# Best “Do-nothing” Saving Accounts in Singapore (Better than Fixed Deposit)

Albert Einstein once said that “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.”

In E Maths, students will learn that the formula for Compound Interest is $\text{Total amount}=P(1+r/100)^n$. The exponential “to the power of n” explains the powerful effect of compound interest.

Choosing the right savings account can earn you hundreds of dollars or more per year (depending on how much savings you have).

There are many savings accounts that require a lot of “action” on your part, notably you need to credit your salary (with SAL code) to the bank, use their card, buy their investment/insurance/loan products, etc. These accounts include DBS Multiplier, OCBC 360, BOC Smart Saver, etc.

However, many people may not meet their criteria (or may not want to use so much of their products). For instance, self-employed people may not have SAL code salary.

Currently, I think the 2 best “Do-nothing” saving accounts in Singapore are:

## Citi MaxiGain

From Citibank, the interest rate of MaxiGain is tied to the SIBOR rate. Starting interest will be 80% of SIBOR, stepping up 0.1% for 12 counters. Final rate is around 2% or more. This is frankly better than many fixed deposits. The only downside is that if you withdraw from the account, the counter will drop to 0 (or to 6 once you reach the checkpoint of 6 counters). But even with the counter dropping to zero, the interest is around 0.8% or more which is pretty decent.

## Author: mathtuition88

https://mathtuition88.com/

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