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Tuesday, September 30, 2008

Earn Higher Deposit Interest Rate with Mum!

I always place Fixed Deposits in a joint account with my mum to earn higher interest rate. I get my brothers and sisters to do that as well.

Why not take advantage of the higher interest rate paid to senior citizens!

What's more, there are other benefits of having a joint account. Oops! It's my secret, I cannot share the details openly. Guess you might already know lor.

Happy investing!

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Anonymous said...

I suppose for a joint account, the deposit is insured up to S$20,000. Compare this with 2 separate accounts where you and your mum's deposits are each insured for up to S$20,000, your protection will be halved for the joint account, wouldn't it?

TSK said...

Each depositor is covered up to $20,000. All deposits will be aggregated to calculate your entitlement. Eg, if I have $40,000 in joint a/c, assuming no other deposits with the bank, I'll get $20,000 and mum gets $20,000 insurance. If single a/c, only get back $20,000, lose $20,000. Anyway, this is not the benefit I'm referring to, cos insurance will never be able to cover my loss. I put all my money with local bank, reduce the probability of loss. Going to do that soon when FD matures. Thanks

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