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Dec 15, 2014

High Interest Bank Accounts

High Interest Bank Accounts

We present today's "High Interest Bank Accounts" post to help you save money Singapore Savings Account Rates.

Singapore's High Interest Bank Accounts for 2014 are presented for personal information.

In this 'high interest bank accounts' post, the team at Singapore Savings Account Rates wants to draw your attention to certain fees and charges you may incur when you open a bank account in Singapore.

Do not look simply at the simple interest that you earn on your bank account. You must pay attention to charges and fees that you have to pay if you invoke certain services that the bank performs for you.

You may lose all your interest earned in the bank account AND lose money if you have to pay for some expensive services that your bank provides you.

What are some of these expensive items of high interest for bank account holders?

Here are some "High Interest" bank accounts holders may have to pay when services have been rendered by their respective banks:

High Interest Bank Accounts Fees and Charges:

Item | Charge

Cheque/draft deposits
• Singapore dollar local clearing FREE
• US dollar local clearing US$5 per cheque

Coin exchange/withdrawal/deposit
-First 50 pieces free
-S$5 for next 1,000 pieces or part thereof
-S$10 for every subsequent 1,000 pieces or part thereof

Bulk cash notes deposit/exchange
-First 300 pieces free
-S$2.50 for every subsequent 100 pieces or part thereof

Standing instructions
• Set up charge S$10 per item
• Amendment/cancellation S$10 per item
• Commission
- Singapore dollar S$10 per item plus incidental charges
- Foreign currency account S$10 per item plus incidental charges
• Returned items (due to insufficient funds) S$50 per item

Money/postal order
-S$10 per schedule of 10 items or part thereof

Marked cheques
• Non bank cheques drawn locally S$100 per cheque (include paying bank’s charge)
• Own Bank cheques S$30 per cheque
(Marked cheques refer to valuation of Singapore dollar cheques on the same day)

Returned GIRO
• Due to insufficient funds S$10 per item

Other services
• Cheque image/voucher retrieval S$50 per copy
• Statement retrieval
- Up to 3 years S$50 per monthly statement
- More than 3 years S$100 per monthly statement
• Document retrieval (such as Unit Trust application
forms, Standing Instruction image retrieval etc) = S$100 per copy
• Issuance of Letter of Reference S$30 per copy

Foreign Currency
• Administrative fee for foreign currency transactions made on Debit/ATM Card
1.5% of the foreign currency transaction amount

This is just a list of sample charges and fees. Different banks in Singapore may charge different rates for different service items.

So from now onwards, be aware of "high interest bank accounts" and their service charges.

Keep reading Singapore Savings Account Rates, for new information on financial savings accounts in Singapore.

The Team

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