A savings account is an interest-bearing deposit account that typically offers a very modest interest rate, but its safety and stability make it a reliable option for parking some cash you might need for short-term needs.
It offers flexibility in terms of liquidity that makes it ideal for building an emergency fund or saving for a short-term goal such as going on vacation. But with the different types of accounts available, which ones should you open and for what purpose?There are four types of bank accounts: current, fixed deposit, savings, and multi-currency. Let’s go through what each has to offer.A current account is intended to be a transactional account and is not meant for storing money for long periods.
The downside of this type of account is that it accrues no interest and typically requires you to maintain a minimum balance in the account, lest a balance fee is incurred. As such, this type of account is mainly ideal for storing funds that are used regularly.Cashback earnings limit is S$50is a fantastic cashback card for anyone looking for a diverse card that earns them cashback on all spending.