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!
*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..
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