- June 22, 2020
- |Legal Moneylender
- 0
Do you want to save your money in a bank, earn interest on the amount and also be able to withdraw it when required via checks or cash? Well, you’re probably looking for a simple solution to using a savings account. Discovering a method to invest and multiply your income while you live in Singapore is a clever solution to deal with rising expenses. Taking charge of your financial responsibilities can help you manage your savings and cash flow. Here are six things you may need answers to before opening a savings account.
1. Are you of age to open a savings account?
In Singapore, most banks permit opening a savings account under your name from the age of 18 years. For individuals who are between 16 to 18 years of age are authorized to open a savings account only with the help of their parent or guardian. The terms and conditions of opening an account with respect to the age of an individual vary from bank to bank. Hence, make sure to check with your bank regarding the same.
2. Are your documents in place?
Generally, all banks require you to present at least two documents for opening a new savings account – your passport and your employment pass or study pass. If you’re a Singaporean citizen or a permanent resident, you may have to present your National Registration Identity Card (NRIC) as well.
Some banks may also require you to present an address proof, which may include a copy of a local utility bill or telecommunication bill, which is not dated more than a three-month gap. If you live in Singapore on a dependant’s pass, you’ll need to present proof of that person’s employment and of the relationship with the individual. Once you gather all the necessary paperwork, make sure to select a bank to get in touch with beforehand for a better idea of the documents required to submit during the application process.
3. Are you an expat?
If you’re an expat, you can consider opening a savings account for short term savings and accumulating emergency funds. Banks provide different interest rates and you can choose among the options the banks offer that suit your needs. Banks charge a fee for making international transfers. If the bank has its presence in your home country, the charges levied would be considerably lesser. At an internationally affiliated bank, you can make withdrawals conveniently and cost-effectively from your bank’s ATM.
4. Are online banking services available?
Banks that offer online banking services make it convenient and quick for the customers to avail the services. It also proves to be a friendly way to deal with doubts in concern to the bank’s facilities. Choose a bank that provides suitable services to benefit in terms of saving time and energy. In case you have a prevailing relationship with a bank, you can consider opening a new account with them on their online portal.
5. Is there a fee to deposit?
A prior research of banks’ varying fee structures will help you choose the bank with minimum charges for maintenance and transactions. Some banks may require you to keep a minimum amount in your account as an initial deposit when you open a new one. They may also need you to keep a minimum amount of money in your account every month, the lack of which may compel you to pay a fee levied by the bank. It is important to adhere to the policy of maintaining a minimum monthly balance in the account to avoid charges or worse, closure of the account.
Certain banks follow an approach of charging an Early Account Closure Fee if you choose to close the account within the first six months of opening of it. It is necessary to check the policies with the bank and keep a track of revisions before you choose on finalising a bank to hold your account.
6. Are there banks or ATM’s in your vicinity?
In Singapore, you may come across banks with a foreign origin which exists only in the upscale areas or financial districts. If there is a branch of the bank at your easy reach, it may be more suitable to comply with them. Make it a point to conduct a check around your location of work or settlement to spot the bank you choose to open an account with.
The bank you choose should at least have an ATM in your area to facilitate avoidance of charge and ease of withdrawal of money, whenever required. ATM5 is an interbank network, which connects ATMs of a few qualifying full banks. The participating ATMs offer withdrawals with no hidden charges of any kind.
We understand your need for opening a savings account. You need to decide and finalize on which bank you’d want to choose for availing quality banking services. There are different types of savings accounts like Day-To-Day Transactional Savings Account, Joint Savings Account, Savings Account For Investment, Transitionary Savings Account and Multi-Currency Savings Account. Based on your requirement, the accounts would be able to fulfil your banking needs. You could also pick your savings account based on the interest rates they offer. Also, for enhanced convenience, consider opening an account at a bank that has extended working hours on Saturday, or better yet, is open on Sundays.
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