12 Things to Consider Before Opening a Savings Account in Singapore

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.

1. Mobile App Feature

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.

 

1. Accessibility or Liquidity

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.

 

1. Rebates and Cashback for Every Transaction

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.

 

1. Interest Rate

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.

 

1. No Deposit Fee

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.

 

1. Minimum Balance Requirement

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.

 

1. Withdrawal Limitation

With a savings account, the typical limit is only up to six withdrawals. You need to keep that in mind to avoid charges.

 

1. The Bank’s Reputation

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).

 

1. Benefits or Returns

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.

 

1. Home Loan Installment Option

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.

 

1. Salary Credit

If you plan on using your account to credit your monthly salary, the majority of Singapore banks are offering 1% interest-earning per annum.

 

1. Bills Payment Option

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/