- If you are an existing customer with the bank, most banks offer you the option of opening your account easily through their iBanking system.
For new customers, you can apply for a savings account online by filling up their online application form. Other alternatives may include downloading the PDF form and mailing in the completed form with required documents, and / or visiting the banks’ branches directly.
- Besides the account opening form, you would also need:
1) Cash / cheque for initial deposit (if there is) and For Singaporeans / PRs: 1) NRIC; For Foreigners: 1) Passport 2) Company letter / Proof of residential address 3) Employment Pass / S Pass
- The specific requirements for opening a savings account vary from bank to bank. Most of the banks require the account holder to be at a minimum age of 18, and an initial deposit which usually ranges from $500 up to $10,000.
- Banks usually do not charge any fees for account opening. However, there may be a minimum average monthly balance that the account holder has to maintain.Should the amount within the account fall below the required minimum average monthly balance, there will be a fall below fee charged by the bank in most cases.
- This is dependent upon the bank you are applying with, and also the manner in which you are applying. The time taken to set the account up may vary from 1 day to a week.
- Interest on incremental balance refers to the interest earned solely based on the (positive) difference in the account balance from the previous month’s balance.
- Banks have started to offer bonus interest with a set of criteria that must be fulfilled within a certain time frame. Depending on your savings account, you can earn up to 4.25% p.a. interest including the base interest in some cases.
- Yes, you may do so by indicating to your respective bank that you would like to add a joint person to convert the personal account into a joint account.
- Traditionally, savings account are interest-bearing while current accounts are not, however banks have started to offer interests on current account balances as well. Current accounts also often come with the issuing of a cheque book and allow for unlimited withdrawals up to the amount deposited, making it useful for business transactions etc. In general, savings accounts tend to give you a better rate of interest for your deposits compared to current accounts.