Anonymous

13 Apr 2020

∙

What are some savings accounts for someone to just store low amounts of money?

I'm looking for a savings account that has:

No min balance req
No income req
No annual fees
No fall-below fees
Offers ATM/debit card for no fee
Pref POSB/OCBC

Did my research but seems like there's none. I want a bank account for my Mum to keep the small allowance I give her ($100) since my father won't let her have her own and will search the house for what I give her, BUT I can't afford to pay for bank fees. TIA!

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Gabriel

13 Apr 2020

Undergraduate at National University of Singapore

Hey Anon, perhaps you can check out CIMB's StarSaver Savings account. I believe it comes with a free debit card (optional), you can opt for it during the application process online.

No minimum balance, income requirement, annual fees, fall-below fees or whatsoever. Just take note that the initial deposit to open the savings account is $1000 and if you would like to earn interest, there needs to be at least $1000 in the account.

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Pang Zhe Liang

13 Apr 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

From my knowledge, there isn't any bank that provides ATM card and has no fall-below fee.

The next best option will be bank accounts that $500 minimum balance. It will usually comes with an ATM card.

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