Bank Rankings   -- Best deals for checking, fixed deposits and savings accounts

  Best low-balance Fixed Deposit: Hong Leong Finance ($500 min, 1-year deposit: 1.3125 per cent).

Comment: Hong Leong Finance, offers 1.325 per cent interest for a one-year fixed deposit. Not far behind is Singapura Finance. It offers 1.25 per cent interest for a one-year fixed deposit.

  Best high-bal Fixed Deposit:     Citibank ($50,000 open and $5,000 min, 1-year:  2.75 per cent).

                                                               DBS         ($20,000 open and min, 1-year: 2.728 per cent.)

                                                               OCBC     ($40,000 open and min, 10 mo/10 day:  2.79 per cent p.a.)

                                                               UOB        ($50,000 open and min, 1 yr:  2.78 per cent).

Comment: (i) Citibank calls it an "unfixed deposit".  You must open the account with $50,000 but can withdraw any amount at any time and earn 1.88 per cent on the amount you withdraw (pro-rated for the period it was deposited).  You must keep a min bal of $5,000 to keep the account open.

(ii) DBS requires $50,000 in its 12-mo fixed deposit account (2.725 per cent). Interest paid on early withdrawals is pro-rated quarterly.  (iii) OCBC pays NO interest for early withdrawals.  The term is 10 months and 10 days.  It pays 18 per cent for 10 days and 2.28 per cent for 10 months.  The effective yearly interest rate is 2.79 per cent. (iv) UOB requires a 12-month deposit of $25,000 earning 2.68 per cent and a 6-month deposit of $25,000 earning 3.0 per cent.  (The weighted average is 2.78 per cent.)

  Best high-balance Current Account: DBS ($3,000 min, Fee: $0/mo).

Comment: While this is the cheapest, the best deal may be the POSB account, which doesn't require tying up $3,000 of your cash.

  Best low-balance Current Account: POSB ($500 min, Fee: $2/mo).

Comment: Minimum monthly balance at other banks is $3,000 vs. $500 at POSB.  How much is it worth to lower your balance by $2,500?  If you borrowed $2,500 at 10 per cent, it would cost $250 per year or about $20 per month.

  Best On-line Savings Account:  Maybank ($25,000 min bal, 1-yr lock-in).                                                                Standard Chartered (No min bal).

                                                               Finatiq.com (No min bal).

                                                               FundSupermart.com ($500 min bal).                                     

Comment: Maybank pays 2.88 per cent and requires a 1-year lock-in -- (which includes interest compounded at 6 per cent).  FundSupermart.com pays 2.45 per cent.  The interest rate is re-set daily.  Standard Chartered pays 1.88 per cent and Finatiq pays 1.38 per cent interest. These three permit withdrawal at any time -- (i.e. no lock-in).  Standard Chartered charges $5 per withdrawal. These 4 accounts have one drawback but it is a small one: You must have minimal computer knowledge since all transactions are via computer. There are no paper records.  

  Best ATM Network: DBS and POSB (800 ATMs, no fees).

Comment:  First place goes to DBS and POSB.  UOB and OCBC take a close second with 350 ATMs each and a shared network of 700 ATMs.  The problem is the ATMs are free only when using your own bank's ATM (i.e. UOB).  After the first two withdrawals from the partner bank's ATM (i.e. OCBC), you will be charged 30 cents per withdrawal.

  Best web site for interest rate info: DBS and UOB.

Comment:  DBS and UOB give complete rate information.  OCBC is in second place -- it gives all except foreign fixed deposit rates.  Citibank is third -- it gives internet rate information but only to its customers.