When you arrive for a new job in a foreign country, it’s likely that opening a local bank account would be in the first order of things to do.
As with opening most bank accounts, you would want to generally consider the usual factors such as interest rates, fees, ATM network and other value-added services.
However, for Malaysians working in Singapore, you may also want to take into account the regional connections of the bank. For example, if your current bank in your home country has a branch in Singapore, it could be easier for you to apply for and open a bank account in Singapore. In addition, since you’re an existing client, there may also be a sense of familiarity when using the bank’s services.
Here are four savings accounts for Malaysians working in Singapore.
#1 Maybank SaveUp Account
Maybank offers various banking solutions from account opening to cross-border payments between Singapore and Malaysia.
As Maybank is the largest bank in Malaysia, there’s a chance that you already have an account with the bank.
If you’re already a Malaysia Maybank customer, you can apply for the Maybank SaveUp Account in Singapore on the M2U Malaysia app. You will need to have your Malaysian Identification Card for the application.
Maybank SaveUp Account is a high-interest savings account, which offers up to 3.08% effective interest rate per annum when you take up three or more products. You can earn the bonus interest on the first S$75,000. The qualified products include salary crediting, spending with a Maybank Platinum Visa Card and/or Horizon Visa Signature Card, investing in unit trusts and borrowing loans.
In addition, Maybank Overseas Transfer allows you to enjoy same day money transfers to your Maybank Malaysia account with zero fees. Transfer amount is limited to S$100,000 a day.
As of now, Maybank Singapore operates 11 ATMs and 18 branches. However, you can also access a shared ATM network, which consists of six participating banks – Maybank, Bank of China, Citibank, HSBC, Standard Chartered Bank and State Bank of India – offering a combined reach of more than 200 ATMs in Singapore.
- Interest Rate: Up to 3.08%
- Initial Deposit: S$1,000
#2 CIMB FastSaver Account
Another Malaysian bank, CIMB has an extensive presence with operations in 12 countries including Singapore.
CIMB FastSaver Account is a high-interest savings account, which offers up to 2.70% interest p.a. on your first S$75,000. You can earn additional interests on your first S$25,000 by crediting your salary (minimum S$1,000) or spending on your CIMB Visa Signature Credit Card.
If you already have a CIMB Malaysia account, you can apply for the CIMB FastSaver Account in Singapore online.
As for overseas money transfers, there is zero charge when transferring money from your CIMB Singapore account to your CIMB Malaysia account whether it’s for bill payments or sending money home.
CIMB ensures that you enjoy low exchange rates for SGD to MYR, whereby if you found lower rates from other banks, you can send a screenshot to CIMB Singapore who will refund you for the difference. The screenshot must be taken within an hour from the transaction and be sent to within three days.
Currently, CIMB operates six ATMs and two branches in Singapore.
- Interest Rate: First S$25,000 @ 1.19%; next S$25,000 @ 2.09%; next S$25,000 @ 2.70%.
- Maximum Deposit: S$1,000
#3 DBS Multiplier Account
DBS is one of the most established banks in Singapore, with 3.5 million ATM card holders among Singapore’s population of 4.2 million.
The DBS Multiplier Account offers a bonus interest of up to 4.1% on your first S$100,000. To be eligible for the interest, you need to credit your salary and perform one or more transactions., which include using your credit card on retail spend, transacting your home loan instalment, insurance payments and investments with DBS/POSB.
Foreigners with a valid work pass including Employment Pass (EP), S-Pass, Long Term Visit Pass and Student Pass can open a DBS Multiplier Account instantly with Singpass on the digibank app.
With DBS Remit, you can transfer money to more than 50 destinations including Malaysia instantly with zero fees. Do note that a remittance fee may be applied for inward transfers.
Currently, DBS Bank has a network of 1,200 ATMs and 87 branches island-wide.
- Interest Rate: Up to 4.1%
- Maximum Deposit: S$1,000
#4 OCBC 360 Account
The OCBC 360 Account is a high interest savings account that reward savers with more interests as they fulfil more requirements. There is also a Malaysian counterpart for this account.
You can open the OCBC 360 account in Singapore online via the OCBC app if you have a Singpass.
The OCBC 360 account offers up to 3.30% interest on your first S$100,000 by performing various transactions including crediting your salary of at least S$1,800 and spending on your OCBC credit card.
You can make international money transfers from your OCBC Singapore account online with zero commission and cable fees till end of this year. Agent fees, if applicable, will still be charged.
There are more than 1,000 OCBC ATMs and 33 branches in Singapore.
- Interest Rate: Up to 3.30%
- Maximum Deposit: S$1,000
At the end of the day, the decision of choosing a savings account is a personal one that depends on your needs. It’s perhaps more of a balancing act of picking a savings account that checks off your top priority boxes.
In addition, there’s no rule dictating that you could only open one savings account. In fact, there are some benefits to having more than one savings account and accessing the banking services and benefits offered.
Read Also: Complete Guide To Opening A Bank Account In Singapore For Foreigners
