Ranked: Returns of December Savings Promos

The end of the year is upon us and if you have some spare cash sitting around, there is only a small window to grab these fantastic promos.

Check out the list below where I rank the different savings promos according to their returns.

Note that some rewards are non-cash gifts, and an approximate valuation of the gifts are used to estimate the added return. Refer to each promo’s terms and conditions for eligibility and exact details.

HSBC EGA promo: 4.6% p.a. for 1 month

HSBC EGA’s latest promo gives 4.6% p.a. return for just a month, but that may be enough to reset your OCBC 360 account.

This is open to new and existing HSBC EGA users alike, although the rate is applicable only to top-ups compared to your November 2023 balance.

CIMB Preferred promo: 4.75% p.a. for 6 months

CIMB is offering a free iPhone or MacBook on top of its promotional rate of 3.5% p.a. for 6 months. Assuming the iPhone 15 Pro or MacBook Air that you pick is worth around S$1,500, the total returns is around 4.75% p.a. While it’s not the highest rate on this list, it’s good for S$250,000 worth of savings and for 6 months.

This promo is open to new CIMB deposit customers.

UOB One earmark promo: 6.65% p.a. for 4 months

Assuming a S$100,000 deposit amount, your cash credit is S$550. For a period of about 4 months, the additional yield is around 1.65% p.a. Added to UOB One’s 5% p.a. rate for a S$100,000 deposit (provided you meet the salary and spend requirements), your total return is some 6.65% p.a.

This promo is open to new and and existing UOB deposit customers. For existing UOB deposit customers, you need to top up fresh funds compared to your 30th September 2023 day-end balance.

Bonus$aver promo: 7.9% p.a. for 2 months

For Bonus$aver, one can 4.13% p.a. interest rate by fulfilling the easy requirements of the bank account. By taking an estimated S$300 valuation for the sign-up gift of a S$450 suitcase and S$100 cashback, our total returns is approximately 7.9% p.a. for a period of 2 months.

This is opened to new Bonus$aver customers. Existing users of other StanChart accounts still qualify as long as they are new to this Bonus$aver account.

Moneybull: 12.16% to 52.36% p.a

Unlike the other entries on this list, Webull’s Moneybull isn’t a bank account, but the promo is too good to ignore.

If you deposited US$2,000 (or S$2,741) into the Moneybull promo on 29th December 2023 and held the funds to 1st February 2024, you’d get US$80 in rewards. While it’s a relatively small amount compared to the other promos on this list, US$80 on a US$2,000 deposit for a little over a month is roughly 52.36% annualised returns. Pretty impressive.

At the US$100,000 tier, the bonus reward of US$3,000 represents a “return” of about 12.16% p.a. It’s a very generous reward and this is added on to the returns of the underlying cash funds.

This is open to new Webull customers. If you haven’t yet gotten Webull, you should definitely take a look before the promo is gone.

More promos

2023 has been a great year for promos, and we can only eagerly await what 2024 has in store for us. As usual, the best way is to stay subscribed for more great promos and other personal finance content.

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