Three Best Bank Accounts | Banking Options in Singapore
Bank Accounts | Singapore
by Priyadarshini
10 March 2021
Banking is an integral part of your life. And having your finances sorted is crucial. Especially, if you are living in Singapore. It is one of the most expensive countries to live in. And saving up funds here will take in some real hard work. Also, in doing so it is advisable you have separate bank accounts for separate things. In this blog, we tell you about the three best bank accounts you can sign-up for in Singapore.
Three Best Bank Accounts in Singapore:
Long-Term Savings Account
It is always advisable to have long-term savings account so that you can stash your money without withdrawing from it on a regular basis. A high-interest savings account will give you decent rewards. If you have accumulated a lump sum amount of cash. And if you and do not depend on it for your daily use, then you can enjoy an attractive interest rate on it.
Just deposit the money to a high-interest savings account and you will have an emergency fund ready. These types of accounts have good benefits like a high rate of interest on the amount you deposit and if you don’t make any withdrawals for a long period.
Best Bank Options in Singapore:
With CIMB bank you can opt for a CIMB FastSaver Account. It offers you a flat 1% interest on the amount of cash in your account up to $50,000.
If you sign up with OCBC, for the OCBC 360 Deposit Account you will get an added 1.2% when your salary is credited. This is on top of the basic 0.05%. However, your minimum salary should be at least $2000.
Account for Specific Goals
If you are saving up for a big event in your life say your wedding or planning a family, etc. then it is always better to have a separate account for that. It will help you keep a separate amount of funds for that purpose specifically. Also, will keep you on your toes in terms of how much more you need to save. Most Singaporean parents usually have a Child Development Account for saving up money for their baby’s expenses like healthcare and education.
In Singapore, the DBS Multiplier Account is a good choice to put aside your savings, particularly for one cause. All you need to do is credit your salary in your DBS account and use a DBS credit card. And the account will offer you an interest rate ranging from 1.55% to 3.50%. Isn’t that great? So, you can sign up for a bank account meant specifically for one cause as it is one of the three best bank accounts in the country.
Account for Personal Expenses
Keep your regular account separate from your long-term savings account. Stash your savings in the long-term savings account and use another account for all your personal expenses. Many a time the high-interest accounts do not provide easy withdrawal solutions. Sometimes the account you have may not allow withdrawals or the banks may not have ATM options.
When it comes to the account for your personal spending, it is important you look for ease of operation and cash withdrawals. Check for widespread ATM presence and online transaction facilities. Some of the good bank choices would be DBS, OCBC, and UOB.
Check for the internet banking services and mobile banking services to have the easy transfer of funds as and when you require. Also, check if payments made through credit cards can directly get debited with NETS. This is important for payments where stores don’t accept credit cards. Usually, such accounts will give you a poor interest rate but that should be fine as you will only use it for expenses. The rest of your savings can be transferred to your long-term savings account.
