Choose Savings Account Singapore | Ways to Choose Savings Account

Bank Accounts | Savings Accounts | Singapore

Confused between which bank and what savings account to choose from? If you are a new jobber in Singapore, then read this blog below. We tell you ways to choose savings account in Singapore.

Interest Rates

Don’t go for the interest rates advertised by the bank. As a new jobber, you probably won’t be able to meet all the criteria. For instance, high amount transactions to earn an interest that looks something like 3.88%. Rather go for the figures within your means and the corresponding interest rate you can earn with them.

Financial Goals

To choose savings account in Singapore your financial goals are important. To be able to save well, you need to set some strict financial goals. Your goal could be anything to fund your higher studies to be able to buy a swanky car. Also, don’t forget to build an emergency fund. No whimsical spending is above emergency funds. You will always need some buffer to unforeseen situations. Once you have planned your financial goals, it will be easier for you to translate your income into savings.

Financial Personality

If you are naturally very strict with your expenses and savings, you will have no hard time resisting peer pressure. And that’s definitely good for you! In this scenario, you can do with just one savings account. But if you are the other kind and like to go on shopping sprees and have lavish expenses then you should split your savings into two accounts.

Strong ATM presence?

Another way to choose savings account in Singapore is by looking for a wide-spread ATM presence. Digital transactions and online payments are popular modes of payment today. However, you will still need cash for various other reasons like eating from a street-side hawker, buying something from a local vendor, etc. So, a good ATM presence is a must. No one likes to walk miles for an ATM and stand in long queues just to withdraw some cash.

Favourite Credit Card

Consider options like a savings account in relation to your favourite credit card (if you have any). For instance, if you own a UOB credit card as it rewards you for dining out, and spending $500 per month. You will get an immediate 1.5% on your savings amount in a UOB One account. So why not make use of the opportunity. And if you are not a big spender, we are sure you would not mind earning air miles on your occasional expenses.

Frequent Traveller?

If you are the jet-setter kind, or if your job role requires you to go on frequent business trips, then look for bank accounts that will allow you to save in multiple currencies. The DBS bank supports 12 major foreign currencies like AUD, HKD, JPY, USD, THB, and others.

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