Investment accounts are bank accounts that allow you to invest and save your money. They differ from savings accounts because they use different investments such as stocks, bonds, real estate, and more. Some investment accounts earn interest, while others offer tax benefits for those who invest in certain securities. For the most part, the best investment account will depend on your financial goals and risk tolerance levels. However, here are some of the best investment accounts available in Singapore:
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OCBC 360 Account
The OCBC 360 account is one of the best investment accounts in Singapore. It offers a diverse mix of investments, including stocks, bonds, and cash. The downside to this investment account is that it only allows you to invest SGD$5,000 per month. This account does not offer tax benefits either, which may be important to consider if that is important.
DBS
DBS is one of the leading banks in Singapore. They offer a variety of investment accounts for people with different needs. One of their most popular investment accounts is the DBS S$ Edge, specifically for the young professionals just starting. It offers tiered interest rates depending on how much you invest. The more you invest, the higher your interest rate will be.
Standard Chartered’s Invest Saver
Standard Chartered’s Invest Saver account is a good starting point for those looking to invest money in Singapore. It offers a competitive interest rate of 0.6% with no minimum balance requirement. The account also has an easy withdrawal policy. This allows you to access your funds whenever you want without any penalties. One important thing to note about Standard Chartered’s investment account is that it does not offer tax benefits for investment in certain securities. If tax savings are one of your goals, this might not be the best investment account for you. Additionally, some fees may apply with this account, so make sure to read the fine print before signing up.
United Overseas Bank(UOB)
United Overseas Bank (UOB) offers a variety of investment products and services, including investment accounts. UOB offers a range of investment account types, such as Regular Savings and Investments Saving Account, which is the account that earns the interest. The UOB Regular Saving and Investment Account is available to Singapore citizens or permanent residents at least 18 years old. This account has a minimum of $250,000 for those with an active UOB checking account. If you want to invest more than $250,000, you can open another savings account type from UOB called Premier Savings and Investment Account. It requires a minimum balance of $100,000 for those with an active UOB checking account.
Maybank.
Maybank provides a savings account, time deposit account, and investment account. The best thing about this bank is that it offers a high-interest rate on its fixed deposit accounts for less than one year. This can be a great way to save your money for a short-term goal, such as buying a car or going on vacation.
Conclusion
There are many options for investment accounts in Singapore, but these are some of the best. Investment accounts help people with their financial security, and there are many different types. The best investment account for you depends on your needs and goals.
