Investing In Bank Accounts Part 4
Singapore Savings Account Rates presents Investing In Bank Accounts Part 4 this Aptril 2010.
Investing In Bank Accounts Part 4:
6) What you should look out for when opening your account.
Different banks offer accounts with different features and fee structures. Before you open an account with any bank, you should find out and understand the product features by asking the following questions:
a) For savings and current accounts:
i) What is the minimum deposit to open an account? ii) What is the interest rate? iii) How is interest calculated, and how often is the
interest credited to my account?
iv) Is there a minimum balance to be maintained in the account? If I fail to maintain the minimum balance, is there a service charge?
v) How long must I keep the account after opening it? Is there a penalty if I close it earlier? vi) When a cheque is banked in, when can I use the money? vii) Is there a withdrawal limit at the branch, or ATM?
b) Additional questions for current accounts:
i) Is there an administration fee for account maintenance?
ii) Do I have to pay for the cheques provided by the bank?
iii) What are the charges for a returned cheque due to insufficient funds? Will I be charged interest as well?
iv) Will there be charges if a cheque is returned due to technical reasons, eg if the cheque is post¬dated?
c) For fixed deposits:
i) What is the minimum deposit to open an account? ii) What is the interest rate on my deposit?
iii) How is interest calculated?
iv) Will my deposit be automatically rolled over on maturity date?
v) What happens if the maturity date falls on a public holiday?
vi) Can I withdraw my money before maturity? Will I incur a penalty if I do so? Do I still receive interest, and how is the interest computed?
For further reading on other consumer guides, please log on to the MoneySense website at www.moneysense.gov.sg
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