joint account for planned wedding

[starryPat]

hi all, me and my partner have planned for our wedding in the near future and was looking for a bank acc with gd rates.. anyone got a preferred bank to intro? and what types of saving we should go into? example fixed, current or saving acc..

[dark_choz]

hi starryPat,

Just for your reference, Me & SO have a joint savings account with Maybank... If i'm not wrong, it's called iSavvy Account. It's 2.38% interest per annum and every 6 month there's a 6% interest-on-interest. However, enjoy the good interest rates, you must have at least 5k in the bank account.

E.g. Deposit: 10k
Interest per month = 10k * 0.0238 / 12 = 19.83
After 6 months, total interest earned = 119 + (119*0.06) (interest-on-interest) = 126.14

Another bank that offers attractive interest rate is Standard Chartered bank: ESavers savings account. (1.88% per annum)
Note that the banks reserve the rights to amend the interest rates.

HTHS

[moomooland]

eraine,
will there be any closing charge for Maybank?

[starryPat]

hi e-raine!!! thanks for the fabulous advice... i was like bursting my brain over the computer last few days wreaking my eyes on all hte availiable bank's deposit... because my mum usually does all these stuff of opening account for me thus got no idea what tyes are what... now that i got some fabulous lead from you.. i caould go better... at least w a direaction is always better.. thanks for the wonderful advice..

btw is there a high minimum amount that we must put in as me and bf are still currently stuck in sch and not graduationf for at least another 2 yrs... thus we caouldnt afford a high monthly deposit like 500 each..

[Jayme]

Thanks for the advise!

[dark_choz]

are_you_sure79: Yes. A service fee of 10 or 15 bucks (can't rem) is applicable for closure of account which can be done at bank counter.

starryPat: welcome gal... Maybe you can try opening Standard Chartered eSaver account instead since it doesn't require minimum sum as prereq for the high interest rate of 1.88%? Even if u just put $1, u can open the account.

Note that eSaver account is only accessible through internet banking. No monthly statement, no atm card. And it does not charge service fee for closure of account. Just transfer out all the moolahs and the account will be automatically closed.

Jayme: No prob. Hope it helps u...