A savings account is something that needs no introduction, but finding the best savings account is indeed not a simple task. Many savings accounts offer a myriad of benefits to help you grow your cash, but identifying one which is best suited for you and your needs would prove to be slightly more challenging.
How to Look For The Best Savings Account For You
So, you may be wondering – how should I go about learning about which savings account is the best for me?
Start by having a deeper understanding into the various features of a typical savings account.
- Effective Interest Rate
One of the most important factors when it comes to choosing a savings account would surely be its effective interest rate, as this is what matters when trying to decide where to park your money, for it to grow to its fullest potential.
Some of the savings accounts in Singapore with the highest effective interest rates include: The OCBC 360 Account, Standard Chartered Bonus$aver Account and the DBS Multiplier Account.
- Minimum Initial Deposit and Minimum Average Daily Balance
Another 2 crucial factors to consider would be the above.
The minimum initial deposit required is an important factor as some savings accounts require a huge sum, going up to S$5,000 or more.
However, an even more important factor would be the minimum average daily balance, as some accounts require a high minimum balance of around S$3,000, causing you to lose some liquidity. If your balance is below the required amount, you would need to pay a fall-below fee. Savings accounts with higher effective interest rates usually require higher minimum balances and/or have the requirement to make monthly salary deposits. Hence, they would be more suitable for working adults who can make their monthly salary deposits.
- Availability of Promotions
Let’s face it, as kiasu Singaporeans, we all want to get more bang for our buck. When making a decision on which savings account to have, don’t forget to look out for the limited-time promotions each bank offers for opening up a savings account with them! There are banks which do offer attractive freebies or rebates on a minimum amount of deposit.
- No Fees or Minimum Balance
Especially for the youths who would like to have a savings account and at the same time, enjoy benefits and rebates specially tailored to their tastes and preferences, why not consider an array of suitable savings accounts? A few of them would be the OCBC Frank Savings Account and POSB Everyday Savings Account. There are minimal annual fees, and there are some promotions such as rebates on daily necessities and transport available.
- Priority Banking
For the wealthy and affluent, you may consider savings accounts which are linked to priority banking. If you are looking to deposit a high amount of fresh funds, being a priority banking customer opens up many exclusive privileges for you to enjoy, such as access to private lounges, travel miles, and better interest rates.
Open a Savings Account Today
For a more in-depth review by our analysts on some of the best savings accounts we have identified in Singapore for various groups of customers, please head over to our savings account page and get started on saving and growing your money with a savings account today!