[helles]

i want to start saving some money to pay off my student loans in the uk, so want to open a bank account specifically for savings. are there any banks with decent interest rates or other benefits etc.

I wont be saving a huge amount, but want to start putting aside some money every month etc.

thanks!

[sunniefaith]

I've an account with Standchart, think it's called money builder. You can put a fix amount into the account every month. Think the interest rate is something like 2.9% for 12 months and more for 18 months. DBS has something like that as well. These are the 2 banks that I know have such a scheme. Saving money can be hard in HK!

[helles]

^ thanks for that!!

how about if i draw money out.. will there be any fines.. i'd probably draw out a bulk each year to repay my loan in uk.

oh, and it IS hard to save money in hk.. i've been unsuccessful all year . so now that i got a pay rise i've decided i need to open a separate account just to (try and) save!! haha

[sunniefaith]

I think you can draw out the money before the tenure but obviously, you'll lost out on the interest. Maybe you could time your tenure to come up around the same time as you need to pay off your loan. I find that with this account is go and it is like force savings, they deduct the money from your account straightaway every month....Hope this is helpful!

[Jay 1]

Living in Hong Kong may not be cheap, that said: I have found it far easier to save here than in the US. Land values aside, the cost of living is not as rapacious as elsewhere. The lower taxes help, too (it's not what you make, it's what you keep!) What is the biggest barrier to your savings plans? Just curious.

[helles]

^ ummmmm.. shopping - gadgets and clothing mostly (too much to chose from!) and then weekends drinking/partying etc is where most of the money goes.

i'm giving myself a couple more months and my new years resolution is to save money properly!!

[sunniefaith]

Haha...I understand you...Christmas is coming....it's going to be a hard time for me!

[jimbo]

Originally Posted by sunniefaith

Haha...I understand you...Christmas is coming....it's going to be a hard time for me!

yup you have a xmas present and a welcome back to hk present to get for me!

[sunniefaith]

When are you heading back? It's been a nightmare trying to get flights back home for Christmas...and I'll have to break my poor piggy bank for it!

[jimbo]

Originally Posted by sunniefaith

When are you heading back? It's been a nightmare trying to get flights back home for Christmas...and I'll have to break my poor piggy bank for it!

will be in 2/3 weeks or so.

oops we're veering off the original subject matter.