Factors Determining Choice of Singapore Savings Accounts

Factors Determining Choice of Singapore Savings Accounts

From the numerous e-mails we receive on Singapore Savings Account Rates site, our impression is that most readers consider one major factor in determining the choice of a savings account to use.

If you look at the title of our site, Singapore Savings Account Rates, you will find the answer to this one major factor determining choice of Singapore savings accounts amongst our readers.

And why not? Interest rate offered on Singapore savings accounts is a major factor in swaying depositors to open or switch savings accounts. With interest rates currently abysmally low, any savings account that offers a higher savings rate will garner depositor reaction.

But before you jump straight into using any Singapore savings account based on savings account rates alone, consider other factors that may be equally vital to your personal financial health.

In your pursuit for high interest savings account, consider other factors determining choice of Singapore savings accounts.

Factors Determining Choice of Singapore Savings Accounts:

1. Decide On Your Savings Need

What do you want a Singapore savings account for? Are you looking for an account to park your money, to get better savings interest rates or just so you can sleep better without that pile of cash under your pillow? The answer to this important question will determine how to choose a savings account.

2. Reputation of Financial Institution

Post Lehman events should have raised depositor awareness that not all banks and banking products are created and managed with the same degree of financial risk. Notwithstanding the government guarantee on deposits, it is prudent to stick with a Singapore savings account that offers you safety and security.

3. Ease of Access

Ensure the Singapore savings account is easy to access. This could be factors like a convenient branch location, easy internet access or ATM availability.

4. Banking Fees and Banking Terms

Always check the fine print on banking terms and banking fees. You should ensure that you are not paying unnecessary banking fees for maintaining minimum balances, withdrawals and deposits.

5. Linkage To Salary Deposit

Choose Singapore savings accounts that allow salary to be credited regularly and automatically. Better still, look for one that offers higher interest rates for your regular savings top-up routine. This will also encourage the development of a regular savings discipline.

We believe you may have other factors determining choice of savings account. We will be more than happy if you share your thoughts with us via e-mail or in the comments section.


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.

Hong Bao Savings Deposits

Hong Bao Savings Deposits

No doubt Lunar New Year 2010 is around the corner: Can you feel the festive spirit of Chinese New Year? Or are you still shopping around for the best savings account rates or deposits account rates in Singapore in preparation to receive (or to hand out) lots of hong bao money?

In today's finance post on Singapore Savings Account Rates, we are not presenting (or receiving) any hong bao to / from our readers, nor are we mentioning any hong bao savings account rate or hong bao deposits account rates.

This Singapore Savings Account Rates blogspot post is not about the best hong bao savings deposits rates there is, or the best offers in bank savings deposits promotions around this Lunar New Year period.

Instead, we simply ask: After receiving your hong bao money, what do you do with the hong bao money?

(a) spend it
(b) keep it in savings account
(c) keep it in fixed deposits
(d) stuff it inside pillow
(d) where got money?

You can contact us here to submit your answers.

We may collate results and highlight your responses (if any) after the Lunar New Year holidays.


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.

Powerful Lessons on Savings from Billionaires like Warren Buffett

Powerful Lessons on Savings from Billionaires like Warren Buffett

There are plenty of powerful lessons on investments, with not many on savings, from great billionaires like Warren Buffett. So Singapore Savings Account Rates blogspot thought that it would be useful to develop powerful lessons on savings from billionaires like Warren Buffett to spice up our site.

This is only the first edition of ‘Powerful Lessons on Savings from Billionaires like Warren Buffett’. If readers enjoy reading it, we may create more powerful lessons on savings from billionaires like Warren Buffett.

What are these powerful lessons on Savings from billionaires like Warren Buffett that we had in mind? Here are the powerful lessons on savings from billionaires like Warren Buffett.

Powerful lessons on savings from billionaires like Warren Buffett:

1. Don’t Do Stupid Things With Your Savings

Not happy with miserable returns of 0.1% from your Savings that are 100% protected? Go ahead and blow away up to 100% of your capital investing in stocks, shares, unit trusts, structured deposits or any financial investment where your knowledge, and money making power, has large gaps.

2. Don’t Save Without An Objective

The objective of your Savings should be specific and achievable. Billionaire investors know their exit strategy before they start investing in any financial investment. In savings, you should also plan to save for a specific need to be achieved in a specific time frame with preservation of your principal deposits.

3. Don’t Spend More That You Save

Billionaire investors rarely invest more than what their bank Savings account have although they may use other people’s money and hedge their risks. Even with the billions that they earn, personal spending must fall below personal earnings in order to maintain or to raise their net worth.

4. Don’t Save on Impulse

No great investor worth his or her salt invests on impulse. You should also not get into a Savings impulse. Adopt a regular savings habit for maximum savings returns.

5. Don’t Save Without A List

Billionaires monitor their list of investments like a hawk (or at least employ others to do so). As a saver, you should also develop a list of bank Savings accounts to keep yourself tuned into the latest and best savings rates in town. This is because not all bank savings accounts are created equal and there are intermittent promotions on bank savings deposits interest rates from time to time that offer better rates. This is where Singapore Savings Account Rates comes into the picture. Singapore Savings Account Rates site was designed to help you do so.

Afternote: We make no warranty or claim that ‘Powerful lessons on Savings from billionaires like Warren Buffett’ is accurate or correct. Readers should use this ‘Powerful lessons on savings from billionaires like Warren Buffett’ post for personal information only. These ‘powerful lessons on savings from billionaires like Warren Buffett’ may be altered or withdrawn at any time without notice.

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.

Singaporeans Are Saving More

Singaporeans Are Saving More

High-income Singaporeans (those earning S$7000 monthly) are saving more.

These Singaporeans, besides saving more, are also investing less with the precipitous decline of the global economy according to a Nielsen Company poll.

The study showed that about four in 10 (39%) Singaporeans were saving more of their hard-earned money before the crisis.

But after the collapse of the economy, about half (52%) are saving most of their funds into savings accounts.

A smaller proportion of Singaporeans from this group are putting their money into investments (-7%) and insurance (-6%).

This survey on Singaporeans saving more was conducted in March 2009 to find out how high-income wage earners dispose cash before and after the global economic crisis.

921 Singaporeans aged 18 years and above and earning more than S$7,000 a month were polled.

Are you also one of these Singaporeans saving more during this economic recession?

Kids’ Money Saving Habit

Kids’ Money Saving Habit

In my school days of old as a kid, I used to save with POSB whenever the bank staff visited our primary school.

My classmates (all kids) and I would bring our savings cards all filled up with stamps (paid for by our parents) to present to the bank clerical officers. It was one of those high points during school days that we looked forward to. The reason? Our money saving habit as kids was expected to pay off. Kids like us got into the kids money saving habit to receive kiddie goodies from the POSB aunties.

Now that I've grown up, the magic of saving seemed to be lost with my own kids and those of my friends. With internet bank transfers, check deposits and ATM withdrawals, the good old practice of physically squirreling coins and dollar notes into a piggy bank as a kid's money saving habit is now gone.

Instead, money (from me) is deposited into my kids' savings account. Cash withdrawals are made for school pocket money to be spent totally rather than saved. I'm not sure if my kids get the message that money comes from parents' hard-earned efforts, rather than a cash-spitting ATM machine.

My own money saving habit that I learnt as a kid is now being applied, for the benefit of my kids. Do you have similar experiences with your kids’ money saving habit?

Fatten Personal Savings Accounts For Possible Recession

Fatten Personal Savings Accounts For Possible Recession

Financial gurus who have your welfare at heart often preached putting aside a portion of personal income to keep as personal savings during good times. With the continuing saga of a global credit crunch and worldwide financial turmoil, it would be more prudent than ever to consider personal measures that will fatten personal savings accounts.

In a recession when businesses suffer, men and women in the streets will not be spared from personal financial impact. The risk of job losses, pay cuts and zero bonuses are real. Those thinking of striking out on their own will hesitate because of the poor economic climate.

Those too young to live through a recession will not have experienced the severe cutback on personal lifestyles, habits, wants and even needs that follow this dreaded event. Such painful belt-tightening changes in lifestyle can be a sobering lesson. Great economic times do not last forever.

What can individuals do to prepare for such a possible recession? Today we will address one issue and that is to fatten personal savings accounts.

In a recession, cash is King. Cash can be kept in the form of dollar notes and coins. Cash can also be kept in personal savings accounts, fixed deposits, treasury bonds or money markets that you understand. Cash offers security and keep their values better when prices are falling everywhere else in a recession.

Should you liquidate assets that are locked up in shares, unit trusts, properties, collectibles or other investments to raise cash? It depends on your personal cash position and personal financial situation. Usually such assets would have lost their values by the time of liquidation in a depressed market during a recession.

Why is cash so important in a recession? In worst-case scenario of job loss, we will need personal savings to tide over daily living needs for the duration of recession. For such individuals with less resource, bread and butter issues will certainly dominate concerns.

Those with a better cushion of financial savings in their fat savings accounts will have more options during a recession - to fatten their investment returns by investing in property, stocks or whatever investments that present good value. Such investments would be priced very attractively because in a recession investors avoid them for fear that such investments might become worthless in a prolonged recession.

The only trouble about investing in a recession is to know when you’ve hit bottom. What if you use your savings accounts to invest in a sure-win thingy and it bombs on you? How would you know that a recession is over? Think about that before you mobilize money in your savings accounts to riskier options.

To fatten your savings accounts, the only sure-win way is to spend less than you earn. Defer your wants. Spend wisely on your needs. In a recession, having fat savings accounts will provide security, comfort, food and good quality sleep. With enough money in your savings account, individuals should be able to ride out a recession with minimal belt tightening.

Fatten your savings accounts, whether in a recession or not, for some peace of mind.

Thank you for reading Singapore Savings Account Rates.

If you like what you have read, subscribe for free to Singapore Savings Account Rates.

Keep Personal Savings Liquid

Keep Personal Savings Liquid

Under a cloud of uncertainty in the present financial and banking turmoil, it seems logical for Singapore savers to keep their personal savings liquid. What does it mean to keep personal savings liquid?

Keeping personal savings liquid certainly does not mean seeing your money turn to liquid and disappear forever. But in these current market upheavals where big banks and reputable institutions dissolve away like ice into water, we are not too far away from that comparative scenario.

In keeping personal savings liquid, we mean that your personal financial assets should be held in accounts or instruments that allow you to access them for use safely, securely and instantly. In this regard, we can think of two places to hide your bundles of cash – under your pillow or in a Singapore savings account.

We are confident you can think of a third way or fourth way to keep your personal savings liquid. Regardless of whether your personal savings are liquid in the safety of a pillow or a Singapore savings account or other unorthodox methods, when financial instability brings about lowered stock values and diminishing investment values, cash in your personal hands can provide the best feeling in the world.

By all means spend on necessities. Things that you want but not need should be deferred in these uncertain times. Saving your monthly personal pay in a safe place is good advice. Keep this personal savings in a location that you can access easily adn securely.

In such difficult financial times, try not to make your savings lose their values. Bear in mind that keeping personal savings liquid allows you to participate in the financial markets after things have stabilized, so that in the resultant upturn, you are ready with your personal liquid cash to jump in and ride the upswing.

So remember to keep your personal savings liquid!

Thank you for reading Singapore Savings Account Rates.

Subscribe for free to Singapore Savings Account Rates now.