Are you one of the many who have only 1 bank account? If yes, then you most probably encounter these incidents often:
Lets assume you have ONLY POSB savings account in Singapore,
1) Have to hunt for nearest POSB ATM whenever you need cash, (there is an OCBC ATM beside you but you cant use it.)
2) Have to walk to nearest POSB bank to drop your pay cheque, (there is a UOB Bank at your neighborhood but you cant use it)
Save the trouble! Liquidity is important, time is important. When you need cash, you need it quick and hassle free. I personally have POSB, UOB and OCBC savings accounts.
Pros?
- Get Cash easily at the nearest ATM. POSB, UOB and OCBC are the 3 major banks in Singapore. Surely can find one of them beside you.
- Bank in your cheque to a bank that is conveniently located nearby to you.
- You can have set POSB as your savings account and UOB as a spending account to control your expenditure. You see your FAT POSB savings you will never realise how much you have spent.
- Reversible. If you regret, you can always terminate the secondary accounts and get back your money. So whats the worry?
Cons?
NONE.
You need: $1700 thats all
1) Apply for a passport savings account at UOB bank. Min $500 to open an account. But deposit $600. There is a penalty fee of $2 if your account falls below $500.
2) Apply for a passport savings account at OCBC bank. Min $1000 to open an account. But deposit $1100. There is a penalty fee of $2 if your account falls below $1000.
And that's it! Cash is within your reach anytime, and anywhere. :)
Footnote:
I prefer passport account than statement account. Statement account will issue a debit card to you, unless you need the debit card, debit card have annual fee to pay. *_*
There is no interest lost by taking out $1700 from POSB. UOB and OCBC gives interest too.
Other banks need higher min deposit, so i don't recommend unless you got $$$. |
