RHB High Yield 4.2% pa

 

RHB has a pretty interesting campaign valid from 1 September 2022 to 30 November 2022. If you want to get an average 3% pa from your savings for the next 3 months can read on. 

First download the RHB mobile app. The account application can be done purely on your mobile via Singpass. Get the RHB High yield account only.

The base interest for the first 50k is 1.2% pa and it increases from there as shown above. This is the minimum interest you will get if you put money into this account. 

The promotion gives you an additional 3% pa on the incremental funds you put in. This means a total of 4.2% pa min interest.

The incremental balance is computed over a 2-calendar month period. Incremental balance means the increase in average daily balance in the account for the current month compared to the average daily balance of the previous calendar month.

For the purpose of this Campaign, “account balances” means the balances standing in the account as at 2359 hours of each day.

What this means is, last month August is zero balance, September the amount of money you have inside counts as incremental balance, base on your average daily balance for the month of September. It entitles you to 4.2% pa.

Fully TnC here

To put it simply, the bank register your balance every day at 2359 hours of each day. 

Put in as much money into the account on the earliest September day that you can(best will be 1st of September but you cant do it now as it has already passed so as early as possible instead). That way you can earn the 4.2% pa for September for the maximum amount of incremental balance you put in.

Do also note that the account cannot have zero balance for the promotion to work. This means always leave 1ct in the account.

like playing musical chairs

What I will do:

1) Put money into RHB High Yield on 1st September or as early as possible in September

2) Transfer out all my balance from RHB High Yield to SIF GOsaver latest before 1st October 2359 hours, leave 1ct in the account. (Can read my post on GOsaver here)

3) Put all my balance from SIF GOsaver back into RHB High Yield on 1st November before 2359 hours

4) Transfer out all my balance from RHB High Yield latest before 1st December 2359 hours leave 1ct in the account

5) Remember to leave that 1ct in the account because the bonus interest will only be credited into your RHB High Yield account within 90 working days from the end-date of the relevant computation period. If the account has zero balance during the waiting period the promotion may not work.

After the promotion is done you can revert back to your normal bank account optimization strategy.

This means getting 4.2% pa for 2 months from RHB High Yield and 1.68% pa(min) for the other two months from SIF GOsaver from your full savings. This means an average of close to 3% pa interest for the next 4 months.