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Anonymous

07 Aug 2021

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Foreign Currency Savings Account with Higher Interest

Hello, I would like to ask if there are any foreign currency savings/deposit account in Singapore worth using? I will be receiving regular spare cash in GBP and I would like to ask if there are any multi-currency/forex savings account that yield higher interest rates. Thanks!

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Tan Choong Hwee

Edited 08 Aug 2021

Solutions Specialist at Providend

What is considered higher interest rate to you?

The banks would have multi-currency accounts, but probably considered base interest rates for you. They would have foreign currency fixed deposits, where you trade withdrawal constraints for higher interest rate.

There are multi-currency brokerage accounts that park unused funds in money market funds (e.g. POEMS Smart Park, FSM/iFAST Auto-Sweep), which typically has higher yield than bank rates, but not guaranteed yield.

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