Foreign Currency Savings Accounts
Mar/090
Foreign Currency Savings Accounts
Maybank Singapore’s iSavvy Savings Account
High interest rates normally associated with time deposits; grow your savings with interest-on-interest** feature
Key info
* Attractive interest* calculated daily, credited monthly
* Earn 6% interest-on-interest** for your loyalty
Benefits
- Easy cash withdrawals via your ATM or ATM MasterCard Electronic Card
- Withdraw cash (no transaction fee) from ATMs in Singapore via the atm5 QFB shared ATM network
- Withdraw cash in local currencies (S$3 for each overseas transaction) from Maybank ATMs in Brunei, Malaysia, the Philippines and Singapore
- 24-hour account access via our ATMs, cash deposit machines, PhoneBanking (Dial-Link) and Maybank2u.com.sg
- Ease and convenience of online banking transactions at your own time (service fees and charges apply for over-the-counter transactions)
Minimum initial deposit: S$10
Interest rate
* Attractive interest* that is calculated daily and credited monthly
* 6% interest-on-interest **
Who can apply
* Singapore Citizens, Singapore Permanent Residents, Foreigners
* Minimum 15 years of age
Required documents
* Singapore Citizens, Singapore Permanent Residents – Singapore NRIC
* Foreigners – Passport and Employment Pass
Fees and charges
* S$2 monthly service fee; waived with a minimum average daily balance of S$500
* S$30 early account closure fee, if the account is closed within 6 months of opening
* A service fee applies for each transaction made at the Branch counters
Be rewarded for your loyalty. Apply for the iSAVvy Savings Account here, or visit any of our 22 Branches in Singapore. Foreigners working and/or residing in Singapore need to apply personally at our Branches. Existing Maybank customers with online banking access may login to apply.
# Bank Internasional Indonesia (BII) ATMs
More Information Here: http://info.maybank2u.com.sg/personal/deposits-banking/savings/detail.asp?page=isavvy-savings-account
About the Author
More Information Here: http://info.maybank2u.com.sg/personal/deposits-banking/savings/detail.asp?page=isavvy-savings-account
Storing my savings as foreign currency?
of course , all the money. in my bank ac is after tax dollars. Is is LEGAL for me to open an account abroad to store it as available funds in another currency. Am I under ANY federal obligation to declare that I have an account in xyz currency e.g. Euros.Esp because my Dad is a British Citizen.
I am doing this in light of Dollar weakening. Does it make sense ?
Yes it is legal to have accounts in other countries. You have to declare interest paid on your taxes and give them the account numbers etc when you file. I understand why you want to do this. However there is a better way. Instead of opening up accounts in banks I personally go to my bank and exchange my US Federal Reserve Notes for Canadian currency at the going rate plus the bank fees. I hold physical cash in foreign currency. Also when I went to Ireland in July I converted an extra $500 into Euro and keep that as well. Holding foreign is a smart thing to do. It hedges against a falling dollar. Canadian currency is the best to hold for many reasons. The Euro is OK but it has problems too. Canada has the natural resources and a national debt that is only $500 billion. The current published national debt is $11.8 trillion. Canada has 1 tenth the population of the US so their debt load based upon population is only 41% of the US debt load. Also their banks are not as in debt and leveraged as in the US. Currently Canada has the strongest banking system in the world. Ill continue buying the Canadian dollar as a hedge.
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