Tuesday, June 5, 2007

Banking with a higher rate of interest

Currently, here in Malaysia, the best interest rate on our savings is from the Employees Provident Fund (EPF). Savings and CD accounts in banks and other financial institutions yield some two percent less which works out to a lot less in absolute dollars when you talk about big sums.

Unfortunately the EPF is not an institution where one can deposit money to earn interest. It is an employee retirement fund sort of where wage-earners can withdraw their monthly contributions when they are retired and no longer gainfully employed. Because of their higher interest rate than that of the bank's, many retirees delay withdrawing their contribution preferring to leave it in the EPF to earn higher interest.

However, there are banks that do provide a higher yield. eMoneyCentral. com is a site that lists financial institutions with high rate savings and CD accounts. It's worth a visit.

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