In this high-interest environment, Singaporean banks are currently offering high interest savings accounts. This raises the question of which savings account is the best place to put your money. The DBS banks have been raising interest rates to combat rising inflation. Consequently, even other banks have responded by providing savings accounts with competitive interest rates.
In fact, since then, the rates on savings accounts such as the DBS have gone up significantly, with some reaching 4.1% p.a. Some reasons to start your savings account here are:
Everyone is welcome
More forms of income are acknowledged, allowing anyone to grow, regardless of whether they are a student, NSF, gig economy worker, paid employee, or even retired.
Targets are simple to achieve
Now that PayLah! and credit card spending are combined into one category, you can more easily access greater interest rates on your savings.
Simplified levels
You can now earn more bonus interest because we have raised balance caps and more than tripled our starting incentive interest rate.
Reasons to Use DBS Multiplier as a Savings Account
It has never been more crucial for us to help you save more. Additionally, you ought to be able to build your money without having to jump through any difficult hoops, regardless of where you are in your financial journey.
With Multiplier, we’ve made it simpler for everyone to increase their savings, including seniors, first-time workers, students, NSFs, and gig economy employees.
What a high-interest Savings Account Should Have?
Examine your possibilities in the marketplace before opening a high interest savings account at your present bank or searching for one at a different one. Over time, variations in the interest rate and fees can mount up, particularly if you have a sizable amount in savings. Here are some things to compare and look for.
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Rate of Interest
What is the current interest rate on the account? Is it a promotional introductory rate or regular pricing? Rates on savings accounts are subject to change at any time. Some accounts, however, will state that the pricing that is being promoted is only available for a limited time.
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Necessary First Payment
What is the minimum amount needed for opening the account? Would you like to make the required minimum deposit? Certain accounts require a minimum or maximum starting balance in order to qualify for the advertised rate.
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The Minimum Amount of Balance Needed
How much cash must you maintain in the account? Fees may apply if the minimum deposit requirement is not met, offsetting the interest rate gains.
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Charges
Are there any costs associated with this account from the bank or credit union? If so, how do you stay clear of them (maybe you consistently maintain your balance over the minimal threshold)?
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Connections to Brokerage Accounts
Will the bank let you link deposits held at other banks or brokerage houses to your high-yield savings account? Is there a waiting period for new accounts, or are there limitations on linking numerous accounts?
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Getting to Your Money
What other possibilities are there for taking money out, if any? Is it possible to take money out of savings with an ATM card?
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Options for Deposits
Does the bank provide a mobile check deposit app for smartphones that you may use to deposit checks through the account? If not, is it possible to deposit checks at a fee-free ATM or mail checks via snail mail?
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The Compounding Method
Banks can compound interest daily, monthly, quarterly, semi-annually, or annually. In theory, your take-home pay will increase if you compound more often. The compounding element will already have been considered if you compare accounts by annual percentage yield (APY) rather than the yearly interest rate.