Factors Determining Choice of Singapore Savings Accounts
From the numerous e-mails we receive on Singapore Savings Account Rates site, our impression is that most readers consider one major factor in determining the choice of a savings account to use.
If you look at the title of our site, Singapore Savings Account Rates, you will find the answer to this one major factor determining choice of Singapore savings accounts amongst our readers.
And why not? Interest rate offered on Singapore savings accounts is a major factor in swaying depositors to open or switch savings accounts. With interest rates currently abysmally low, any savings account that offers a higher savings rate will garner depositor reaction.
But before you jump straight into using any Singapore savings account based on savings account rates alone, consider other factors that may be equally vital to your personal financial health.
In your pursuit for high interest savings account, consider other factors determining choice of Singapore savings accounts.
Factors Determining Choice of Singapore Savings Accounts:
1. Decide On Your Savings Need
What do you want a Singapore savings account for? Are you looking for an account to park your money, to get better savings interest rates or just so you can sleep better without that pile of cash under your pillow? The answer to this important question will determine how to choose a savings account.
2. Reputation of Financial Institution
Post Lehman events should have raised depositor awareness that not all banks and banking products are created and managed with the same degree of financial risk. Notwithstanding the government guarantee on deposits, it is prudent to stick with a Singapore savings account that offers you safety and security.
3. Ease of Access
Ensure the Singapore savings account is easy to access. This could be factors like a convenient branch location, easy internet access or ATM availability.
4. Banking Fees and Banking Terms
Always check the fine print on banking terms and banking fees. You should ensure that you are not paying unnecessary banking fees for maintaining minimum balances, withdrawals and deposits.
5. Linkage To Salary Deposit
Choose Singapore savings accounts that allow salary to be credited regularly and automatically. Better still, look for one that offers higher interest rates for your regular savings top-up routine. This will also encourage the development of a regular savings discipline.
We believe you may have other factors determining choice of savings account. We will be more than happy if you share your thoughts with us via e-mail or in the comments section.
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