Four Best Savings Account | Bank Accounts in Singapore
Bank Accounts | Savings Accounts | Singapore
by Priyadarshini
12 March 2021
Singaporeans are always looking out for the best-banking facilities. No one likes to wait in long queues at ATMs. And everyone here wants to earn high interest on savings accounts. Why not? Living and raising a family in Singapore is a pretty expensive affair after all. In this blog, we tell you about the four best savings account in Singapore that you should have.
For Everyday Spending
Keeping your money in the bank is any day safer than stashing it under your mattress. Your savings account will allow you to withdraw as much cash as and when you need it. Also, you save yourself the hassle of carrying very small amounts of cash with you all the time. The key feature to look out for when choosing an account for everyday spending is the widespread ATM presence. POSB and DBS banks are most popular in this case and have ATM machines almost everywhere. However, the queues also tend to be quite long.
Account for Short-Term Goals
Many people want to keep an account separately only for short-term goals. This is especially for people who do not monitor their spending like a hawk and are typically poor with money management. It is an excellent way of setting short-term goals and keeping aside money to fulfill your wants. This could be a vacation, buying a car, or any other expense that you fancy and want to save up for. It is an excellent way to manage your finances, having your savings aside for long-term purposes or emergencies, and as well fulfill your short-term goals.
If you’re looking for an account that is relatively straight forward, you can consider accounts like the DBS Multiplier Account. You can credit your salary into a DBS or POSB account, and the Multiplier Account offers you to earn between 1.55% and 3.5% annually.
High-Interest Savings Account
Apart from your regular spending account, you must have another account. Now this one, to keep all your savings and also enjoy a decent interest on it. You need high-interest savings to account for long-term savings. As the savings account you have for your daily requirements is most likely to offer you a very basic minimal interest rate. So, you will want to have one account that offers you a good interest rate. Potentially, an account where you stash a large sum of money over a long period.
Joint Account
If you are not nosy about who spent what, then it is always a good idea to have a joint account with your spouse or family. In this manner, you can also maximize cashback rewards, air miles, and other benefits. Moreover, you can sign-up for a jointly-used credit card or a supplementary card and link it to the joint account for an easy GIRO payment as well. For example, if you and your partner split the expenses for groceries, you can link the credit card you have especially for cashback rewards on groceries. You can also use this account for shared big-ticket purchases like petrol, car loans or home loans, etc.
