Saving accounts are accounts maintained by retail financial institutions such as banks that pay interest but cannot be used directly as money in the narrow sense of a medium of exchange. These accounts let customers set aside a portion of their liquid assets while additionally earning a monetary return.
Have some extra cash around? If you are saving for a rainy day, how about opening a high(er) interest bank account and letting your money grow even more?
Currently in Singapore, a few banks are offering accounts with higher savings. Most of them are able to do so, as these accounts are online bank accounts, and thus do not offer over-the-counter services. This means that you have to transfer funds through online banking. However, some of these banks do offer ATM Cards.
With the stock market swinging more down than up recently, and banks having liquidity, people are finding safer havens for their money, and banks are looking to get more people to put money with them.
There are banks in Singapore that offer the concept of the high interest savings account. The reason they are able to do that is because it would be a no-frills bank account. This means that counter services are not available, and since no ATM card is issued, the bank account is solely virtual and requires no minimum balance. However, transferring your funds to and from this account is simple, as you can link it to your current bank account. But then there are also other banks which are fairly preferred accounts for savings and also have a higher interest rate and all the necessities of functioning as a primary bank account. There are still other banks wherein some customers are more interested in Monthly Savings Plans, and sit back to figure how their interest rates fair.
Find the best high yield online savings account would always be my advice when people look out for recommendations on where to park their money allocated for possible short term use. These high yield online savings accounts have: Liquidity and Flexibility – Money is hands-on via online transfers; Safety – FDIC insured; High Yield with good rates – Pretty much the highest return on your money for the safety that it provides right now.