Dear readers, in these days of high fixed deposit rates, many are looking for high interest fixed deposits and instruments to park their idle monies, to make their idle monies work hard for them.
It is common for these high fixed deposits to come with a holding period. Take for example, the OCBC’s 4.08% per annum interest fixed deposit, which comes with a holding period of 8 months.
What if you could enjoy a good interest rate of 3.41% per annum and without any lock up period?
PhillipCapital has now increased the interest rate on SMART Park.
SMART Park is essentially the account where investors with a PhillipCapital POEMS account park or hold their monies for their investments to participate in the Money Market Fund. Currently, the interest rate for SGD deposits is 3.41% per annum and for USD deposits is 5.0915% per annum.
I find that the above interest rates for holding one’s monies without any lock up period is attractive and it is definitely one of the many options out there for savers to take this good opportunity to grow one’s monies to offset the cost of inflation.