When it comes to your financial goal, preparation should be the first thing in mind. The number of Singapore’s banks is over 150. You surely don’t want to go to every branch to ask about its credibility or requirement. What you need to do is to know the factors in consideration before opening an account. In that way, you’ll see the ones that complement your needs and preferences.
Visit https://www.roshi.sg/savings-accounts/ for more!
As you read on, you will learn the crucial factors in opening a savings account.
The bank’s mobile app makes things hassle-free, including deposits and online transactions. That will result in easier access to your bank statement account, and allow you to keep track of your balance.
One of the first things you need to look for is the bank’s accessibility. Research the available ATMs affiliated with your prospected banks. Banks with more ATM allows you to withdraw anytime and anywhere whenever you need it.
Most savings accounts nowadays come with debit cards, enabling you to use cashless transactions. You can purchase goods, services, and order in dining areas using your debit cards.
Although a savings account has little monthly return, you can still accumulate a larger amount when you keep the money in the bank for a year or so. Check the bank’s interest rate, and see which works best for you.
Banks usually ask for a minimum of $500 before an individual can open a savings account. However, Singapore doesn’t ask for an initial deposit fee other than the age requirement of 16 years old or above.
Since you are opening a savings account, you might want to start saving a small amount of money from time to time. In Singapore’s banks, you should at least keep $500 on your account to avoida $2 charge.
With a savings account, the typical limit is only up to six withdrawals. You need to keep that in mind to avoid charges.
The first thing you need to research is the bank’s credibility, to ensure that your money is safe. Most banks from Singapore are eligible to get covered up to $50,000 by Singapore Deposit Insurance Corporation (SDIC).
Some banks are offering 2% interest per annum for every purchase from physical or online stores. If you love shopping, then you might want to consider a bank offering this feature.
Using your savings account to pay your home loan automatically will be more convenient on your part. So, having this option on your account could be better.
If you plan on using your account to credit your monthly salary, the majority of Singapore banks are offering 1% interest-earning per annum.
Getting your savings to an account affiliated with your biller will make things easier when it comes to paying bills. Moreover, some banks give 0.25% interest.
For fixed deposits, see https://www.roshi.sg/fixed-deposits/
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