wahlau's online hut

i have previously shared a little on loans (i have a feeling the site will also slowly turn into a financial advise site :P) and today i might write a little more about savings. Savings account should not be new to us, i assume. Since a kid parents already taught me about putting money in piggy bank, then after some long time, i can empty it and bring the coins to bank. Years after years the angpaos collected during chinese new year will also be deposited into my savings account. It is somehow now a habit learnt since childhood.

savings account usually give you a small amount of interest. I believe, as far as i remember, you get something like from 0.5% to 1%. It not really much, but as a child, it was great to see how money grows. Actually even today, savings account is still not a bad choice, as long as you do not plan to commit your money to some long term investment. I will encourage people to just have a saving account, if they have some extra cash but don't plan to start a investment fund or fixed deposit. It is still some income at 0.6%, better than none right?

different banks will offer differnet packages, so you should look around and compare them for yourself. don spend too much time on comparing every single offer. Worst, never go and change around just for a 0.1% difference between offers. Why? the time and effort you spent on running from one bank to the other (or browse here and there) can be used for something more productive, and i believe the productive time spent worth more than your interest return.

coming posts i will continue sharing on other types of accounts. stay tuned :)

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