Open A Bank Account With No Deposit Required Near Me – Money 11 Joint savings account that you can open with your spouse or parents Open a joint account with your loved ones today.
Managing a joint account is not just for married couples. Each party to the agreement can open a joint account together. In Singapore there are two main types of joint accounts – joint accounts and joint accounts. In short, a joint account allows both parties to use savings freely, but a joint account requires both parties to approve transactions.
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For many, the main reason for opening a joint account is to help manage joint finances better at home. This applies not only to spouses but also to other family members such as siblings and parents.
Ocbc 360 Account
As our parents age, some of us will be in a position to financially support our elderly parents. Having a joint account can help us manage their debts and needs if they are physically unable to do so. In addition, it can protect against fraudulent activities because we are able to check suspicious transactions. However, there are other potential problems with parent-child joint accounts, such as conflicts with siblings over joint savings and debt management. While there is no one-size-fits-all solution to managing family finances, discussions with all relevant parties involved can help minimize potential problems.
When choosing a joint account, we must account for the banking options of all parties. Our elderly parents may find it important to have an ATM card or a bank card, while they are not important to us.
Also read: Pros and cons of opening a joint bank account to manage your finances as a couple
The largest local bank in Singapore, DBS operates an extensive ATM network of approximately 700 ATM points and 68 branches across the island. The bank currently offers two joint accounts, My Account and eMySavings Account.
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My Account: A bank account with multiple currencies and a variety of banking services, DBS My Account allows users to pay, sell, invest and transfer money abroad. Currently, there is no minimum deposit, no initial deposit or account service fee required to open an account. Please note that there is a fee $2 monthly bill for paper statements, which are waived for customers under 16 or if the account is on eStatement.
EMySavings Account: As the name suggests, this is a savings account where every month we allocate a fixed amount to be deposited in this account. The amount we want to save varies from $50 to $3,000 in $10 increments. We may change the date and amount at any time. Based on the monthly savings, the interest rate will change. However, if we withdraw money or do not pay the bill on time, the interest accrued on the account will be 0.05%. For more information on different types of interest, we can contact the website.
The oldest bank in Singapore, OCBC has more than 39 branches across the island. In partnership with UOB, there are more than 1,100 OCBC and UOB ATMs that customers of both banks can use. OCBC currently offers two main joint accounts – the OCBC 360 account and the Frank account.
OCBC 360 Account: An account that meets your daily needs, OCBC 360 allows users to earn up to 2.38% based on the banking activity of the main banker. We can earn bonus interest on five main banking activities – depositing income, increasing savings, getting insurance, making investments and depositing at least $200,000. For example, a minimum deposit of $1,800 will allow them to earn 0.6% on the first $50,000. Details of the interest rate accrued through the OCBC 360 account can be found on the website.
Multi Currency Account
Note that a 360 account can only be opened as a joint account or as a single account. All OCBC users can only have one 360 account as the primary account holder. If another 360 account is opened by the same main account holder, this account will not be able to benefit from the bonus interest and will only receive a basic interest of 0.05%.
Frank Account: An additional bank account that can be used for all your banking needs. 16 to 26 year olds can open a FRANK account without an initial deposit. A FRANK account can be opened as a joint account but if the main account holder is over 26, a $2 service fee will be charged if the average monthly balance is less than $1,000.
With a Frank Account, we can choose to apply for the FRANK Credit Card which offers 6% cash back on a minimum spend of $600 on online or contactless purchases. More information about the interest rates in the FRANK account can be found here.
The third largest bank in Southeast Asia, UOB has about 43 branches on the island and more than 1,100 ATMs along with OCBC. UOB has a large number of joint accounts, four main joint accounts.
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UOB Stash Account: An account that rewards savings, the Stash Account allows you to earn more interest as the monthly account balance is maintained or increased each month. UOB One Debit Card will be issued upon opening an account where we can earn 3% cashback at participating stores such as Cold Storage and Shopee. Details about different interest rates can be found on the website.
UOB users can open a UOB Stash account as a primary account holder. A joint UOB Stash account will act as a joint account. Since both account holders have access to funds, the actions of both account holders will also affect the monthly account balance. All promotions are limited to the main account manager unless otherwise stated.
UOB Uniplus Account: The account with the lowest initial deposit requirement. The Uniplus account rewards you with higher interest rates on cash deposits. In addition to the base interest rate of 0.05%, we can earn up to 0.35% extra when we balance the account with a minimum of $15,000. The account also comes with a UOB One debit card. All promotions are limited to the main account manager unless otherwise stated.
One UOB Account: One account for all your banking needs, one account allows us to earn more interest based on our banking activity. With a minimum card spend of $500 issued by the main account holder, we can already earn 0.25%. With a minimum income deposit of $1,600, we can earn 1.40% and more if we have more savings in the account.
Key Things To Know Before Opening An Airwallex Account 
Similar to a Stash account, a UOB user can open a UOB One account as the primary account holder. A joint UOB account will serve as an alternate account where either party can act as an authorized signatory. Since both account holders have access to funds, the actions of either account can also affect the monthly account balance. All promotions are limited to the main account manager unless otherwise stated.
KrisFlyer UOB Account: Instead of earning interest, a KrisFlyer UOB account holder can earn KrisFlyer Miles by spending on the applicable card and saving. The KrisFlyer UOB Debit Card will be issued upon account opening, but existing UOB users can use the KrisFlyer Credit Card, UOB Visa Unlimited Metal Card and more. Based on your monthly spend, you can earn up to 5 KrisFlyer miles for every dollar you spend. Please note that the usage bonus is limited to the main functions of the account manager. If we have a minimum wage of $2,000 per month, we can earn 6 KrisFlyer miles for every dollar spent. Additionally, based on monthly account balance, we can earn 5% of our savings in KrisFlyer miles.
Again, we can only open a KrisFlyer UOB account as the primary account holder. The account will function as another joint account where both parties can act as an authorized signatory. All promotions are limited to the main account manager unless otherwise stated.
A British bank with a 160-year history in Singapore, Standard Chartered Bank (SCB) is one of the largest banks in Singapore. There are 13 bank branches and 24 ATMs on the island. An SCB user can also use the ATM5 network which includes more than 200 ATMs from Citibank, Maybank, HSBC, State Bank of India, SCB and Bank of China. At SCB, the bank offers two main joint accounts – the $aver bonus account and the e$aver account.
Citibank Banking Fees
$aver bonus account: A multi-functional bank account, we can use $aver bonus for most of our banking needs, from savings to spending. To open an account, we can choose a debit, credit or two cards. The amount of interest we can earn depends on our banking activity. The percentage of interest we can earn increases when we use the account to pay off our debts or start investing. More information about interest rates can be found on the website.
SCB users can open up to three bonus$ever accounts as the primary account manager and we have the flexibility to choose
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