There are more risks in keeping your money in your wallet than keeping it in your savings account. Moreover, keeping your money in the bank is also beneficial to the country’s economy.
But keep in mind that saving is different from investing. You can’t expect your money to grow double in a year, but you’ll get more benefits than you could imagine.
Click here to see more saving accounts options in Singapore.
1. Less Risk to Lose Cash
With the cashless transaction, you have a lesser risk of losing your cash. What’s more, it is convenient to go around without too much cash in hand. You can use it to buy items, and it will also prevent you from spending more than your budget.
2. Interest Rate
When you save money on your wallet, piggy bank, or chest box, you will just let it sit there without earning anything. On the other hand, putting your funds in the bank enable your money to gain interest.
However, the interest is smaller compared to when you put the funds into the investment company. But the important thing is that your money will grow even how little it seems. You can still save out from that small interest and use it for your other saving allocations.
When you open a savings account, you can withdraw it wheneveran emergency occurs. Most banks have ATMs available in Singapore. You don’t have to travel a few kilometers away before you can withdraw your money.
4. Mobile App to Deposit Money from Your Checking to Savings Account
With the latest mobile app, you can now link your checking to your savings account. It is now possible to allocate your savings directly to your savings account. In that way, saving would be easier and better. Moreover, you can check your balances anytime and anywhere.
5. Earn Rebates and Cashback from Your Purchases
A savings account comes with a debit card, which you can use for buying products, dining, or purchasing tickets. Most Singapore banks offering more benefits in return for using a debit card for your purchases.
6. Low Minimum Balance Requirement
Compared to other bank account types, a savings account only requires a low minimum balance to maintain to refrain from additional charges. The initial deposit is also smaller, which will make it easier for you to save money quicker.
7. Efficient Payment Option
Singapore’s banks enable their account-holders to use their accounts as the payment option for the credit card, home loan installments, insurance, and other bill payments. If youlink your savings account to your billing platforms, it would be easier to make payments on-time.
Find out more about best online brokerages in Singapore.