If you’re a student in Singapore, finding the best savings account can be a daunting task. With so many options available, it can be overwhelming to know where to start. Fortunately, there are some excellent savings accounts that cater specifically to students, offering low fees, high interest rates, and convenient features that make it easier to save your hard-earned money.
Understanding savings accounts in Singapore is the first step to finding the right account for you. Savings accounts are a type of bank account that pays interest on the money you deposit. The interest rate varies depending on the account, but generally, the more you deposit, the higher the interest rate you’ll receive. Some savings accounts also offer additional features, such as cashback rewards, debit cards, and mobile banking apps.
To help you get started, we’ve compiled a list of the top savings accounts for students in Singapore. These accounts offer competitive interest rates, low fees, and convenient features that make it easier to manage your money. Whether you’re a full-time student or working part-time, there’s an account on this list that will meet your needs.
Understanding Savings Accounts in Singapore
If you’re a student in Singapore, getting a savings account is a great way to start managing your finances. A savings account is a bank account that allows you to deposit and withdraw money, while earning interest on your balance. Here’s what you need to know about savings accounts in Singapore.
Interest Rates and How They Work
The interest rate is the percentage of your balance that the bank pays you for keeping your money in the account. There are two types of interest rates: base interest rate and bonus interest rate. The base interest rate is the fixed rate that the bank pays you on your balance. The bonus interest rate is the extra interest that the bank pays you on top of the base interest rate, usually when you meet certain conditions.
For example, the UOB One Account has a base interest rate of 0.05% p.a. and a bonus interest rate of up to 2.5% p.a. To earn the bonus interest rate, you need to credit your salary, spend on your UOB debit or credit card, and maintain a minimum balance of $5,000 in your account.
Types of Savings Accounts Available
There are many types of savings accounts available in Singapore, each with its own features and benefits. Here are some of the most popular types of savings accounts:
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High-interest savings accounts: These accounts offer higher interest rates than regular savings accounts, but usually require you to meet certain conditions to earn the bonus interest rate. Examples include the DBS Multiplier Account and the OCBC 360 Account.
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Basic savings accounts: These accounts offer a low base interest rate, but usually don’t require you to meet any conditions to earn the interest. Examples include the POSB SAYE Account and the Maybank SaveUp Account.
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Joint savings accounts: These accounts allow you to open an account with another person, such as a family member or spouse. This can be useful for managing shared expenses or saving for a common goal.
When choosing a savings account, it’s important to consider your own financial needs and goals. Look for an account with a high effective interest rate, low fees, and features that suit your lifestyle. With the right savings account, you can start building your savings and taking control of your finances.
Top Savings Accounts for Students
As a student, it is essential to have a savings account that offers low or no minimum balance requirements and fall below fees. This way, you can make the most out of every dollar you save. Here are some of the best savings accounts for students in Singapore:
CIMB Fastsaver Savings Account
CIMB Fastsaver Savings Account is an excellent option for students who want to earn high interest rates on their savings. The account has no minimum balance requirement, no fall below fees, and no monthly fees. You can earn up to 0.5% p.a. interest on your savings, making it one of the best savings accounts in Singapore.
OCBC Frank Savings Account
OCBC Frank Savings Account is another excellent option for students. The acc