A shopaholic mommy also need to save for a rainy day... AK & I have a policy to empty our wallets periodically of 1sgd & 0.50 sgd coins into a HUMUNGOUS milk bottle saving bank (in PINK! no less!).
The problem arises when we wish to bank in the coins..it was such a hassle to bring to the bank. Moreover, there are queues and service charge! The alternative was changing the loose change with small shopkeepers..
The good news is, after having automatic cash deposit machines, i finally see coin deposit machines @ DBS Bank in Towner Road Branch.
Charges? 0.75cents per coin. but charges are waived off if deposited into kids savings bank, subject to a cap of 200 coins per deposit. Isn't this GREAT?! All our coins goes into Jade's account.. She has a growing savings bank account that has frequent deposits from mom & dad when we can spare the extra cash per month on top of our regular savings for her.
The coins can add to a great deal per month. If weekly we drop in 10 sgd in total we have extra 40sgd/ month into savings which when compounded @ a miserly 1% per annum for 15 years, we will get 10,000 SGD at the end of it!
Of course, we try not to keep the money in low savings return accounts.. oh yes, what calculators to use to get such figures? Try below!
http://www.bankrate.com/brm/calculators/savings_calculator.asp
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