Hunting for the Best Deposit Interest Rates in Town

Since my circumstances have changed a bit and I am no longer drawing a salary, the bank providing the best deposit interest rates has changed for me as well. 

I will rank the banks providing the best deposit interest rates for someone in my situation:

• No salary
• Cash of around 100-200k 
• The cash must be easily withdrawable (ie. liquid)
• I am not going to purchase any insurance product from any bank

Here are the rankings from highest interest rate to lowest:

GXS - 3.48% up to 75k

• No frills attached
• Just have to save it in a 'pocket', money is able to be withdrawn anytime.

MariBank - 2.5% up to 75k

• No frills attached
• Just that from application to open of account, need 3 working days. 

Trust - 2% up to 75k

• To get 2%, you need to make at least 5 spends on your Trust card. Else it is only 1.5%. 
• Actually, you are able to get up to 2.5% from Trust, but you have to become NTUC Union member.
• The fees for NTUC Union member is 117 per year. 
• I have actually applied for this NTUC Union membership, just so I can get up to 2.5% on Trust.
• But now that MariBank also has 2.5% interest rates, I can save myself the trouble of having to spend 5 times monthly, and avoid the 117 membership fee.  
• Trust referral code if you need it: ZAAV495B

SC BonusSaver - 1.63%

• Card spend above $500 gets 1.3% + Make 3 bill payments get another 0.33%

FastSaver - 1.5%

• No frills attached!

OCBC360 - 1.2%

• 1.2% is for the 'Save' portion where you have to increase the average daily balance by $500 monthly
• I don't qualify for the other portions of 'Salary', 'Spend', 'Insure', 'Invest', 'Grow'
• I cancelled their OCBC360 card long ago, after they started to charge me annual fee

For comparison, I put Wealthfront below, which I opened when I was working in the US:

Wealthfront - 4.55%

• No frills attached!

It's a no-brainer to me. GXS and Maribank are the ones to go with. 

Suppose I have 175k. 

By putting them in Trust and SC BonusSaver, I only get (1.63%*100k) + (2%*75k) = $3130 per year or $260.8 monthly.

By putting them in GXS, MariBank, and Trust, I will get (3.48%*75k) + (2.5%*75k) + (2%*25k) = $4985 per year or $415.42 monthly.

This is an increase of $154.58 per month 😀!