Being a 16 year old is tough.
Bank accounts like the SingLife Account will only allow you to open an account when you’re 18.
For those accounts that are available, the interest rates are pretty unattractive.
However, Singapura Finance’s Vivid Savings Account could be the answer for you!
Although it has many limitations, it may be a perfect stop-gap account before you turn 18.
What is the Vivid Savings Account?
Vivid is a savings account provided by Singapura Finance.
Singapura Finance has actually been around since 1950!
Vivid is being marketed as a ‘fully-online’ savings account. By reducing manpower costs, they are able to provide you with a higher interest rate.
What interest rate does Vivid provide?
Vivid provides a pretty decent interest rate, as seen below:
|Account Balance||Interest Rate|
|$0 to $10,000||1.05%|
|Above $10,000 and
up to $20,000