I realised the importance of passive income when earlier, the Singapore government stipulated that only those who are fully vaccinated could return to their workplace. I believe in natural immunity and I saw how my colleague recovered without taking any Covid vaccination as he is very health-conscious.I have sinus issue but I don't take flu vaccination and antibiotics. Whenever I sneeze the whole day, I'll just stay in my room and rest and most of the time, I'll recover the next day.
I hope to increase my passive income. One way is to look for banks that offer higher saving interest rate. Looking at the recent stock market, I better not put my cash in there. US Federal Reserve might further raise interest rate. I rather prefer a peaceful night sleep then invest in high risk high return stocks. Even though US Federal Reserve has already raised interest rate to 0.5%, local banks interest rate is still dismally low. One example is the OCBC 360 account. The effective interest rate is only 0.7% for the first $75,000.00 if you credit your salary of at least $1800.00 to OCBC 360 account.
Few years back, the interest rate was higher. Now I'm wondering if I should shift my saving to established foreign banks that offer higher interest rates. I don't think it is right that savers are given such a low interest rate yet bank staff are given many months of bonus. It's high time that they raise interest rates for savers. I hope they revert to higher interest rate of 2% that they offered in 2019. Look at the images below for comparison of 2019 and 2022 interest rates for OCBC 360 account.
