Bank Accounts in Singapore | Must Have Savings Accounts Singapore

Bank Accounts | Savings Accounts
by Priyadarshini 21 February 2023

Being caught in mile-long ATM lines is one of the most infuriating experiences a Singaporean can have. Especially when a competitor bank’s ATM machine is just one meter away. However, avoiding ATM waits isn’t the only reason you should register multiple bank accounts. Here are three bank accounts in Singapore that may be of interest to you.

Three Must-have Bank Accounts in Singapore

Long-Term Savings can be Made Using a High-Interest Savings Account

There’s a compelling reason why you should keep your long-term savings separate from the account from which you take cash on a regular basis. If you have a large sum of cash that you rarely touch (such as long-term cash savings or an emergency fund that you don’t access unless absolutely essential), you can earn higher interest rates by putting it in a high-interest savings account. Such accounts frequently offer greater interest rates if you deposit a particular amount of money and/or refrain from making withdrawals for a set period of time.

Here are two banks that may interest you – 

In addition to the 0.05 percent base interest rate, the OCBC 360 Deposit Account offers an additional 2.33 percent when you credit your salary (minimum $1,800) through GIRO, increase your average daily balance by $500, purchase (selected) OCBC insurance plans, and purchase (selected) OCBC investment products.

The DBS Multiplier Account has a starting interest rate of 0.05 percent. You can earn up to 2% interest if you credit your pay or dividends, or if you connect your account to SGFinDex and spend at least $2,000 on your credit card, house loan, insurance, or investments through this account.

Personal spending Bank Accounts in Singapore

It’s usually a good idea to keep the account from which you make frequent withdrawals separate from the account in which you keep your long-term savings. Some of the better high-interest accounts make withdrawals difficult, Banks may not have many ATMs, or the account itself may compensate you for not making withdrawals (for example, the OCBC Bonus+ Account, which pays 0.15 percent a year for no withdrawals).

When it comes to the account you use for personal spending, the simplicity of cash withdrawal and payment should be your first consideration. When it comes to ATM availability, POSB/DBS, UOB, and OCBC are clear winners.

You should also make sure that the account has internet banking (so you may conveniently transfer funds to others) and telephone banking, if necessary. It makes sense for Singaporeans who need to move funds to local bank accounts to choose an account from one of the local banks.

A Separate Account for Various Short-Term Objectives

Are you putting money aside for a big purchase? It might be a good idea to open a second account for that purpose. Aside from the benefit of keeping the cash separate from your other funds to avoid misunderstanding or to make it easier for both you and your spouse (if any) to monitor and contribute, you can occasionally obtain perks for stashing your cash in certain accounts.

Consider the new DBS Multiplier Account if you’re searching for a simple way to save. If you credit your pay into a DBS/POSB account, use a DBS/POSB credit card, and the SGFinDex, the Multiplier Account allows you to earn 0.40 percent to 3.00 percent per year and, unlike fixed deposit accounts, allows you to access your funds in an emergency.

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