate for Accounts calculated on daily balances. Interest will be credited at the end of each month

Here is the interest rate table:

Similarly to the CIMB Starsaver, the website doesn't state clearly whether the rates for the 2nd tier and onwards applies to the whole principal, or only to the principal in that tier.

For example, if a balance of SGD 75,000 is in the account, does the first SGD 50,000 earn 1.2%, the next SGD 25,000 earn 1.3%, or does the entire SGD 75,000 earn 1.3%? I would think it is the former, since there is no free lunch in this world.

You should also pay attention to the account closure fee, if your account is closed within 6 months of opening.

As always, read the terms and conditions of these products carefully, and seek financial advice if necessary. Take note of the SDIC insurance amount of SGD 75,000.

None of the above should be construed as investment advice. Do your own due diligence as I will not be responsible for any loss/risk.