Why open a Singapore Savings Account?
Most Singaporeans start their financial life with a savings account courtesy of parents, educational institutions, civil service, national service or any other service providers who refuse to take your cash or want to pay you money without touching cash.
You may question why open a Singapore Savings Account when the rates are so low. Yes, the interest rates quoted by banks and financial institutions in Singapore are rather dismal. If you have the knowledge and financial resources, go ahead and plough your hard earned cash on accounts that can give you a higher rate of return.
There are still many Singaporeans who go around shopping for a simple savings account for various reasons. They may have shifted office or house and they need a more convenient branch to perform transactions. Some may want to collect freebies that banks may hand out during special promotions. You would have heard of banks asking for NEW funds for fixed deposits accounts. There are so many reasons why a Singapore savings account in its broadest term may be needed.
Here are several more reasons why we would need to open a Singapore savings account:
Savings account is safer than cash sleeping under the pillow in the home. There is no insurance for loss of cash that is resident at home in Singapore (unless you take out insurance cover).
Savings account held by individuals and charities is insured by the Singapore Deposit Insurance Corporation for up to $20,000 for each depositor under the Deposit Insurance Act.
Savings account pays you cash in the form of interest earned for every day that you keep it in the account in a Singapore financial institution.
Savings account can be a money-making temporary holding area while you decide how to invest your hard earned cash in other Singapore or foreign country investments.
Savings account can be linked by GIRO or internet banking to other banks or institutions for financial transactions like bill payment and crediting of salary while working in Singapore.
Savings account can provide use of ATM card for daily use at retail shops around Singapore.
Savings account can be the stepping stone to invest money in other higher interest earning accounts in Singapore's financial industry and even the world.
Savings account is one of the most basic banking service that everyone in Singapore should have.
Stay tuned while we compile Singapore Savings Accounts rates for comparison.
Make your money earn you more money!
Most Singaporeans start their financial life with a savings account courtesy of parents, educational institutions, civil service, national service or any other service providers who refuse to take your cash or want to pay you money without touching cash.
You may question why open a Singapore Savings Account when the rates are so low. Yes, the interest rates quoted by banks and financial institutions in Singapore are rather dismal. If you have the knowledge and financial resources, go ahead and plough your hard earned cash on accounts that can give you a higher rate of return.
There are still many Singaporeans who go around shopping for a simple savings account for various reasons. They may have shifted office or house and they need a more convenient branch to perform transactions. Some may want to collect freebies that banks may hand out during special promotions. You would have heard of banks asking for NEW funds for fixed deposits accounts. There are so many reasons why a Singapore savings account in its broadest term may be needed.
Here are several more reasons why we would need to open a Singapore savings account:
Savings account is safer than cash sleeping under the pillow in the home. There is no insurance for loss of cash that is resident at home in Singapore (unless you take out insurance cover).
Savings account held by individuals and charities is insured by the Singapore Deposit Insurance Corporation for up to $20,000 for each depositor under the Deposit Insurance Act.
Savings account pays you cash in the form of interest earned for every day that you keep it in the account in a Singapore financial institution.
Savings account can be a money-making temporary holding area while you decide how to invest your hard earned cash in other Singapore or foreign country investments.
Savings account can be linked by GIRO or internet banking to other banks or institutions for financial transactions like bill payment and crediting of salary while working in Singapore.
Savings account can provide use of ATM card for daily use at retail shops around Singapore.
Savings account can be the stepping stone to invest money in other higher interest earning accounts in Singapore's financial industry and even the world.
Savings account is one of the most basic banking service that everyone in Singapore should have.
Stay tuned while we compile Singapore Savings Accounts rates for comparison.
Make your money earn you more money!
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