|First S$50,000||Next S$50,000|
|Total Eligible Transactions per month||Salary Credit + transaction in 1 catagory||Salary Credit + transaction in 2 categories||Salary Credit + transaction in 3 or more categories|
|Between S$2,000 to S$2,500||1.55%||1.80%||2.00%|
|Between S$2,500 to S$5,000||1.85%||2.00%||2.20%|
|Between S$5,000 to S$15,000||1.90%||2.20%||2.40%|
|Between S$15,000 to S$30,000||2.00%||2.30%||2.50%|
Read the latest news about Savings Account products in Singapore and the best money saving tips.
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What is a savings account?
It is a type of bank account you open to deposit funds. It generates interest at a more favourable rate than checking/current accounts while giving you the flexibility for you to withdraw funds. Savings accounts are different from other type of cash deposit instruments like investments and fixed deposits, as they allow you to withdraw cash without penalty.
Who can open a savings account online?
Those aged 16 and below will need to open a kids account and those aged 55 and above will have to open a senior account. Everyone else can open a savings account.
How do I choose the best savings account for me?
Consider the reasons why you’re opening the savings bank account. If it’s for transactional purposes, you need one that allows you easy access to your funds such as the ease of cashless payment modes or a wide network of ATMs. But if your goal is to save and grow your money, you’re better off choosing an account that offers you a higher interest on savings.
Is an ATM card available with my savings account?
All savings accounts come with ATM cards that can be used at designated ATMs, including affiliated ATMs from other banks. Both cash withdrawals and deposits are available at your bank ATMs. Local withdrawals are free of charge and overseas withdrawals are charged a fee.