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Aug 1, 2011

High Interest Savings Account

High Interest Savings Account

Let us examine a high interest savings account in Singapore this 2011. What does 'high interest savings account' mean? Is it a savings account that pays high interest? Or is it a savings account that charges you high interest rates?

Most of you would be thinking that a high interest savings account is one that will pay you high interest rates for keeping money in that high interest savings account.

But did you know that savings account can charge you high interest to maintain the savings account in Singapore? For certain transactions or conditions, the high interest savings account will levy a fee. In other words, you pay the bank money for opening and keeping a savings account when certain terms and conditions are met.

Savings account charges or fees may apply in maintaining a high interest savings account in a bank in Singapore. These high interest savings account charges or fees may act like 'high interest' charges in the sense that the amount of fees you pay can be more than the interest earned with the savings deposit.

Such fees or charges of a high interest savings account may include:

(1) Monthly account fee

(2) fall-below fee if average daily balance falls below a certain sum.

(3) additional cheque book fee

(4) minimum overdraft interest charge

(5) early account closure fee

(6) stop payment of cheques via counter

(7) stop payment of cheques via phone banking fee

(8) outward return cheque due to insufficient funds fee

(9) direct mark cheque fee

(10) retrieval of physical cheque fee

(11) retrieval of cheque image fee

(12) coin deposit fee via counter or deposit machine

(13) fee to exchange coins

(14) retrieval of documents / bank statements fee

(15) fee for audit confirmation of account balance(s)

(16) replacement fee for ATM card, passbook / passcard

Think again what a high interest savings account may mean to you the next time you use a savings account in Singapore.

We hope you discover bank account rates of interest to you.

Keep reading Singapore Savings Account Rates, for new and the best financial rates information about selected savings deposit accounts in Singapore.

The Team

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