How to Open a Savings Account in Singapore
Congratulations. Your decision to open a savings account in Singapore is the best way to moderate your expenditures and to save your hardly-earned money in a protected place. In one way or another, all of us have heard of savings account, but the truth is we are still not familiar with the many aspects involved in having a savings account. If you wish to have more information, the following outline will give you a complete grasp of the nature of savings account in Singapore.
Definition of a Savings Account
A savings account is the most basic bank account you can open in Singapore. A savings account is a kind of bank account that permits you to keep your money in a protected place and, at the same time, provides you with some little interest every month. A savings account is a financial service that is offered by all banks in Singapore.
All the Benefits of a Savings Account
So what can a savings account offer you? Below is a list of benefits that you can get from having a savings account:
- Simple and Plain Money Administration. By having a savings account, you can administer your money in an intelligent and easy manner. This is so because you can verify and have a control of all your expenditures or financial dealings via your savings account and the monthly account statements that the bank will regularly send you.
- A Reliable Answer for the Unforeseen. A savings account is a reliable answer for the unforeseen or emergencies such as medical expenses or other kind of urgent situations in which you might necessitate some cash. You can always utilize the money you have in your savings account to deal with such situations.
- Multipurpose and Handy for Everyday Life. As a savings account holder, every person who wants to send you some cash can do it thru your savings account. Your savings account is always available for you to use anytime and anywhere. Furthermore, a savings account provides you the opportunity to get some cash in every place you want, which makes your everyday existence more comfortable and trouble-free.
- Your Hardly-Earned Money in a Secure Place. Your hardly-earned money will always be in a secure place because all deposits up to a maximum of S$50,000 per account are insured by the Singapore Deposit Insurance Corporation (SDIC), provided that the bank you’ve selected is a member of the Deposit Insurance Scheme.
- Guaranteed Monthly Interest. Even though interest rates on savings account in Singapore are usually low, rest assured that your money will slowly grow as time passes. Alternatively, keeping your money at home will only give you no interest at all.
As a conclusion, opening a savings account in Singapore is the best decision you can make because a savings account can transform for the best your horizons in life. For further information concerning some of the top savings account in Singapore, please see our savings account comparison table!