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Oct 29, 2008

OCBC: Best School Savings Account?


OCBC: Best School Savings Account?

Depositors with school children who attend primary education may want to consider opening an OCBC School Savings Account together with the School Protection Plan for their school-going children. Actually, parents with non-school-going children below nine years old are also eligible for this savings account.

The OCBC School Savings Account is an interest bearing savings account that comes with monthly statements showing all transactions details.

It is a trust account held in name of Parent(s) and Guardian(s). The child is the beneficiary but not the savings account holder.

OCBC School Savings Account pays one of the best interest rates for a kids savings account. Currently, the best interest rate stands at 0.48% p.a.

You can earn one of the highest rates for children savings account interest rate with a minimum initial deposit of S$100. Please note there are minor charges that apply under terms and conditions of using the OCBC School Savings Account.

There is no monthly account fall below balance fees for OCBC School Savings Account. To be eligible, individuals must be aged 21 to 50 years old. The beneficiary (child) should be aged 1 month to 9 years old for this OCBC School Savings Account.

Documents required for the OCBC School Savings Account are:· NRIC / Passport of the account holder (s) (parent(s))· Birth Certificate of the child (beneficiary of account)· A copy of the School Protection Plan insurance proposal form

For those keen to encourage their children to save regularly and earn even higher interest rates, turn to the OCBC Mighty Savers Programme.

For more details on OCBC School Savings Account visit OCBC website.

Thank you for reading Singapore Savings Account Rates, where we aim to bring you the latest and best bank / financial institution savings account rates in Singapore.

Oct 28, 2008

POSBKids: Free Gift and Kids Discounts

POSBKids: Free Gift and Kids Discounts

For depositors in Singapore old enough to have kids, POSB was the main School Savings Account that depositors grew up with as school kids. Now that you have your own kids, most would naturally gravitate towards POSBKids when it comes to opening a savings account for their kids.

Yet in today’s mercenary times, some of you may ask of POSBkids Savings Account, “beyond nostalgia, what other goodies are there?”

Well, here are some of their goodies, gleamed from POSBKids website:

  • $1 free gift.
  • Specially designed passbook.
  • No minimum deposit required.
  • No minimum balance requirement.
  • No fall-below fee, until your child turns 21-years-old.
  • Daily competitive interest.
  • Exclusive free gift of a POPULAR Bookstore discount card if your child is between 7 and 12 years old when he / she opens the POSBKids account.

You can open 2 account types for the POSBKids savings account.

POSBKids Trust Account:
For kids below 5 years old.

POSBKids Personal Account:
For kids 5 and 12 years old.
The account will be in your child's name.


The interest rate that is paid on POSBKids account? Undetermined. (No rate given for this POSBKids account on their site)

Thank you for reading Singapore Savings Account Rates.

Oct 27, 2008

Singapore Savings Account Rates Deepavali Greetings


Singapore Savings Account Rates Deepavali Greetings

We wish all our avid readers, supporters and well wishers a very prosperous and happy Deepavali holiday.

Thank you for your tremendous support of Singapore Savings Account Rates.

We will do our best to bring you the latest and the best savings account rates in Singapore.

Oct 24, 2008

Finatiq Investment Account Raises Interest Rate


Finatiq Investment Account Raises Interest Rate

Finatiq investment account works like a savings account with daily interest computed monthly. You receive e-statements without having to queue up at a branch counter.

There is no passbook, no monthly charges, no lock-in period and no cap on the deposit amount for using a Finatiq investment account.

Best of all, it offers one of the highest interest rate of 1.2% per annum since a recent revision.

These rates do not apply to existing fixed deposits account. You have to put in additional sums to the investment account to earn this rate of interest. There is no minimum deposit amount required to open this investment account.

If you wonder if there is any maturity period, the answer is no. Maturity dates or minimum time period for deposits do not apply to this investment account. You have the flexibility to withdraw your deposits at any time.

Get one of the best interest rates in town with Finatiq, as good as some fixed deposits rates but without any lock-in period.

Oct 21, 2008

Promotional Savings, Fixed Deposits (FD) Rates in Singapore


Promotional Savings, Fixed Deposits (FD) Rates in Singapore

Since all bank savings and deposits accounts of licensed Singapore and foreign-owned financial institutions are guaranteed by MAS / Ministry of Finance, depositors can look forward to better savings accounts and fixed deposits (FD) interests rates in the coming days.

As a start Maybank’s iSavvy Account has raised its savings interest rates from 0.88 to 1.08% per annum for sums between $5K and $50K as of 20 October 2008.

As for Singapore fixed deposits (FD) interest rates, we recommend that you check out the best fixed deposits (FD) rates over at Singapore Fixed Deposits for details (here).
Thank you for reading Singapore Savings Account Rates blog.

Oct 20, 2008

Interest Rate Revision iSAVvy Savings Account


Interest rate revision for iSAVvy Savings Account

With effect from 20 October 2008, the interest rates for iSAVvy Savings Account will be revised upwards. Details of the revised savings account interest rates are as follows:

Essentially, the interest rate for Singapore Dollar savings amount between S$5000 and S$50000 has been revised from 0.88% p.a. to 1.08% p.a.

Old Interest Rates:
Daily balance below S$5,000
0.25 % p.a.

Daily balance of S$5,000 to below S$50,000
0.88 % p.a.

Daily balance of S$50,000 and above
1.18 % p.a.

New Interest Rates (Effective from 20 October 2008):
Daily balance below S$5,000
0.25 % p.a.

Daily balance of S$5,000 to below S$50,000
1.08 % p.a.

Daily balance of S$50,000 and above
1.38 % p.a.

Rates are applicable to new and existing iSAVvy Savings Accounts and are subject to change. Terms and conditions apply to this new savings account using the new interest rates.

Oct 18, 2008

Latest Update Bank Savings Interest Rates Singapore: 17 October 2008

Latest Update Bank Savings Interest Rates Singapore: 17 October 2008

Welcome to Singapore Savings Account Rates where we bring you selected latest bank savings interest rates in Singapore.

Today, we present these selected latest bank savings account interest rates for 17 October 2008. Please check with individual banks for terms, conditions and last-minute changes to the bank savings interest rates. Only selected savings accounts are highlighted from each bank.

Summary: Maybank is increasing savings interest rates since last update.

Here are the latest bank savings interest rates for POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF, RBS and Citibank:

Bank savings account interest rates of POSB Passbook:
http://www.dbs.com.sg/ratesonline/dddd.html

First $3000 =0.2500
Next $47000 =0.2750
Next $50000 =0.3750
Remaining balance above $100000 =0.4750

Bank savings account interest rates of DBS Autosave (Personal):
http://www.dbs.com.sg/ratesonline/dddd.html

First $3000 =0.25%
Next $47000 =0.35%
Next $50000 =0.45%
Above $100K =0.60%

Bank savings account interest rates of OCBC Bank Savings Account (With Debit Card)
http://www.ocbc.com/personal-banking/tools%20and%20info/Toi_Rates_Dep_Listing.shtm

First $10000 =0.25%
From $10001 to $50000 =0.35%
From $500001 to $250000 =0.40%
Above $250K =0.65%

Bank savings account interest rates of UOB FlexiDeposit Account
http://www.uob.com.sg/pages/personal/deposits/savings/passbksavings.html

First $15000 =0.35%
Next $85000 =0.45%
Next $200K =0.65%
Above $300K =0.75%

Bank savings account interest rates of Maybank iSAVvy Account
http://info.maybank2u.com.sg/site_functions/rates.htm#

(from 20 October)
Less than $5000 =0.25%
$5000 to below $50000 =1.08%
$50000 and more =1.38%


Bank savings account interest rates of HSBC Premier Account
http://www.hsbc.com.sg/1/2/personal/deposits/singapore-dollar-deposit-rates

First $4999.99 =0.15%
From $5000 to $14999.99 =0.2%
From $15000 to $49999.99 =0.35%
From $50000 to $99999.99 =0.6%
From $100,000 and more =0.85%

Bank savings account interest rates of HLF (Hong Leong Finance) Savers Plus
http://www.hlf.com.sg/personal/deposits/sacct.html

$500 to $49999 =0.25%
$50000 to $2 million =0.375%

Bank savings account interest rates of Citibank Maxisave Singapore
http://www.citibank.com.sg/SGGCB/APPS/portal/loadPage.do?tabId=Investment&path=/prod/det/id_maxisweep2.htm

From $10000 and above =0.5% (any duration)
Sums from $10K to 50K
Hold to 6 months= 0.88%
Hold to 12 months= 1.08%
Sums from 50K to 1 million
Hold to 6 months= 1.08%
Hold to 12 months= 1.28%

Bank savings account interest rates of RBS (former ABN AMRO) Millennium Account
http://www.rbs.com.sg/consumer/pages/products/deposits/deposits.htm

First $10000 =0.15%
Next $40000 =0.2%
Above $50000 =0.3%

Stay tuned as we shall update this list of current latest Singapore Bank Savings interest rates for POSB, DBS, OCBC, UOB, Maybank, HSBC, HLF, Citibank and RBS Bank (formerly ABN AMRO).

Tags: Latest selected Singapore bank savings account interest rates

Oct 17, 2008

Singapore Guarantees All Savings, Fixed, Current, SRS, Bank Account Deposits

Singapore Guarantees All Savings, Fixed, Current, SRS, Bank Account Deposits

The Government of Singapore has announced that it will guarantee all Singapore dollar and foreign currency deposits of individual and non-bank customers in banks, finance companies and merchant banks licensed by the Monetary Authority of Singapore (MAS).

This guarantee will run from now until 31 December 2010, according to the MAS and the Ministry of Finance.

It will be backed by $150 billion worth of Government reserves.

Other countries that have such government guarantees are:
  • Australia
  • New Zealand
  • some European nations
  • Hong Kong
  • Malaysia
Guaranteed deposits are:
  • Savings accounts
  • fixed deposits accounts
  • current accounts
  • bank accounts under the Supplementary Retirement Scheme (SRS)

Unprotected deposit accounts are:

  • structured products
  • any deposit that is pledged, charged or secured as collateral

source: MAS and MOF Joint Statement

Oct 16, 2008

MAS: Higher Cover For Bank Deposits

MAS Response To Higher Cover For Bank Deposits
source: MAS Newsroom

A writer to the Straits Times Forum asked recently whether MAS would consider raising the $20K cap cover for bank and savings account holders in Singapore. We quote the response from Monetary Authority of Singapore (MAS).

Dear Editor
I refer to "Higher cover for bank deposits"
(Straits Times Forum, 4 October 2008)

2. Singapore's banking and financial system remains sound. Depositors and insurance policyholders should be reassured that banks and insurance companies in Singapore are required by the MAS to have assets exceeding their liabilities by an appropriate margin. They are also required to abide by stringent regulations on capital, asset quality and risk concentration, and to put in place sound risk management systems and processes.

3. To protect depositors and policyholders, MAS' approach has been to emphasise stringent regulation and supervision of financial institutions so that weaknesses can be identified and addressed at an early stage. Nevertheless, in the worst case scenario where a bank or insurance company fails, a safety net is provided by deposit insurance and the policyowners' protection fund respectively. Deposit insurance, which is an explicit guarantee on deposits, provides a payout of up to S$20,000 to each individual depositor per bank. For deposits in excess of the payout, individual depositors can also claim from assets of the failed bank. Depositors and policyholders, in the case of an insurance company, would rank ahead of unsecured creditors and shareholders in their claims.

4. Our deposit insurance scheme is funded through premium contributions paid by the industry. A higher coverage limit will come with higher cost which may be passed on to depositors. MAS, together with the Singapore Deposit Insurance Corporation (SDIC) that administers the deposit insurance scheme, will review the coverage limit regularly, taking into consideration the objectives of the scheme and international norms.

5. Some countries have recently issued a blanket guarantee on deposits. These are emergency measures taken to combat the threat of a widespread loss of confidence in a country's financial and banking system. The cost will ultimately be paid by taxpayers. The situation in Singapore continues to be stable and does not warrant such measures.

Angelina Fernandez
Director (Communications)
Monetary Authority of Singapore


The bottom line of these statements? Your first $20K of Singapore Dollar savings and deposits is guaranteed. Amounts in excess of that level is NOT guaranteed.

Thank you for reading Singapore Savings Account Rates blog.

**Latest News**
Singapore government guarantees all bank accounts till end 2010
... read more about the MAS guarantee ...

Oct 15, 2008

MAS Comments: Global Financial Markets

Monetary Authority of Singapore Comments on the Global Financial Markets and Major Jurisdictions

MAS has responded to queries about developments in global financial markets and major jurisdictions over the weekend. On the MAS website, we quote the latest news from the Monetary Authority of Singapore:

source: MAS Latest News

"We have been monitoring these developments closely as well as their impact on Singapore's markets and financial institutions.

We welcome the announcement by G-7 finance ministers and central bank governors that they are working together to stabilise financial markets and restore the flow of credit, as well as the specific initiatives announced by the Eurozone and UK governments.

These actions will help inject confidence into global markets.
In Singapore, our financial system remains stable and robust. Banks, finance companies and insurance companies in Singapore are required by MAS to have assets exceeding their liabilities by an appropriate margin. They are also required to abide by stringent regulations on capital, asset quality and risk concentration, and to put in place sound risk management systems and processes. MAS’ approach is to emphasize stringent regulation and supervision of financial institutions so that weaknesses can be identified and addressed at an early stage.

Our domestic Singapore dollar money and foreign exchange market have generally been calm and banks have been able to obtain funding in the interbank market. MAS has kept a higher level of liquidity in the banking system. No extraordinary measures have been needed. Singapore dollar interest rates remain stable.

MAS stands prepared to inject additional liquidity as required. We will take any necessary measures to safeguard the stability of Singapore’s financial system. "

So readers of Singapore Savings Account Rates, be assured that your money in bank savings accounts will be safeguarded.

Oct 14, 2008

Best Standard Chartered eSavers Rates


Get up to 1.88% per annum on your savings account with Standard Chartered eSavers.

Standard Chartered bank's e$aver’s prevailing interest rates are as follow:

0.50% p.a. for a deposit balance of less than $50,000,

0.88% p.a. for a deposit balance of $50,000 to $199,999 and

1.00% p.a. for a deposit balance of $200,000 and above.

Bonus interest will be paid on top of the prevailing e$aver interest rates. Bonus interest will be paid only on the top-up amount (“top-up amount”) if the average daily balance for a calendar month during the bonus period (“bonus period”) is higher than the average daily balance for the comparison month (“comparison month”). Bonus interest will be calculated at the end of the calendar month and credited on the first working day of the next calendar month.

Note that this special scheme apply to those with existing eSavers accounts until end of 2008. New eSavers account application closed on end September 2008.

Oct 13, 2008

Should You Buy A Safe To Keep Cash Savings Safely?

An article in Singapore’s The Straits Times of 11 October 2008 reported that many people have been window-shopping and buying safes from security firms to secure their cash savings. At such uncertain times in the current financial turmoil where banks do not look remotely like safe havens for your cash, to keep some cash savings in your own safe sounds like a good idea.

After all, which bank can you trust with your cash savings? Your neighbourhood bank branch in Singapore is safe only for the first $20000 of your cash savings. You can of course divide your cash among the different banks in Singapore up to $20000 per bank. Any cash sums above that will not be guaranteed.

But who knows which bank may be next in line to face financial problems? Even if your cash savings is guaranteed for the first $20000, in the event of a bank bankruptcy, there will certainly be delays in recovering cash until investigations are all completed. That could take weeks, months or maybe years especially if there are some discrepancies in your bank statements.

Licensed Singapore banks are safe. Licensed Singapore banks are well managed. Your first $20000 of deposits and savings is insured under the Deposits Insurance Scheme, and thus is safe.


There is no fear of losing money in Singapore savings account and Singapore denominated fixed deposits maintained by licensed Singapore banks. But if you really must sleep with your cash to feel safe, make sure that money under your pillow is at least kept in a secured home safe.

Bear in mind that even your safe at home or office is subject to risks. Like misplacing the vault keys. Like forgetting safe combination codes. Like robbery. Like depreciation of currency. Like inflation. All safe places to stash your cash savings come with risks. Only the degree differs.

Do not get paranoid about hoarding cash savings. Money in Singapore banks is safe.

Thank you for reading Singapore Savings Account Rates.

Oct 11, 2008

Contact Us




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Send us comments, questions, ideas, suggestions, feedback or just to say hi.

Thank you for taking the time to write this polite email.




The Team
Singapore Savings Account Rates.

Best Savings Interest Rate In Singapore

Best Savings Interest Rate In Singapore

Where is the best savings interest rates in Singapore? Are you banking with a savings account that earns the best interest rate in Singapore? What is the best savings interest rates currently in Singapore?


To answer these questions, Singapore Savings Account Rates blog has been scouting around Singapore to find the best savings interest rates in town. If you have been following our blog like the hundreds of Singapore Savings Account Rates readers out there, you would know that we have been highlighting some of the best interest rates for savings accounts in this Little Red Dot called Singapore.

To recap, here are the best savings interest rates in Singapore that we have found currently:

Maybank iSavvy Account = 1.18 per cent per annum

Bank of Singapore = 1 per cent per annum

Fairprice Plus Savings Account = 1 per cent per annum

These best savings interest rates in Singapore are correct to the best of our knowledge as of today. Note that these interest rates may change without notice so it is best to check these interest rates again.

More Details on the Best Savings Interest Rates in Singapore:

Visit Maybank iSavvy account
Visit Bank of Singapore account
Visit Fairprice Plus savings account



Thank you for reading about the best savings interest rates in Singapore at Singapore Savings Account Rates.

Oct 10, 2008

OCBC Al-Wadiah Savings Account


OCBC Al-Wadiah Savings Account

OCBC Al-Wadiah Savings Account allows depositors the flexibility to save, withdraw and the potential to earn Hibah. Rest assured that money is managed in line with Islamic principles and guidance from OCBC Syariah Advisory Council for this Al-Wadiah Savings Account.

OCBC Al-Wadiah Savings Account pays Zakat on savings account. It is convenient, timely especially if depositors use Zakat (tithe) auto-deduction service. OCBC Al-Wadiah Savings Account is applicable only for personal accounts. The Zakat (tithe) auto deduction service is an opt-in feature for OCBC Al-Wadiah Savings Account.

There is potential to earn high dividends. The more depositors save, the higher is the dividend for the OCBC Al-Wadiah Savings Account. Dividends are paid every six months.

OCBC Al-Wadiah Savings Account offers an ATM card, free GIRO service for bill payments, Phone Banking and Internet Banking facilities for enquiries and Syariah-compliant transactions. Depositors can expect monthly statements to be sent as a record of all OCBC Al-Wadiah Savings Account transactions.

This OCBC Al-Wadiah Savings Account is suitable for Muslims and non-Muslims age 15 and above. An initial minumum deposit of $1000 is required. Service fee of S$2 per month is imposed on the OCBC Al-Wadiah Savings Account if monthly average balance falls below S$1,000.

Indicative dividend rates start at 0.25% for sums less than $10000. Above $250,000 you can expect to collect 0.48% per annum for using OCBC Al Wadiah Savings Account.

If you want to keep in touch with more updates on OCBC Al-Wadiah Savings Account and other Singapore savings account interest rates, subscribe for free to our Singapore Savings Account Rates blog.

See OCBC website for details and latest dividends.

Maybank Youngstarz and SaveUp Savings Account Rate Raised


Maybank Youngstarz and SaveUp Savings Account Rate Raised

As of 9 October, Maybank Youngstarz savings account interest rate has been raised to the top rate of 1 per cent per annum for sums above fifty thousand dollars ($50000).

For sums below $50000, the interest rate is 0.5 per cent per annum for this Maybank Youngstarz savings account.

Similar, Maybank SaveUp Account is also paying one percent (1%) for sums above fifty thousand dollars ($50000) and half percent (0.5%) for sums below that figure.

Read more about the details of Maybank Youngstarz and Maybank SaveUp accounts at their site.


Brought to you by Singapore Savings Account Rates.

Oct 9, 2008

UOB Flexi Deposit Account

UOB Flexi Deposit Account

UOB Flexi Deposit Account is a Singapore savings account that provides regular statements for your savings account. UOB Flexi Deposit Account allows you to earn attractive interest rates. With full banking facilities of a transactional savings account, the UOB Flexi Deposit Account provides easy access to your savings account whenever required.

UOB Flexi Deposit Account's website flyer claims that it provides attractive interest rates that are close to Singapore Dollar Time Deposit interest rates. Best of all, UOB Flexi Deposit Account offers flexibility without being locked-in for a fixed tenure.

Other plus points for the UOB Flexi Deposit Account: all-round convenience withthe UOB VISA Electron Card - a debit card that allows you access to your cash at over 780,000 ATMs and to sign for your purchases at over 12 million VISA Electron merchants worldwide.

Account holders of UOB Flexi Deposit Account can access their FlexiDeposit Account through UOB Personal Internet Banking and 24-hour phone banking services.

Access to UniAlerts in the UOB Flexi Deposit Account will alert you on your banking activities via email or mobile phone.

You can also enjoy hassle-free monthly funds transfers to your UOB Flexi Deposit Account from your account with UOB or with other financial institutions. To enjoy this service, simply fill up a GIRO form.

Note the requirements to open UOB Flexi Deposit Account. You need to be at least 21 years old and start with an initial deposit of S$5,000.

How much does UOB Flexi Deposit Account cost? There is a S$2.00 minimum balance fee that will be charged if your average daily balance in the UOB Flexi Deposit Account for the month is less than S$3,000.

The latest and best UOB Flexi Deposit Account interest rates:
Principal / Percent per annum interest rate
First S$15,000 = 0.3500
Next S$85,000 = 0.4500
Next S$200,000 = 0.6500
Above S$300,000 = 0.7500

The interest rates may appear unattractively low when compared to Singapore Fixed Deposits and Singapore Treasury Bills. For peace of mind with your savings in a stable and secure local big three bank in Singapore, this UOB Flexi Deposit Account rates may be palatable for some savings account depositors.

Thank you for reading Singapore Savings Account Rates.

Oct 7, 2008

DBS Savings Plus Account


DBS Savings Plus Account
source: DBS website.

Today in Singapore Savings Account Rates blog, we highlight a savings account of one of the big three local banks in Singapore. The DBS Savings Plus Account is a savings account that earns you daily interest on your deposits. What makes it the ‘plus’ account is that this savings account comes bundled with a bankcard.

The major feature of the DBS Savings Plus Account that differentiates it from a normal savings account is the DBS BankCard feature. This bankcard is activated instantly when you apply.

In Singapore, the DBS BankCard lets you access over 800 DBS/POSB ATMs and 12,500 NETS outlets. Overseas, you can withdraw cash at over 180,000 PLUS ATMs and enjoy cashless shopping at about 240,000 retail outlets that display the VISA Interlink sign.

The DBS Savings Plus Account offers self-service banking facilities. This saves time and you can do your banking at ATMs, Cash Deposit Machines and Quick Cheque Deposit Boxes or via Phone Banking and iBanking services.

The other feature of DBS Savings Plus Account is the standard ATM services that are similar to other banks in Singapore. These are:

Cash Withdrawal
Account Balance Enquiry
Funds Transfer
Bill Payment
Electronic Share Application (ESA)
Telco Top-Up/Purchase
PIN change/Application
Cashline Application
Electronic Payment for Shares (EPS)

DBS Savings Plus Account allows you to use the Cash Acceptance Machine Services to deposit cash into your account without queuing at a bank counter. These machines allow depositors to cash deposit in 3 different denominations (S$10, S$50 and S$100). The maximum of 100 notes per deposit applies. Depositors can cash deposit into own account as well as other DBS/POSB accounts.

Do not forget that there are fees for using DBS Savings Plus Account. There is a S$2 fall-below fee if the average daily balance falls below S$500.

DBS Savings Plus Account requires that depositors must be at least 12-years-old. The minimum initial deposit is S$500 to open a DBS Savings Plus Account.

For Singapore Savings Account Rates readers, we know you are mainly interested in the interest rates of the DBS Savings Plus Account. What are the interest rates?

DBS Savings Plus Account Interest Rate:
Amount / Percent Per Annum
First $3000 0.2500
Next $47000 0.2750
Next $50000 0.3750
Remaining balance above $100000 0.4750

While the interest rates may appear unattractively low when compared to rates for Singapore Fixed Deposits and Singapore Treasury Bills, those who want safety and stability in a bank in light of financial turmoil in global banks, may wish to bank with confidence on this DBS Savings Plus Account.

Read more in Singapore Savings Account Rates.

Oct 4, 2008

HSBC Multi Currency Savings Account


HSBC Multi Currency Savings Account

Get high interest rates on your savings account when you open the HSBC Multi Currency Savings Account in Singapore. Transactions are done online with the HSBC Multi Currency Savings Account and you do away with long queues. This online savings account lets you access 10 major currencies with one single savings account at attractive interest rates.

You should maintain combined average monthly balance above $2000 in the HSBC Multi Currency Savings Account because a fall below fee of $2 will be imposed in such a situation.

The 10 currencies in the HSBC Multi Currency Savings Account are : Singapore dollar, Euro, US dollar, Hong Kong dollar, sterling pound, Japanese yen, Canadian dollar, Swiss franc, Australian dollar and New Zealand dollar.

As the HSBC Multi Currency Savings Account is an online account, all transactions must be made through online@hsbc#. Interest rates are monitored and updated on a regular basis by HSBC. The listed rates in the HSBC Multi Currency Savings Account are indicative only and subject to change without notice, at any time.

The interest rates for Singapore dollar savings account in the HSBC Multi Currency Savings Accounts start at 0.67% p.a. for sums up to $24999.99. For $100,000 in savings account, you can collect 1.07% interest rates for your deposit. There are better rates for savings account that are held in foreign currencies, but these will subject you to exchange rate risks.


The terms and conditions governing deposits accounts in HSBC Multi Currency Savings Account can be found on http://www.hsbc.com.sg/. Additional terms and conditions relating to the HSBC Multi Currency Savings Account also apply.

Under the provisions of the Deposit Insurance Act 2005, all Singapore dollar denominated deposits with HSBC held by individual depositors will be insured by the Singapore Deposit Insurance Corporation for up to S$20,000.

Thank you for reading Singapore Savings Account Rates blog.

Oct 1, 2008

Fatten Personal Savings Accounts For Possible Recession

Fatten Personal Savings Accounts For Possible Recession

Financial gurus who have your welfare at heart often preached putting aside a portion of personal income to keep as personal savings during good times. With the continuing saga of a global credit crunch and worldwide financial turmoil, it would be more prudent than ever to consider personal measures that will fatten personal savings accounts.

In a recession when businesses suffer, men and women in the streets will not be spared from personal financial impact. The risk of job losses, pay cuts and zero bonuses are real. Those thinking of striking out on their own will hesitate because of the poor economic climate.

Those too young to live through a recession will not have experienced the severe cutback on personal lifestyles, habits, wants and even needs that follow this dreaded event. Such painful belt-tightening changes in lifestyle can be a sobering lesson. Great economic times do not last forever.

What can individuals do to prepare for such a possible recession? Today we will address one issue and that is to fatten personal savings accounts.

In a recession, cash is King. Cash can be kept in the form of dollar notes and coins. Cash can also be kept in personal savings accounts, fixed deposits, treasury bonds or money markets that you understand. Cash offers security and keep their values better when prices are falling everywhere else in a recession.

Should you liquidate assets that are locked up in shares, unit trusts, properties, collectibles or other investments to raise cash? It depends on your personal cash position and personal financial situation. Usually such assets would have lost their values by the time of liquidation in a depressed market during a recession.

Why is cash so important in a recession? In worst-case scenario of job loss, we will need personal savings to tide over daily living needs for the duration of recession. For such individuals with less resource, bread and butter issues will certainly dominate concerns.

Those with a better cushion of financial savings in their fat savings accounts will have more options during a recession - to fatten their investment returns by investing in property, stocks or whatever investments that present good value. Such investments would be priced very attractively because in a recession investors avoid them for fear that such investments might become worthless in a prolonged recession.

The only trouble about investing in a recession is to know when you’ve hit bottom. What if you use your savings accounts to invest in a sure-win thingy and it bombs on you? How would you know that a recession is over? Think about that before you mobilize money in your savings accounts to riskier options.

To fatten your savings accounts, the only sure-win way is to spend less than you earn. Defer your wants. Spend wisely on your needs. In a recession, having fat savings accounts will provide security, comfort, food and good quality sleep. With enough money in your savings account, individuals should be able to ride out a recession with minimal belt tightening.

Fatten your savings accounts, whether in a recession or not, for some peace of mind.

Thank you for reading Singapore Savings Account Rates.

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