I only have one bank here in Singapore, all of my savings are being deposited to this specific bank that I have been trusting since I first got a job. Now there is news that the bank that I have been keeping my money has suddenly gone bankrupt and told that I would not be opening anytime soon. What should I do to get my money now?
I like that with the Citibank MaxiSave account the first check book upon account opening will be issued upon request, at no charge.Subsequent check books however are automatically replenished at S$15 each. Also the free check imaging printed on monthly statements for easy monitoring and tracking
Citibank MaxiSave Account / Citibank Singapore
This is a current account with chequebook and a 0.8% for the interest. If you don’t require a chequebook, you can consider opening the fastsaver instead which pays 1%. This combined checking and savings account not only allows you to enjoy one of the highest interest rates at 0.8% p.a. but you will also receive unlimited free cheque books and free withdrawals ASEAN-wide.
CIMB StarSaver (Savings) Account / CIMB Bank Berhad Singapore Branch
This account is only open to consumers with an Advance banking relationship. Overall, HSBC Advance Time Deposit is fairly accessible, with just an S$5,000 minimum to place a deposit of any tenure at standard rates. Interest rates do not vary by deposit size, though rates jump substantially for longer tenures. In fact, board rates from 1 to12 months range from 0.05% to 0.25%, but a 24 month tenure earns an impressive 1.45% p.a. This is one of the highest 24 month rates on the market, making the HSBC Advance Fixed Deposit excellent for long-term deposits
HSBC Singapore Dollar Savings Account / HSBC Bank Singapore
The interest is quite low on this card as compared with other saving plan. It deducts 2 dollars per month on your account balance if it is lower than $500. The interest rate is minimal and there are no incentive to save each month. Super good account as they do not need initial deposit to open the account. Good for new to workforce adult that have not much saving.
DBS eMySavings Account / DBS Bank
This is a decent account for kid with ages 18 and below as there are no minimum deposit, fall below fee, monthly fee or lock-in period. However, as a parent you are required to pay $50 into the account by GIRO every month. The interest rates aren’t the best but they’re not that bad either as you recieve 0.1% interest on the first $50,000, 0.15% on amounts above $50,000 up to $200,000, and 0.25% on amounts above $200,000.
Standard Chartered e$aver Kids / Standard Chartered Bank Singapore
This Money Market Account provides the potential to earn even higher interest than an ordinary savings account would allow based on the daily prevailing Singapore Dollar Interbank Bid Rate. It also avails easy tracking of funds with separate monthly statement, online cheque payment service, direct transfer of funds between accounts, electronic statements and so on. The low point of this card has to be that it is only applicable to customers that are 55 years old and above
Citibank Money Market Account / Citibank Singapore
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Banks are the safest place to keep your money. But from time to time some banks experience bankruptcy. Most banks are FDIC secured. If your bank is under the FDIC your money is safe that is upto $250,000.