Wednesday, October 1, 2008

Money Market Fund vs Mysavings Account

I've a fixed deposit with a foreign bank maturing today. Where should I reinvest the money?

1. This foreign bank is paying 1.5% p.a. interest.

2. My funds in the trading account with Phillip Securities is earning slightly more than 1.5% p.a. interest from Phillip Money Market Fund, credited daily.

3. My funds in POSB Mysavings Account is earning 1.5% p.a. interest, credited monthly.

I prefer to keep my money with local banks now. Phillip Money Market Fund is safe now. But I might be able to get 1.6% on POSB Mysavings Account.

Ok, better be safe, keep it with POSB Mysavings Account to earn 1.6% p.a. interest, credited monthly.

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