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.

Passionate About Savings Account Rates

Passionate About Savings Account Rates

We are passionate about savings account rates. That's why we set up this Singapore Savings Account Rates site.

We know that you are passionate about savings account rates too. That's why you are reading these words and a few numbers.

But do we know why we (and you) are passionate about savings account rates? What drives us (and you) to chase after the best and latest savings account rates week in week out?

The obvious answer: to get better deals on savings account rates so that we make our money work harder for us (and for you).

But look beyond that, and explore the reason(s) behind the five cents and ten cents that we save. Why are we (and you) trying so hard to look for the best and highest (and among the safest) savings account rates?

One avid supporter of our site has written plenty of good stuff about living within your means, saving and investing, as a solid foundation to build passive income, for the ultimate purpose of achieving financial freedom and to enjoy life according to your dreams.

Yes, we think most people dream of retiring with a comfortable nest-egg, that is tucked safely in an investment that pays residual income to fund a long, happy and healthy retirement.

That is why we are recommending the site Five Cents Ten Cents to you today. Read the many useful articles that will inspire you. Take a look at Panzer's Road Map to Financial Freedom to decide, if financial freedom to live out your dreams, is also your ultimate passion.

Why Open A Singapore Savings Account

Why open a Singapore Savings Account?

Most Singaporeans start their financial life with a savings account courtesy of parents, educational institutions, civil service, national service or any other service providers who refuse to take your cash or want to pay you money without touching cash.

You may question why open a Singapore Savings Account when the rates are so low. Yes, the interest rates quoted by banks and financial institutions in Singapore are rather dismal. If you have the knowledge and financial resources, go ahead and plough your hard earned cash on accounts that can give you a higher rate of return.

There are still many Singaporeans who go around shopping for a simple savings account for various reasons. They may have shifted office or house and they need a more convenient branch to perform transactions. Some may want to collect freebies that banks may hand out during special promotions. You would have heard of banks asking for NEW funds for fixed deposits accounts. There are so many reasons why a Singapore savings account in its broadest term may be needed.

Here are several more reasons why we would need to open a Singapore savings account:

Savings account is safer than cash sleeping under the pillow in the home. There is no insurance for loss of cash that is resident at home in Singapore (unless you take out insurance cover).

Savings account held by individuals and charities is insured by the Singapore Deposit Insurance Corporation for up to $20,000 for each depositor under the Deposit Insurance Act.

Savings account pays you cash in the form of interest earned for every day that you keep it in the account in a Singapore financial institution.

Savings account can be a money-making temporary holding area while you decide how to invest your hard earned cash in other Singapore or foreign country investments.

Savings account can be linked by GIRO or internet banking to other banks or institutions for financial transactions like bill payment and crediting of salary while working in Singapore.

Savings account can provide use of ATM card for daily use at retail shops around Singapore.

Savings account can be the stepping stone to invest money in other higher interest earning accounts in Singapore's financial industry and even the world.

Savings account is one of the most basic banking service that everyone in Singapore should have.

Stay tuned while we compile Singapore Savings Accounts rates for comparison.

Make your money earn you more money!