Power of Compounding

In essence, compounding is powerful. How so? Compounding is investing your money on interest, and then that earns interest and so on.

Why bother keeping your money in a biscuit tin, or placing them in a bank account only earning you 0.04% p.a? Judging from the inflation rate, approximately 2.6%, I personally wouldn't consider putting my money in anything earning me less than 1%. Not even 2%.

But why do people still do so? Liquidity! And their perception of money being safe with a bank. So, today, I wanna share some savings account offering both liquidity and a higher interest rate!

https://blog.seedly.sg/best-student-savings-account/

*Do note that some may have revised the interest rates during the pandemic period! One of them would be SCB JumpStart, reducing its initial interest rate from 2% to 1% p.a..