Best Bank Savings Account Interest Rates

Best Bank Savings Account Interest Rates

In this 2010 post, we look at the best bank savings account interest rates of the top three local banks in Singapore.

Singapore Savings Account Rates is going to compare the best bank savings account interest rates of the top three local banks in Singapore. The three local banks in Singapore are DBS bank, OCBC bank and UOB bank.

The best bank savings account interest rates are shown for your information. Before you consider investing cash in stocks, shares, bonds, unit trusts or other banking products, ensure that you re-confirm the best bank savings account interest rates with banks concerned.

Best bank savings account interest rates are always subject to change without notice at the absolute discretion of the respective bank(s).

Singapore Local Bank Savings Account Interest Rates:

Singapore Bank Account & Balance	Interest Rate % (p.a.)
DBS Bank Savings Plus A/C Balance >$100000	0.25
OCBC Bank Passbook Savings Bal >$250000	0.275
UOB Bank Passbook Savings Bal>$100000	0.25
All latest interest rates subject to change without notice and are compiled by Singapore Savings Account Rates.

Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best selected Singapore savings account rates.

The Team
Singapore Savings Account Rates.

Compare Savings Deposits Rates Singapore

Compare Savings Deposits Rates Singapore

We are going to compare savings deposits rates in Singapore in today's
Singapore Savings Account Rates finance post this February 2010.

What savings deposits rates (Singapore) are we going to compare in this comparison of bank savings deposits accounts in Singapore? How many bank savings deposit accounts are we using to compare savings deposits Singapore?

At the current moment, we compare savings deposits rates Singapore of the following Singapore banks and their banking accounts of savings deposits. These savings deposits are the savings accounts that regular visitors of Singapore Savings Account Rates blogspot should be familiar by now.

The bank savings deposits rates in Singapore to compare are:

Fairprice Plus savings account = 0.6% (from $50,001 onwards)
Maybank iSavvy account = 0.58%
State Bank India Special savings account = 0.55%
RBS Millennium account = 0.55% (from $500,000 onwards)
Indian Bank Savings account = 0.50%
NTUC Thrift Junior Savings Account = 0.42%

Note that savings deposits rates used for comparison are indicative and are subject to change. Terms and conditions of individual banks apply to receive these savings deposits rates.

Thanks for reading Singapore Savings Account Rates, where we bring you the latest and best selected Singapore savings account rates.

The Team
Singapore Savings Account Rates.

Features of Savings, Current, Fixed Deposits Accounts

Features of Savings, Current, Fixed Deposits Accounts

Some readers have asked Singapore Savings Account Rates through e-mail about the differences between savings account, current account and fixed deposits account. What these readers want to learn is the feature(s) of each type of banking account.

We shall highlight the three main types of bank accounts that almost everyone will need. These are Savings Account, Current Account and Fixed Deposit Account. Features of each of these bank accounts are tabulated here:

source: MoneySense resource publication

How do you decide on which savings, current or fixed deposits account to open and use? Which type of savings, current, fixed deposits account is better or the best? What are the terms and conditions to use each of the savings, current and fixed deposits accounts?

For these questions on savings, current and fixed deposits accounts, check out details available from:

1) Booklet produced by the Association of Banks in Singapore from the MoneySense website (pdf).

2) Compare Savings Account and Fixed Deposits discussion.

Thank you for reading Singapore Savings Account Rates.

Singapore Bank Savings Vs Singapore Fixed Deposits

Singapore Bank Savings Vs Singapore Fixed Deposits

Singapore bank savings vs Singapore fixed deposits: Which is a better bank deposits deal to park your money and earn interest? Is a Singapore bank savings account a better option or is a Singapore fixed deposits account better?

Understanding Yourself
To answer this question, you need to understand what you want to do with all the spare cash in your wallet or purse. You need to decide what you want to do with the unspent money you receive as salary before you deploy your funds in a bank savings or fixed deposits account.

What is the purpose for this spare sum of money? Is it to

(1) Store it in a safe place
If you just need a place that is safer than under your pillow to store your spare cash, a bank savings account would be ideal because such a bank savings account can accept small sums of money for deposit, and can be withdrawn anytime for use. You still earn daily interest on the amount in your Singapore bank savings before it is withdrawn.

(2) Earn interest
If you want to earn higher Singapore bank savings interest on your Singapore deposits, choose the investment that can offer you the highest interest rates. Depending on the interest rates quoted by the various banks in Singapore, you can choose to park your savings in a Singapore bank savings account or a Singapore fixed deposits account as long as the interest rate appeals to your needs.

(3) Hold it for impending use
If you know the specific length of time when you need to take out your cash for other uses, choose the appropriate Singapore fixed deposits package that fits your requirement. If you do not know the actual date that you need to use this sum of money, than a Singapore bank savings account may be a better option.

Other considerations to think carefully about are listed below.

(1) Set up & maintenance costs
Account opening usually requires a minimum sum for Singapore fixed deposits or Singapore bank savings, although some savings accounts can often be opened with as little as S$1. There may be monthly service and other charges on sums that fall below a certain level for certain banks. Check out the details before you commit to a bank.

(2) Penalty charges
Singapore fixed deposits accounts often carry a penalty charge for premature withdrawal of your principal. This can potentially wipe out the extra interest earned in your Singapore fixed deposits, making the Singapore savings account a better choice as it does not impose any charges for early withdrawal.

(3) Administrative and other costs
You need to consider the time taken for queues, paper work, transport costs and other opportunity costs when you go down to a bank branch to open or close your savings and deposits account. Once opened, you can link your savings account to a current account, to ATM services and other Internet banking transactions to save you from more such hassles.

Recommendation
All things being equal, in practice, we would recommend that you credit your salary directly into a Singapore bank savings account immediately on payday. Any extra sources of income, dividends, payouts and money from elsewhere should be credited into a bank savings account. This way, you will effectively start to earn more interest and earn more money while you deliberate on your next move.

Conclusion
In conclusion, whether a Singapore bank savings account is better or a Singapore fixed deposits account is better depends on numerous factors, which we have already elucidated in this Singapore Bank Savings Vs Singapore Fixed Deposits article. All you need to do now is to look at your own circumstances and examine your own objectives. Only then can you decide for yourself if a Singapore bank savings, a Singapore fixed deposits or maybe both is / are suitable for your banking needs.

By Singapore Savings Account Rates blog


We recommend these posts in Sg Savings Account Rates blog:

1. Latest Singapore Un-fixed Deposits Rates
2. Best Bank Savings Interest Rates