Just checked my POSB(now DBS) saving accounts and to my surprise, there's a new entry for interest of $4.47. Given my balance over the new year of a bit below $100.00 its a whooping 4+% p.a.
DBS is so kind to poor people like me to give me such high rates(I have heard rumours that they paid only 0.125% or 0.25% p.a.)
Standard Chartered's 1.88% p.a. and Maybank's 2+% no frills e saving accounts stand aside!
In case you think I am that naive, I do know why I got my apparent 4+%. Its just a simple exercise in statistics manipulation...
I have included a brief explanation for this phenomenon in the comments.
Monday, January 02, 2006
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Well the reasoning behind this is very simple. Banks calculate interest on the daily average balance, not your balance at the moment of crediting you the interest.
So for example if I had $10000 in my account for 1/2 a year(w/o changes) after which i withdraw everything, leaving $100 inside for the remaining half of the year, my average balance for calculating simple interest for the year will be $10000x6/12 + $100x6/12 = $5050.
I am not sure of the actual mechanics/formula for the DBS/POSB acc though, but for Standard Chartered which I am using, the interest is credited monthly, and the interest is calculated daily, compounded if i remember...
Why so happy over 4%? The inflation rate last year was 6.5%...the interest not even enough to cover inflation. The purchasing power of yr savings decrease actually.
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Is that true? because I am finding a bank with such high interests for a long time!
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