Can somebody tell me which is better for me, a savings account or a current account?

I am single and relocating to Singapore for work. I would like to know which between a savings account and a current account would be the best bet for me taking into consideration the interest rate, culture etc.

Confused About Financial Products?

You can chat directly and receive the best offers from the experts.

  • user image

    No Name

    There is a surplus of banks in Singapore that can provide banking services for a foreign resident. However choosing a banking option will largely depend on your personal assets, exact needs, duration of stay and so on. For everyday financial paraphernalia like receiving salary, paying rent, or cash withdrawal, a current account would be amply. However, though there exist no limit on cash imports or transactions from overseas, you should not deposit large sums in current accounts as only bank deposits of up to 50,000 SGD are covered by Singapore’s deposit insurance scheme. Subsequently, all account deposits made in foreign currency inclusive of offshore accounts are exempted from insurance in any form. On a lighter note, interest rates are low on both current and savings accounts. Irrespective, I would like to advice that before moving to Singapore you should talk to your independent advisor or bank back home.

    2019.08.01 18:0

    Please leave your knowledge and opinion!

    Related Forums

    Who can recommend the ideal joint account suitable for couples?

    What should I do? Someone hacked my bank account through my phone

    May I use the savings of my brother to pay a repossessed item?

    Can I use my savings for my maintenance medicine?

    My ATM card isn't working. So in this case, what should I do?

    How to save money for a new laptop or any expensive gadgets?

    Related Reviews

    A very good international reputation for its emergency assistance

    American Express VoyageGuard Travel Insurance Standard Plans / American Express International

    Even though you may purchase this travel insurance from American Express channels, every aspect of the after-sales support is taken care of by Chubb Insurance. Chubb has a very good international reputation for its emergency assistance, which is reassuring if you ever worry about such unforeseen circumstances and events occurring. They have an efficient emergency hotline assistance service, while claims can be submitted online with supporting documents through Chubb’s online portal.

    Sompo’s plan dont cover trip delays and cancellation

    SOMPO TravelJoy Deluxe / Sompo Insurance Singapore

    For folks with pre-existing medical conditions like asthma or heart conditions, they can consider Sompo’s Travel Joy Deluxe plans. Sompo’s plan only covers medical evacuation however and not trip delays and cancellation as well.However, Sompo offers unlimited evacuation should make up for it. If your condition is life-threatening, unlimited evacuation is more important than being covered for a wide variety of incidents.

    Get $300 limit on delays, $300 for missed connections and another $500 for diversions

    FWD Travel Insurance First / FWD Singapore

    The FWD policy wording doesn’t mention any sporting exclusions, with the exception of competitive sports and hiking/trekking above 3,000m. Considering that most outdoor activities are covered, their lowest tier plan (Premium) is very good value for money. For the basic plan, FWD Premium has quite a high trip cancellation claim limit of $7,500 which applies for haze-related cancellation or infectious diseases like Zika and dengue too. Where FWD loses out is in the below-average travel inconvenience benefits. For example, for travel delays, you get $300 limit on delays, another $300 for missed connections and another $500 for “diversions”. It is very hard to claim the full benefit.

    Coverage for pregnant women in their first or second trimester

    AVIVA Travel Lite / Aviva

    If you’re an Aviva policyholder or have a family member who is one who qualifies for the 30% discount, then don’t hesitate on going for this. Without a doubt, this is the cheapest and most purchase worth travel insurance you can buy out there. If you’re not a policyholder, it’s still a really good deal if you can get 18% discount with the promo code. Those travelling to a bit more expensive countries will want to get the second tier plan for a few dollars more. For pregnant women in their first or second trimester or just any woman who could be travelling while pregnant, Aviva travel insurance is one of the very few options that will cover your condition.

    Pay extra to add on coverage for winter sports and extreme water sports

    AVIVA Travel Prestige / Aviva

    This cards basic policy covers mainstream stuff like scuba diving and hiking, even as there are quite a lot of exceptions like mountain biking, surfing and flying fox in the package. Irrespective, you can pay extra to add on coverage for winter sports like skiing, snowboarding, sleigh rides or for extreme water sports. Extreme latter sports covers the likes of surfing, jet skiing, sailing, kayaking as well as diving as deep as 40m.

    Pay a fixed fee for continuous travel insurance throughout the year.

    Allianz Family Travel Insurance / Allianz Global Assistance Singapore

    Allianz Global Assistance provides decent travel insurance options for consumers and excels in two specific types of coverage which are coverage for travellers going on longer trips and for those traveling with children. Where most companies top out around three months.That I think is an essential feature for college students studying abroad or recent grads taking extended backpacking trips. Now if you’re a frequent business traveller, Allianz also offers four different annual plans, which allow you to pay a fixed fee for continuous travel insurance throughout the year.

    Confused About Financial Products?

    You can chat directly and receive the best offers from the experts.