Seabank just announced yesterday that they’re adjusting their interest rate from 5% per annum down to a 4.5% p.a. interest rate.
What does this mean?
Deposits/balances of up to 250K will earn a 4.5% per annum interest rate while balances beyond the first 250K will earn an interest of 3% p.a.
When does this take effect?
The adjusted rate of 4.5% p.a. will start on July 13.
Reason for the changes
Seabank declared that the adjustment is to keep the following features:
- 15 Free transfers weekly
- 3% off on load purchases
Kuro-kuro ni Kuya Well
With the upcoming interest rate adjustment, GoTyme would start to shine brighter since it offers a base interest rate of 5% p.a. And that’s without any cap. That means, regardless of the amount you put in GoTyme Savings, it will earn a 5% per annum interest rate. If you haven’t noticed, the other leading digital banks will only allow you to earn a higher interest rate up to a certain amount. Then, any balances above the threshold will earn anywhere between 2.5 – 3%.
Para sa akin, I will continue to deposit on all four: Seabank, GoTyme, CIMB/GSave, and Maya. Equal amounts ang nilalagay ko. This is until I reach my target amount for Emergency Funds. After which, idadagdag ko na sya pambili ng stocks.