U can open a POSB MSA. If ur intention is
to save $500 per month, this should be the account I guess. It’s a
monthly contribution account, means every month it’ll auto deduct
the $500 from ur account. Interest rate will be at 1%p.a. U can
increase or decrease ur monthly contribution amount when u get any
pay increment or pay cut at any period also. It’s flexible, u can
withdraw money from this account anytime but withdrawal can only be
done over the counter. So unless u need the money really badly, I
don’t think u’ll wanna join the long queue at the branch. U can put
in any excess money, eg bonus, hongbaos… into this account at any
time to enjoy the 1% interest instead of the norm 0.25%. Juz top-up
via internet, fund transfer via atm or cash deposit thru the
CAM or counter. But anytime that u do a
withdrawal from this account, ur interest will be reduced to
0.45%p.a. for that particular month. U can close off this account
anytime u wan, or the bank will close off this account if there’s
any 3 unsuccessful deduction from ur savings account. So overall,
it’s flexible, convenient and it helps u to save. Can view this
account’s balances thru internet banking but juz cannot transfer
out only.
