How to create a bank account?

limywv SG

bryanw SG

6510 4650

LatecomerX SG

Just bring along your identification documents to any bank and request to open an account lo. Do take note that an initial deposit of $100/500/1000 (more details available on banks' websites) may be required to open one, and from what I was told, you can't open more than one account with a bank, so if your current account is with DBS/POSBank, open a new UOB one.

Since you're 17, and it seems that you're planning to shop online, I would recommend applying for a debit card at the same time as well. For that, once again, you can read up more about applying for one on the website of the respective bank you're opening an account with.

limywv SG

LatecomerX SG

So am I right to say that the debit card actually uses money from the newly created bank account? any possibility that my parents would know about this?

Yes, the money is debited directly from your account as opposed to a credit card. They would send a monthly bank statement if I remember correctly, though I haven't received mine for quite some time. You may want to talk to the bank employees in regards to such details (the ones I know in a UOB bank branch are quite friendly).

Dailyjobhunt SG

yes the debit card deducts money from your current bank account savings. so in a way it helps you to monitor ur spending and puts a limit to ur spending as well.

ditzy SG

If they send a statement to your home monthly, won't that give the game away?

limywv SG

deathmaster SG

its an internet-based saving account, only for people age 18-21.

you will not have any incriminating bank book. you will check ur balance via the internet.

as for debit card, i think as long as you don't use it, you will not get any statement.

limywv SG

charlize SG

For some of the banks, if you have less than 500, I think they charge you an admin fee for not putting in enough money.

Go figure.