# Bank accounts and interest rates



## Evgeni (Jul 22, 2010)

If ANYBODY knows about banking in Singapore or somebody works in a bank please write me. I want to know about deposits and interest rates.


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## baysider (Aug 18, 2010)

Evgeni said:


> If ANYBODY knows about banking in Singapore or somebody works in a bank please write me. I want to know about deposits and interest rates.


You get very low interest rates with normal bank accounts. The rate is higher when you put into a fixed-term deposit.


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## beyonder (Aug 18, 2010)

*rates*



Evgeni said:


> If ANYBODY knows about banking in Singapore or somebody works in a bank please write me. I want to know about deposits and interest rates.


the deposit rates are very low. i think less than 1% for current accounts. you can google up what they are on DBS, UOB which are the 2 larger local banks. 

cheers


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## simonsays (Feb 11, 2009)

To be honest, you may get a much higher interest back home  

You will be lucky if the interest here tops 1.7% or so ..


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## blue angel (Jul 13, 2009)

Hi Evgeni, yes like the rest have mentioned - the interest rates here are very low (int rates have been low for a long time, and likely to stay as such).

What I did before in the past was to open a foreign currency account, to earn a higher interest rate on deposits (easily more than 2.5%). However there's exposure to foreign exchange risk that you have to be prepared for. 

Alot also depends on whether you are looking at a short or long term view on your deposits.


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## atfc (Sep 12, 2010)

Evgeni said:


> If ANYBODY knows about banking in Singapore or somebody works in a bank please write me. I want to know about deposits and interest rates.


yep open a foreign currency account. you can easily get 3% interest rate for australian dollars.

singapore deposit rates are 0.5% on a fixed deposit.

cheers


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## DesmondHalley (May 8, 2014)

You could try opening deposit accounts like the OCBC 360 Account which can get you 3.05% interest if you make 3 bill payments a month online, credit your salary into the account and spend $400 a month in total across all your OCBC Credit Cards


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## Jeremylin (May 8, 2014)

DesmondHalley said:


> You could try opening deposit accounts like the OCBC 360 Account which can get you 3.05% interest if you make 3 bill payments a month online, credit your salary into the account and spend $400 a month in total across all your OCBC Credit Cards


Too much of a hassle making sure you do all three things in a month. The interest rate seems pretty attractive too but only limited to $50k. Thanks for the info though


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