Investing in Bank Accounts Part 3

Investing in Bank Accounts Part 3

In this March 2010 finance post, Singapore Savings Account Rates presents part 3 of Investing in Bank Accounts.

Notes on Investing in Bank Accounts are obtained from MoneySense, a national finance education programme.

Investing In Bank Accounts (continue)

5) Range of services for account holders

The following is a range of services usually available to savings and current account holders:

a) ATM card: With this card, you can deposit, withdraw or transfer money at ATM machines. Access to this service is by your Personal Identification Number (PIN).

b) Cash card: This is a stored-value card that you can use to pay bills and purchases.

c) Debit card: A debit card is an enhanced ATM card with point-of-sale features that can be used to purchase goods and services electronically. The card replaces cash or checks. Transactions are deducted from your savings or current account directly.

d) GIRO: This is a banking facility where you authorise your bank to transfer money from your account, to the account of a service provider for recurrent services rendered.

e) Standing orders: These are instructions you give to your bank to transfer certain sums of money regularly to a third party.

f) Electronic Funds Transfer at Point of Sale (EFTPOS): Commonly known as NETS, you can use your ATM card or debit card at outlets with this facility. Once the transaction is approved, the amount is immediately deducted from your bank account.

g) Phone banking: With an ID and password, you can use your phone to carry out various banking transactions, such as fund transfer and checking account information.

h) Internet banking: This is similar to phone banking, except that you do your banking transactions at the bank’s website on the Internet. (See Internet Banking at paragraph 8 below.)

For further reading on other consumer guides, please log on to the MoneySense website at www.moneysense.gov.sg

Thanks for reading Singapore Savings Account Rates.

The Team
Singapore Savings Account Rates.