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Nov 29, 2008

Bangkok Bank Savings Account


Bangkok Bank Savings Account

Bangkok Bank is headquartered in Thailand. Bangkok Bank has a branch in Singapore that operates a full banking licence under the Monetary Authority of Singapore.

Bangkok Bank branch in Singapore provides the full range of financial services including savings account, current account and fixed deposit account.

Address of Bangkok Bank branch in Singapore:
180 Cecil Street
Bangkok Bank Building
Singapore 069546


Table: Bangkok Bank savings rates.

The interest rate for Bangkok Bank savings deposit account is quoted at 0.75% per annum for individuals (resident of Thailand) based on the information provided on their Thai Bangkok Bank headquarter website.

Check with the Bangkok Bank (Singapore branch) here for savings account rates applicable in Singapore.

Thank you for following Singapore Savings Account Rates.

We strive to bring you information on the savings account rates of banks and financial institutions in Singapore to help you earn more interest on your hard-earned money.

Nov 28, 2008

Ministerial Statement: Why Singapore Government Guarantee on Deposits


Ministerial Statement: Why Singapore Government Guarantee on Deposits

A Ministerial Statement was given by Mr Lim Hng Kiang, Minister for Trade & Industry and Deputy Chairman, Monetary Authority of Singapore on Government Guarantee on Deposits.

This is posted on the Monetary Authority of Singapore's website.

Mr Lim Hng Kiang gave a ministerial statement on why the Singapore Government announced a guarantee on deposits of individuals and non-bank customers with banks, finance companies and merchant banks in Singapore until 31 December 2010.

In his statement, several reasons were put forward to explain the Government Guarantee on deposits.

First, the guarantee ensures a level international playing field for banks in Singapore.

Second, the guarantee bolsters the confidence that the public has in Singapore’s financial system.

Third, financial services are an important pillar of Singapore’s economy, accounting for 12% of GDP and 5% of Singapore's employment.

Fourth, this financial crisis is not confined to any country or region, but is a global one.

Singapore’s guarantee of deposits demonstrates confidence in the soundness of the financial system, and helps contribute towards restoring confidence in the international financial system.

Nov 27, 2008

Citibank Maxisave Sweep Account Savings Rate Update

CitiBank Maxisave Sweep Account Savings Rate Update

Earlier we highlighted in our Singapore Savings Account Rates on Citibank's Maxisave AC that Citibank Maxisave Sweep Account savings rate was 0.35% per annum.
With effect from 11 November 2008, the Citibank Maxisave Sweep Account Savings rates have been updated and revised to 0.25% per annum.

If you keep your savings in the Citibank Maxisave Sweep Account for up to one year, you can earn extra bank savings interest of up to 0.88% for sums of fifty thousand dollars.

Thank you for reading Singapore Savings Account Rates.

Nov 25, 2008

Offshore Bank Account: HSBC Rates


Offshore Bank Account: HSBC Rates

If you are thinking of a super-secretive bank account hidden in an exotic island that you can stash some cash to avoid paying taxes, this Offshore Bank Account is not for you.

The HSBC Offshore Bank Account is a flexible international current account, for day-to-day banking use that pays interest.

An Offshore Bank Account is meant for bank users international or offshore banking requirements. You can make payments on your HSBC credit cards, investments, loans or mortgages.

Some salient features of the HSBC Offshore Bank Account:


0% commission on foreign exchanges

Available in sterling, US dollars or euro

24 hour phone and internet banking

Internationally accepted debit card in sterling or US dollars

Chequebook in sterling or euro

International money transfers at reduced rates (via Internet Banking)

Regular payments by standing order

No account opening fee*

Minimum balance £5000, US$ 10000, or €10000

No interest is payable if the balance falls below the minimum account opening balance

* There's no account opening fee for HSBC Offshore Bank Account. However a minimum relationship balance of £25,000 (or currency equivalent) must be maintained, to prevent a £20 monthly service charge from being applied to the HSBC Offshore Bank Account.

The interest rate payable on the HSBC Offshore Bank Account is 0.1% at present. If you join HSBC Premier, the interest rates promotion is higher.

Nov 24, 2008

CPF Account Interest Rate from January to March 2009


CPF Account Interest Rate from January to March 2009

Central Provident Fund (CPF) Interest Rate For Ordinary Account (OA) will continue to be 2.50% per annum for members’ CPF savings in their CPF Ordinary Account (OA) from 1 January 2009 to 31 March 2009.

The computed CPF account interest rate taken from major local banks’ interest rates for the three-month period, 1 August 2008 to 31 October 2008, comes out to be 0.74 % per annum.

The higher CPF account rate of 2.50% will be paid as the CPF Act provides for a minimum CPF account interest rate of 2.50% per annum.

CPF account interest rate for Special, Medisave & Retirement Accounts (SMRA) is 4%. This high rate will make your money grow at a faster rate compared to Singapore bank savings account rates.

In addition, an extra 1% interest will be paid on the first $60,000 of a CPF member’s combined balances, with up to $20,000 from the CPF Ordinary Account (OA). The extra interest from the CPF Ordinary Account (OA) will go into the member’s Special or Retirement Account to enhance his retirement savings.

Members with enquiries may call the Central Provident Fund (CPF) Call Centre on 1800-227 1188.

Source: Central Provident Fund Board

Find out how to earn more interest money with non-CPF savings in Singapore Savings Account Rates.

Nov 23, 2008

Finatiq Investment Account Interest Rate Falls


Finatiq Investment Account Interest Rate Falls

Finatiq Investment Account Interest Rate was quoted at 1.0% per annum recently.

From 24 November 2008, Finatiq Investment Account Interest rate falls to 0.8% per annum.

More details on the historical interest rates of Finatiq Investment Account can be found here.

The Finatiq's FD rates have also been lowered.

Nov 21, 2008

Indian Overseas Bank Savings Rates, Singapore

Picture: IOB Bank Savings Rates Table.

Indian Overseas Bank Savings Rates, Singapore

Indian Overseas Bank is the first India based bank to commence operations in Singapore as early as February 1941.
Indian Overseas Bank is strategically situated in the heart of Central Business District, housed in own building on Cecil Street just a walking distance from the Raffles Place and China Town MRT stations.

Address:
Main Branch,
Indian Overseas Bank,
64, Cecil Street,
IOB Building,
Singapore 049711
website: Indian Overseas Bank

What is IOB's savings account interest rate? Interest rate on savings account in Singapore-denominated dollars opened with Indian Overseas Bank is presently 0.5% per annum.

Other Services Offered at Indian Overseas Bank:

# Fully Automated Branch with SWIFT facility
# Well equipped Dealing Room
# Rendering full range of banking services for the last 62 Years
# Specialises in Retail Banking Services, Remittance Services, Trade Finance Services and Credit Services
# Opening of NRI accounts in any IOB Branch in India can be done through IOB-Singapore.
# Wide range of Remittance facilities to India
# Extended working hours on Saturday to cater to the Expatriate requirements
Thank you for reading Singapore Savings Account Rates.

Nov 19, 2008

UCO Bank Savings Account Rate, Singapore

UCO Bank Savings Account Rate, Singapore

UCO Bank started their Singapore operations on 21st April 1951 and Singapore centre has celebrated its Golden Anniversary Year of the Bank's presence in Singapore in 2001.

UCO Bank is a Monetary Authority of Singapore Full Licence Bank that has two branches in Singapore.

UCO Bank is the only bank from India with more than one branch in Singapore to open savings account with competitive interest rates.

The branches are located at:

Main Branch
Bharat Building
3 Raffles Place
Singapore 048617

Serangoon Branch
84 & 86 Serangoon Road
Singapore 217989

UCO Bank savings account interest rate in Singapore is currently 0.5% per annum.

Further details of UCO Bank Savings Rates here.

Nov 17, 2008

Salary Account: Citibank Tap and Save Account


Salary Account: Citibank Tap and Save Account

The Citibank Tap and Save Account is a salary savings account that can earn bank savings account interest rate of up to 1.2% per year.

You can potentially earn higher interest on this salary savings account by putting a regular sum of your salary into it on a monthly basis.

To sweeten this Citibank Tap and Save Account, you also get rewarded each time you spend.

Save even more with 2% cash rebate when you use your Citibank Tap and Save Account on your daily commute. This cash rebate will be earned with automatic top-ups of S$30.25 each time and will be credited into your savings account by the following month. With the cash rebate, you can now buy whatever you like, including more SMRT rides.

Credit salary into Citibank Tap and Save Account and start earning at a base rate of 0.3% p.a.*. Step up to 1.2%p.a.* over 12 months when you save more in the Citibank Tap and Save Account every month.

The illustration given for Citibank Tap and Save Account is quoted here.

“Assuming you deposit S$2,000 into the account as initial deposit, save S$1,800 monthly for salary credit of S$3,000 and receive S$7 cash rebate per month (ez-link top-up and debit card spend). Over a period of 24 months, you would have earned interest return of S$549.16 - four times more than what a typical savings account has to offer!”

Terms and conditions apply for Citibank Tap and Save Account. Check out Citibank's savings promotion here.

Thank you for reading Singapore Savings Account Rates, where we bring you the best and latest savings account rates in Singapore.

Nov 15, 2008

Finatiq Savings Interest Rate Lowered

Finatiq Savings Interest Rate Lowered

Previous interest rate for Finatiq investment account was quoted at 1.2% per annum.

Now the new Finatiq investment savings account rate has been lowered to 1.0% p.a.

Compared to savings account interest rates offered by the big local banks, this interest rate is still respectable.

We will monitor any increase or decrease in the interest rate at Singapore Savings Account Rates.


Nov 12, 2008

Tax-Free Savings Account

Tax-Free Savings Account

In Singapore, interest earned from savings account is tax-free. According to the Inland Revenue Authority of Singapore (IRAS), interest received from deposits with approved banks or licensed finance companies in Singapore on or after 1 Jan 2005 is not taxable.

You do not need to declare interest that is not taxable.Thus, interest earned from savings and fixed deposits from approved banks and financial institutions in Singapore is free of tax.

To check if a bank is an approved bank for the purpose of getting tax-free earned interests:

1. Visit MAS website
2. Click on 'Commercial Banks' and 'Merchant Banks'.
All banks listed on these two pages are approved banks.

To view the list of licensed finance companies to get your tax-free interests:

1. Visit MAS website
2. Click on 'Finance Companies'.
All companies listed on this page are licensed finance companies.

When is interest earned from savings accounts not tax-free?
Interest from the following sources is not tax-free

· Deposits with non-approved banks
· Deposits with finance companies not licensed in Singapore
· Pawnshops
· Loans to companies, persons etc.

How to report if interest earned is not tax-free?
You need to declare the full amount of your taxable interest under 'other income' in your tax form.

As interest earned from savings account is quite little, you should put money in approved banks and financial institutions that offer tax-free interests to save you from paying unnecessary tax.

Nov 10, 2008

NTUC Thrift Savings Account


NTUC Thrift Savings Account

Get one of the better interest rates in Singapore on your NTUC Thrift Savings Account with a regular monthly savings plan via GIRO. (Note rate has been adjusted down from over 2% since our last post on Thrift savings account here.)

Thrift Savings Account Interest Rates:
Savings Account = 1.5%

Thrift Junior Savings Account = 1.52%

Thrift Savings Account Conditions
• You must be a Thrift member (terms and charges apply)
• Initial deposit required: min $20 and max $1,000.
• Monthly savings by GIRO only : min $20 and max $1,000

Thrift Savings Account Benefits
• No service fee
• Convenient and rewarding regular saving scheme
• Please refer to Flexi-Save account if you wish to save through a flexible savings plan.


Thank you for reading Singapore Savings Account Rates.

Nov 6, 2008

State Bank of India Singapore Special Savings Account


State Bank of India Singapore Special Savings Account

State Bank of India Product Benefits:
• Interest rates up to 0.55
• Earn even higher interest 0.90% with Multisweep facility
• Initial deposit of SGD 100
• Low minimum balance requirement of SGD 300
• SBI Gold International ATM Debit Card (MasterCard enabled)
• Internet Banking facility available
• Joint Account Facility available
• No maintenance charges

State Bank of India Pricing Guide:
• Interest is calculated on the daily balance as on the end of the day and applied monthly.
• Penal charge of SGD 1 per month will be levied if the monthly minimum balance in the account falls below SGD 300.
• SGD 10 will be charged if the account is closed within 6 months of opening.
• ATM cash withdrawal from SBIS & SBI India network – Free
• ATM cash withdrawal from other bank network overseas – SGD 3 per transaction

State Bank of India Product Details:
• A minimum balance of SGD 300 is required. The account can be opened with an initial deposit of SGD 100. However, the minimum balance of SGD 300 should be reached within the one month grace period.


Read other articles at Singapore Savings Account Rates.

Nov 4, 2008

Features of Savings, Current, Fixed Deposits Accounts

Features of Savings, Current, Fixed Deposits Accounts

Some readers have asked Singapore Savings Account Rates through e-mail about the differences between savings account, current account and fixed deposits account. What these readers want to learn is the feature(s) of each type of banking account.

We shall highlight the three main types of bank accounts that almost everyone will need. These are Savings Account, Current Account and Fixed Deposit Account. Features of each of these bank accounts are tabulated here:


source: MoneySense resource publication

How do you decide on which savings, current or fixed deposits account to open and use? Which type of savings, current, fixed deposits account is better or the best? What are the terms and conditions to use each of the savings, current and fixed deposits accounts?

For these questions on savings, current and fixed deposits accounts, check out details available from:

1) Booklet produced by the Association of Banks in Singapore from the MoneySense website (pdf).

2) Compare Savings Account and Fixed Deposits discussion.

Thank you for reading Singapore Savings Account Rates.

Nov 1, 2008

Highest and Best UOB Savings Account Interest Rates Promotion


Highest and Best UOB Savings Account Interest Rates Promotion

For a limited period only, UOB is offering 200% more on your UOB Passbook Savings Account interest rates. Get up to 1.025% (Yes, one point zero two five percent = this is not a typo error) on your deposits in the UOB Passbook Savings Account from 1 November 2008 to 31 January 2009.

This kind of high saving interest rate on a Singapore savings account is unheard of, at least not in recent years. This is the best deal and best promotion for a savings account from one of the big three local banks in Singapore.

Even if you do not have $100,000 in a UOB savings account to get this good deal of 1.025%, you can still get a very decent interest rate of 0.8% with $3000 only in this savings account promotion!

How about the other banks' savings account rates in Singapore? Will we see a savings account interest rate war break out on the local banking scene? Will another bank top this highest and best interest rate on a savings account soon?

Stay tune to Singapore Savings Account Rates where we monitor Singapore banks savings account interest rates to bring you the best and the latest interest rates in Singapore!

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