Best Savings Accounts 2017 #best #savings #accounts #for #2017, #singapore


Posted On Aug 31 2017 by

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Get The Best Savings Account for 2017 Now!

  • Citizenship Requirement Singaporeans, PRs, and foreigners
  • Min. Avg. Monthly Balance $0
  • Fall-below Fee $0
  • Monthly Account Fee $1 (waived if opt out of paper statements)
  • No. of ATMs Available Limited coverage of ATM islandwide ( Citizenship Requirement Singaporeans, PRs, E-Pass and S-Pass Holders
  • Min. Avg. Monthly Balance $3,000
  • Fall-below Fee $2 (waived for first year)
  • Monthly Account Fee $0
  • No. of ATMs Available Wide coverage of ATM islandwide (>1,100)

Bonus Interest Rates

    • Bonus
    • Interest Rate(%) p.a.
      • Credit salary >= $2,000 through GIRO
      • 1.2%
      • Pay 3 bills online through GIRO with total amount of at least S$150
      • 0.3%
      • Spend min. $500 on OCBC credit cards
      • 0.3%
      • Up to 1.2% when insuring or investing the qualifying amount
      • 1.2%
      • On the first S$70,000 with minimum monthly average daily balance of S$200,000
      • 1%
  • Citizenship Requirement Singaporeans, PRs, and foreigners
  • Min. Avg. Monthly Balance $500
  • Fall-below Fee $2
  • Monthly Account Fee $0
  • No. of ATMs Available Limited coverage of ATM islandwide
    ( Citizenship Requirement Singaporeans, PRs, and foreigners
  • Min. Avg. Monthly Balance $5,000 (average in all Citi Savings Accounts)
  • Fall-below Fee $10
  • Monthly Account Fee $10, if TRB is less than $5,000
  • No. of ATMs Available Wide coverage of ATM islandwide
    (>400)

Bonus Interest Rates

    • Bonus
    • Interest Rate(%) p.a.
      • Insure $25,000 on single premium or $250 monthly premium for $12 months
      • 1.2%
      • Spend $25 in a calendar month using 1 or more Citibank cards
      • 0.1%
      • Invest $250 monthly in a regular savings plan for 12 months or $250,000 in unit trust
      • 1.2%
      • Take up a home loan minimum $250,000
      • 1%
    • Tier
    • Interest Rate(%) p.a.
      • 5 Transactional Categories – Salary Credit, Credit Card Spend, Home Loan Installment, Insurance, Investments
      • Base
      • 0.05%
      • Total Monthly Banking on 2 or Less Categories:
      • $7,500 to Citizenship Requirement Singaporeans, PRs, and foreigners
      • Min. Avg. Monthly Balance $3,000
      • Fall-below Fee $5
      • Monthly Account Fee $0
      • No. of ATMs Available Wide coverage of ATM islandwide (> $1,000)

      $0 Initial Deposit

      • Citizenship Requirement Singaporeans, PRs, and foreign students
      • Min. Avg. Monthly Balance $0
      • Fall-below Fee $0
      • Monthly Account Fee $0
      • No. of ATMs Available Wide coverage of ATM islandwide
        (>1,000)

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      Savings Account Frequently Asked Questions

      Frequently Asked Questions

      If you can’t find an answer to your question below, you may search it on the MoneySmart Forum .

      Frequently Asked Questions

      If you can’t find an answer to your question below, you may search it on the MoneySmart Forum .

      How do I apply for Savings Account?

      If you are an existing customer with the bank, most banks offer you the option of opening your account easily through their iBanking system.

      For new customers, you can apply for a savings account online by filling up their online application form. Other alternatives may include downloading the PDF form and mailing in the completed form with required documents, and / or visiting the banks’ branches directly.

      What documents will I need when applying for an account?

      Besides the account opening form, you would also need:

      • Cash / cheque for initial deposit (if there is)

      For Singaporeans / PRs,

      • Passport
      • Company letter / Proof of residential address
      • Employment Pass / S Pass

      What are the minimum requirements to qualify?

      The specific requirements for opening a savings account vary from bank to bank. Most of the banks require the account holder to be at a minimum age of 18, and an initial deposit which usually ranges from $500 up to $10,000.

      Are there any additional fees and charges incurred in opening an account?

      Banks usually do not charge any fees for account opening. However, there may be a minimum average monthly balance that the account holder has to maintain.Should the amount within the account fall below the required minimum average monthly balance, there will be a fall­below fee charged by the bank in most cases.

      How long does it take to open a bank account?

      This is dependent upon the bank you are applying with, and also the manner in which you are applying. The time taken to set the account up may vary from 1 day to a week.

      What does interest on incremental balance mean?

      Interest on incremental balance refers to the interest earned solely based on the (positive) difference in the account balance from the previous month’s balance.

      How much interest can I earn with a savings account?

      Banks have started to offer bonus interest with a set of criteria that must be fulfilled within a certain time frame. Depending on your savings account, you can earn up to 4.25% p.a. interest including the base interest in some cases.

      Can I convert my personal savings account to a joint account?

      Yes, you may do so by indicating to your respective bank that you would like to add a joint person to convert the personal account into a joint account.

      What are the differences between savings and current accounts?

      Traditionally, savings account are interest-bearing while current accounts are not, however banks have started to offer interests on current account balances as well. Current accounts also often come with the issuing of a cheque book and allow for unlimited withdrawals up to the amount deposited, making it useful for business transactions etc. In general, savings accounts tend to give you a better rate of interest for your deposits compared to current accounts.

      Ask MoneySmart


Last Updated on: August 31st, 2017 at 7:45 pm, by


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