- Have a minimum of S$10,000 in savings (enough to qualify for the lowest interest rate without incurring the fall below fees)
- Earns a monthly salary of at least S$2,000
- Spends at least $500 every month
A savings account is one of the places to safeguard your emergency funds. These are risk-free, flexible accounts that offer interest on your money and allow you to access your cash whenever you need it.
Most banks in Singapore offer a savings account. With so many to pick from, how do you choose the right one?
Realistic Interest Rate vs. Maximum Interest Rate
The rates provided by the banks are often calculated based on an optimistic figure that assumes you qualify for their highest interest rate.
That’s not always the case. We’ll use a more realistic interest rate based on the following assumptions:
