Like any other financial product, there is a wide assortment of savings account in Singapore. For this reason, it is important to evaluate your everyday exigencies before selecting the type of savings account you wish to open. The following will give you a comprehensive idea on the usual transactions you can take up with your savings account:
Common Use of a Savings Account
- Save Your Money in a Protected Place
- Govern Your Financial Transactions
- Regular Payment of Your Bills
- International and Local Money Transfer
Things to Consider Before Opening a Savings Account in Singapore
Minimum Initial Deposit. Before opening a savings account in Singapore be sure to inquire for the minimum deposit required and the minimum balance you must always have in your account. Take note that some banks may charge a small fee if your account balance falls under a specific amount.
Interest Rates. Determine and ascertain the amount of interest rate you will likely to earn in your savings account. It is important to explore and ask for the best interest rate you can have for your investment.
Supplementary Charges or Fees. Ask for all the supplementary fees required for the various facilities or services being offered by the bank in relation to your savings account (e.g. online banking, account closure, money transfer). This is the best way to keep track of the transaction fees involved in employing your savings account.
Kinds of Savings Account. Find out and learn all about the various kinds of savings account, including those tailored for children, the senior population and other specific categories. In this manner, you can have the opportunity to get some benefits or discounts in performing certain financial transactions.
Online Facilities. Explore and make use of all the online facilities available associated with your savings account. Online facilities provided by banks in Singapore are an easy and modern way to manage your savings account from the comfort of your home.
How to Apply for a Savings Account in Singapore
The standard procedure for applying for a new savings account in Singapore is plain and straightforward and it doesn’t require a lot of time to conclude. However, If you are in need of more details, here you can find a concise description on how to apply for one:
- The first step you have to make is to select the bank based on the services provided, interest rate, minimum deposit, handiness and accessibility.
- Then, you go to the nearest branch in order to fill out a savings account application form. You will only need to bring your passport, NRIC and your employment pass.
- Be prepared to submit other pertinent documents that the bank may request from you.
- You will be normally requested for your thumbprint. This is vital for your identity and to prevent illegal activities performed in your name.
- At this point, you will be called to give a minimum deposit. Banks in Singapore differ a lot in their minimum initial deposit requirements.
- At the end, you will be provided with your personal ATM card and a PIN (Personal Identification Number). You are now a savings account holder and you can start making use of the facilities provided by the bank.
As soon as you’ve finally become a savings account holder, bear always in mind to put in a safe place your PIN and all your bank statements. Never inscribe or write down your PIN in a place accessible to others. Furthermore, don’t hesitate in informing the bank of any doubtful or erroneous transactions you might observe in your savings account statements.
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