When it comes to saving money, there are a variety of solutions to consider (view page). An easy and common method of saving for traders is through a traditional savings account. This sort of account allows you to save money for a defined amount of time each month, and the interest rates are typically lower than those offered by other types of savings accounts. However, they can be an excellent way to accumulate money, particularly if you find it difficult to adhere to a monthly budget.
Keep the following points in mind when looking for a normal savings account to make your search easier. First and foremost, make sure to compare the interest rates offered by various financial institutions. If you keep a larger amount in your account, you will often earn a higher interest rate on your money. It would be beneficial if you also looked for accounts that do not charge monthly fees and that provide a superior online banking experience. If you’re looking for an excellent regular savings account, here are 10 of the best options in Singapore:
OCBC 360 account
A deposit account from OCBC that rewards you with additional interest if you perform any of the following actions: GIRO can be used to deduct your pay. Increase your account balance by saving and investing money you don’t have.
OCBC is a good place to get a policy. There is no minimum balance requirement, and there are no limits on the number of free transactions or the amount of interest that can be earned on the account.
DBS IDEAL account
Online Internet Banking is a type of banking that allows you to conduct transactions through the internet. Monitoring incoming funds, viewing remittance advice, accessing statements, and making payments are all simple tasks with DBS IDEAL. DBS IDEAL streamlines your banking experience by making it faster, easier, and more intelligent, allowing you to devote your time and energy to what matters most – your business.
In addition, this account offers a high interest rate of up to 3.5 percent each year, which is among the highest available. Additionally, there are no minimum balance requirements and no monthly fees associated with the account, among other things.
UOB one account
Up to 2.5 percent interest per year can be earned on your funds by saving and spending. When you create a UOB savings account online, you can get up to S$60 in cash back. An additional 4% per year interest rate is offered on this account, making it even more attractive. Additional benefits include the lack of a required minimum balance and the absence of monthly fees.
CIMB fast saver
Daily interest credited monthly Daily interest is paid on the total daily balance if it is at least S$1,000 in your CIMB Fast Saver Account. In the event of a failed deposit application, the initial deposit will be repaid. This account offers up to 3% annual interest on the principal. The account has no minimum balance requirement and no monthly fees.
May bank e-savings
It’s the only e-wallet you’ll ever need with banking functions! Become a member of MAE and activate both your e-wallet and bank account online. A maximum annual interest rate of 2.7 percent is offered on deposits made to this account. There are no minimum balance requirements, and there are no monthly fees with this account.
Standard chartered online saver
This account offers an interest rate of up to 2.75 percent per annum for accounts with a balance of more than S$10,000, as well as a few other benefits such as no minimum balance requirement and no monthly fees.
BOC smart saver
BOC Smart Saver is a bonus interest savings strategy for BOC Multi-Currency Savings (MCS) account holders. You must be 18 years old to open an MCS account and deposit at least S$1,500. This account pays up to 2.6 percent interest per year on monies deposited. The account has no minimum balance requirement and no monthly fees.
HSBC regular savings
This account pays interest at a rate of up to 1.5 percent per year on the principal balance. The account comes with a few extra benefits, such as no minimum balance requirement and no monthly fees.
UOB mighty account
This account pays interest at a rate of up to 3.3 percent per annum (annualised). The account comes with a few additional benefits, such as no minimum balance requirement and no monthly fees..
DBS savings plus
This account pays interest at a rate of up to 2 percent per year on the principal. The account comes with a few extra benefits, such as no minimum balance requirement and no monthly fees.
Five things to look for when comparing regular savings accounts
1. Interest rates
When it comes to comparing normal savings accounts for traders, interest rates are one of the most important considerations. Ensure that you evaluate the interest rates given by various financial institutions and that you choose an account that pays a high rate of interest.
2. No minimum balance requirement
Many ordinary savings accounts do not have a minimum balance requirement, which is a significant benefit for people who are just getting started with their financial planning efforts. It is important to look for an account that has this feature enabled.
3. Unlimited free transactions
In addition, an account that allows for unlimited free transactions is a nice added feature to look for. Your monthly financial management will be made easier as a result of this arrangement.
4. Good online banking experience
It is critical to have a positive online banking experience, especially if you plan on using your ordinary savings account to pay bills or send money overseas.
When looking for a checking account, seek for one that provides a user-friendly online banking experience.
5. Zero monthly fees
Many typical savings accounts do not charge monthly fees and do not offer any additional advantages. Make sure to look for a checking account that does not impose any monthly maintenance costs.
