Bank of China Multi-Currency Savings Account Promotion

From 6 June for a limited period only, depositors with fresh funds of at least S$20,000 get to enjoy up to 1.375% p.a. promotional interest rates and receive bonus interest upfront.

For deposit amounts of S$20,000 to S$49,999, prevailing interest rates (0.35% p.a.) plus bonus interest rates (0.90% p.a.) are 1.25% p.a.

For deposit amounts of S$50,000 to S$99,999, prevailing interest rates (0.4% p.a.) plus bonus interest rates (0.90% p.a.) are 1.3% p.a.

For deposit amounts of S$100,000 and above, prevailing interest rates (0.475% p.a.)  plus bonus interest rates (0.90% p.a.) are 1.375% p.a.

Do note that funds will be earmarked for 12 months and BOC will deduct the bonus interest paid upfront if there are any premature withdrawals.

Please refer to the website for more details.

HSBC CNY Time Deposits

HSBC is offering 2.0% p.a. for 1-month tenor and 2.4% p.a. for 3-month tenor for offshore CNY time deposits (Placement amounts from RMB 250,000 to RMB 5,000,000). Offer is valid till 30 June 2014 for HSBC Premier and Advance customers only.

Please visit website for more details.

OCBC 360 Account

Starting sometime in April this year, OCBC has revamped its 360 savings account making it more attractive and easier to understand for depositors in a bid to increase its market share in preparation for the rising interest rate environment.

There are 3 conditions to be met to get up to 3.05% per year on a maximum deposit balance of S$50,000. That will mean S$1,525 of interest per year or S$127 per month which is great given that this is extremely low risk and not forgetting that OCBC is twice ranked by Bloomberg as the World's Safest Bank in 2011 and 2012. It is now World no. 2 in 2013 after Qatar National Bank.

So, how does it work? You can earn 0.05% per year base interest for account balances of up to S$200,000 or base interest of 0.15% per year on balances above S$200,000.

Bonus interest of extra 1% per year can be earned each when you do all or any of the following:
When you
1. Credit your salary every month by GIRO of at least S$2,000 - at the bank site, there is actually a weblink with an email already drafted addressed to your HR to change the banking instructions. You just need to include your 360 account no. It is that easy.
2. Pay any 3 bills every month either through internet banking or GIRO
3. Spend at least S$400 on your OCBC Credit Cards every month - you need to be the Principal Cardmember and the Primary Account Holder for the 360 account

With conditions that are quite easy to achieve, I believe that OCBC will be a big winner with this product. The other similar products DBS multiplier and Stanchart Bonus Saver will have a tougher time attracting deposits.

Please refer to the website for more details.

Standard Chartered Bonus$aver Current Account Promotion

Standard Chartered Bank is very aggressive in its acquisition of new depositors and is holding frequent roadshows at Plaza Singapura and other shopping malls in Singapore to promote its Bonus$aver account by giving away sign gifts to new customers. The current promotion runs from 1 June to 31 Aug 2014.

Depending on whether you sign up online or at a branch, you can walk away with a Fitbit Flex / American Tourister Luggage with minimum deposit of $3,000 or a Samsung Galaxy Tab 3 / American Tourister Luggage and $100 CashBack with minimum deposit of $50,000.

You just need to spend a minimum of S$500 per month on your Bonus$aver card and you will be rewarded with 1.88% p.a. on the first S$25,000 of your account balance or S$470 per year.

Not bad for a current account. First cheque book is free and subsequent ones are chargeable at S$15 each. Another point to note is that a minimum daily balance of S$3,000 is required. Otherwise, a fall below fee of S$5 will be charged.

Please refer to website for more details.

CIMB StarSaver Account

CIMB is probably paying one of the highest interest rates of 0.8% p.a. on current account balances. The only conditions are a minimum initial deposit of S$5,000 and that you need to put in an incremental balance of at least S$500 every month for the 0.8% to apply on your entire balance. For amounts less than S$500, you still get to enjoy 0.5% p.a. If you decided to put in a lump sum, say $20,000, CIMB will automatically convert it into equal portions for you and allow you to enjoy the 0.8% p.a. from the first dollar.

There is no need to fulfil multiple conditions to enjoy the higher savings rate and with the FAST (Fast and Secure Transfer), funds can be transferred from other participating banks within seconds.

Some features that I find attractive are:
1. Free cheque book
2. Convenience of Internet banking
3. No fall below fee
4. No lock-in period

Please refer to the website for more details.