Best Singapore Savings Account Rates: Bank of Singapore

Best Singapore Savings Account Rates: Bank of Singapore

For depositors looking for one of the best Singapore savings account rates, Bank of Singapore is offering its best interest rates for Singapore investment and savings account of 1% per annum. This Bank of Singapore investment and savings account rate works best from the very first dollar that you deposit into the Bank of Singapore's Finatiq investment (individual) account.

This is one of the best rates around to make your savings work harder. Depositors will find not many other banks offering these best rates for Singapore savings account locally. Most banks in Singapore offer best rates of about 0.25 per cent to 0.35 per cent per annum for sums less than one thousand dollars. You can best maximise your earnings from Bank of Singapore's interest rates currently.

One of the best features of this account is that interest is calculated daily and credited monthly into your Finatiq investment account. Other best of the lot features include no queue at the bank, no monthly charges and no cap on the amount you can deposit.

Best of all, you can link your Bank of Singapore account to other Singapore bank savings accounts in your name to make fund transfers. If you want to get the best out of this account, you can open Singapore fixed deposits to make your money work harder for you from the higher interest rates from FDs.


Follow this link to Bank of Singapore to check for the best Singapore savings account rates.

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Singapore Savings Account Rates

Singapore Savings Account Depositors Protected

Singapore Savings Account Depositors Protected

In The Straits Times published 23 September 2008, Ms Angelina Fernandez, Director (Communications) of the Monetary Authority of Singapore (MAS) assured Singapore savings account depositors that their savings in their Singapore savings accounts are protected.

Here is a quote from the MAS letter for Singapore Savings Account Rates readers:

"Under the deposit insurance scheme, administered by the Singapore Deposit Insurance Corporation (SDIC), an individual's Singapore dollar current, savings and fixed deposit accounts with a full bank or finance company in Singapore have an aggregate coverage of up to $20,000 per institution. This coverage fully insures more than 80 per cent of individual depositors in Singapore and is within international norms of 80 to 90 per cent."

Does this mean your $20000 in a Singapore savings account is totally safe? How about the robustness of the Singapore Deposit Insurance Corporation (SDIC) which is also an insurance company? Given that even a huge insurance company like AIG has also buckled under financial strain, how is a depositor to know if this SDIC will not buckle?

You may want to refer to SDIC at their website for details on their structure and board members for some reassurance. The Singapore Deposit Insurance Corporation (SDIC) administers the Deposit Insurance Scheme in Singapore. It has a 6-member board and they are accountable to the Minister in charge of MAS. SDIC collects premiums from participating banks annually to maintain a fund that will be used to compensate depositors if required.

Read more at SDIC site.

More information at Monetary Authority of Singapore (MAS).

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