Having a joint account does not only revolve around couples. Any individuals in an agreement can open a joint account together. In Singapore, there are two main types of joint accounts – joint-alternate and joint-all accounts. In summary, joint-alternate account allows both parties to use the savings independently, but a joint-all account requires both parties to approve the transactions.
For most, the main reason for opening a joint account is to help manage joint finances better in a household. This applies not only for couples but also for other family members such as siblings and parents.
As our parents aged, some of us might be placed in a position of assisting our elderly parents in their finances. Having a joint account can potentially help us manage their bills and necessities in the event they are physically unable to do so. Additionally, it can be a safeguard against scams as we are able to look out for suspicious transactions. Regardless, there are other potential issues with parent-child joint accounts such as conflicts with siblings over the management of savings and joint liabilities. While there is no single fixed solution for managing family finances, having a discussion with all relevant parties involved would help to reduce potential issues.
When choosing a joint account, we would have to account for the banking preferences of all parties. Our elderly parents may find it essential to have an ATM card or bank pass book, whereas these may not be essential considerations for us.
Here are the joint accounts we can open with banks and their main features.
| Accounts | Initial Deposit (For Singaporeans/ PR) | Minimum Deposit | Interest Rates (p.a) | ATM Outlets |
| DBS My Account | $0 | $0 | 0.05% | 700 |
| DBS eMySavings Account | $0 | $0 | 0.05% to 0.25%. Depends on monthly savings | 700 |
| OCBC 360 Account | $1,000 | $3,000 (fall below fee is $2/month) | 0.05% to 4.65% Depending on banking activity | 1,000 |
| OCBC FRANK Account | $0 | $1,000 (fall below fee is $2/month) | 0.05% to 4.65% | 1,000 |
| UOB Stash Account | $1,000 | $1,000 (fall below fee is $2/month) | 0.05% to 5% | 1,100 |
| UOB Uniplus Account | $500 | $500 (fall below fee is $2/month) | 0.05% to 0.8% | 1,100 |
| UOB One Account | $1,000 | $1,000 (fall below fee is $2/month) | 0.05% to 2.50% Depending on banking activity | 1,100 |
| KrisFlyer UOB Account | $1,000 | $1,000 (fall below fee is $2/month) | 0.05% | 1,100 |
| Standard Chartered Bonus$aver Account | $0 | $3,000 (fall below fee is $5/month) | 0.05% to 7.88% Depending on banking activity | 200 |
| Standard Chartered e$aver Account | $0 | $1,000 (fall below fee is $5/month) | 0.05% to 3.60% | 200 |
| Maybank iSAVvy Savings Plus Account | $500 | $500 (fall below fee is $2/month) | 0.15% to 0.20% Depending on amount and bonus 1.56% for increasing bank balance 6 months straight. | 200 |
Read Also: Pros and Cons of Opening A Joint Bank Account To Manage Your Finances as a Couple
DBS/POSB Joint Accounts
The largest local bank in Singapore, DBS boast one of the widest ATMs network with about 700 ATMs outlets and 68 branches island wide. The bank currently offers two main joint accounts, My Account and eMySavings Account.
My Account: A versatile bank account with multi-currency and a range of banking services, DBS My Account allow users to pay, transact, invest, and do overseas transfers. Currently, there is no minimum deposit, no initial deposit nor account service fee required to open an account. Do note that there is a monthly $2 account fee for paper statements, which is waived for customers up to 16 years old or if the account is on eStatement.
eMySavings Account: As the name suggests, this is a savings account where we allocate a fixed sum every month to be deposited into this account. The amount we wish to save is flexible, ranging from $50 to $3,000 in multiples of $10. We can amend the date and committed amount at any time. Based on the monthly savings, the interest rate will vary. However, if we make a withdrawal or fail to credit on time, the interest received for the account will be 0.05%. For more details on the different tiers of interest rates we can refer to the website.
| Accounts | Initial Deposit (For Singaporeans/ PR) | Minimum Deposit | Interest Rates (p.a) | ATM Outlets |
| DBS My Account | $0 | $0 | 0.05% | 700 |
| DBS eMySavings Account | $0 | $0 | 0.05% to 0.25%. Depends on monthly savings | 700 |
OCBC Joint Accounts
The oldest bank in Singapore, OCBC has over 33 branches island wide. In joint collaboration with UOB, there are also over 1,000 ATMs by OCBC and UOB that can be used by both bank’s customers. OCBC currently offers two main joint accounts – OCBC 360 Account and Frank Account.
OCBC 360 Account: An account to fit all your daily needs, OCBC 360 allows users to earn up to 7.65% based on the primary bank holder banking activities. We can earn a bonus interest from five main banking activities – crediting salary, increasing savings, getting insurance, investing, and having a minimum deposit of $200,000. For example, depositing a minimum of $1,800 would allow them to earn 2% for the first $75,000. Details on the interest rates earned for OCBC 360 Account can be found on the website.
Do note that the 360 Account can only be opened as a joint-alternate or single account. All OCBC users can only hold one 360 Account as the Primary Account Holder. If another 360 Account is opened by the same primary account holder, the account would not be able to enjoy the Bonus Interest and only receive the base interest of 0.05%.
FRANK Account: Another bank account that can be used for all your banking needs. 16- to 26-year-olds can open a FRANK Account without any initial deposit. FRANK Account can be opened as a joint account but if the primary account holder is above the age of 26, a service fee of $2 will be charged if the monthly average balance is less than $1,000.
With Frank Account, we can opt to apply for the FRANK credit card which gives up to 10% cashback on a minimum spend of $800 for online or contactless purchases. More details on the interest rates for FRANK Account can be found here.
| Accounts | Initial Deposit (For Singaporeans/ PR) | Minimum Deposit | Interest Rates (p.a) | ATM Outlets |
| OCBC 360 Account | $1,000 | $3,000 (fall below fee is $2/month) | 0.05% to 4.65% depending on banking activity | 1,100 |
| OCBC FRANK Account | $0 | $1,000 (fall below fee is $2/month) | 0.1% for first $25,000, 0.2% for next $25,000 and 0.05% for above $50,000 | 1,100 |
UOB Joint Accounts
The third-largest bank in Southeast Asia, UOB has about 51 branches island wide and over 1,100 ATMs with OCBC. Offering the widest number of joint accounts, UOB has about four main joint accounts.
UOB Stash Account: An account that rewards savings, the Stash account allows us to earn more interest as the monthly account balance maintains or increases each month. A UOB One debit card will be issued along with the account opening where we can earn 3% cashback from participating retailers such as Cold Storage and Shopee. The details on the various tiers of interest rates can be found on the website.
UOB users can only open one UOB Stash Account as the primary account holder. The joint UOB Stash Account will operate as a joint-alternate account. Since both account holders can access the funds, the secondary account holder’s actions would also affect the monthly account balance. All promotions are limited to the primary account holder unless otherwise stated.
UOB Uniplus Account: The account with the lowest initial deposit required. Uniplus Account rewards you with more interest rates for cash deposits. It has a base interest rate of 0.05%. The account also comes with a UOB One debit card. All promotions are limited to the primary account holder unless otherwise stated.
UOB One Account: An account that covers all your banking needs, One Account allows us to earn more interest depending on our banking activities. With a minimum $500 card spend by the primary account holder and 3 GIRO debit transactions, we can already earn 2.50% on the first $30,000. By also crediting a minimum salary of $1,600, we can earn a total of 3.85% and more if we have more savings in the account.
Likewise with Stash Account, UOB user can only open one UOB One Account as the primary account holder. The joint UOB One Account will operate as a joint-alternate account where either party can act as the approving signatory. Since both account holders can access the funds, the secondary account holder actions would also affect the monthly account balance. All promotions are limited to the primary account holder unless otherwise stated.
KrisFlyer UOB Account: Instead of earning interest rates, KrisFlyer UOB Account holder can earn in KrisFlyer miles through spending on the related cards and on the amount of savings. A KrisFlyer UOB Debit Card will be issued upon the account opening but existing UOB users can use their KrisFlyer credit card, UOB Visa Infinite Metal card and more. Based on your monthly spending, for every dollar spend you can earn 6 KrisFlyer miles. Do note that the spending bonus is only limited to the primary account holder transactions. If we credit a minimum salary of $1,600 a month, we can earn 6 KrisFlyer miles for every dollar spend. Additionally, based on the monthly account average balance, we can earn a total of 5% in KrisFlyer miles.
Once again, we can only open one KrisFlyer UOB Account as the primary account holder. The account will operate as a joint-alternate account where either party can act as the approving signatory. All promotions are limited to the primary account holder unless otherwise stated.
| Accounts | Initial Deposit (For Singaporeans/ PR) | Minimum Deposit | Interest Rates (p.a) | ATM Outlets |
| UOB Stash Account | $1,000 | $1,000 (fall below fee is $2/month) | 0.05% to 5% | 1,100 |
| UOB Uniplus Account
|
$500 | $500 (fall below fee is $2/month) | 0.05% to 0.8% | 1,100 |
| UOB One Account
|
$1,000 | $1,000 (fall below fee is $2/month) | 0.05% to 7.80% Depending on banking activity | 1,100 |
| KrisFlyer UOB Account | $1,000 | $1,000 (fall below fee is $2/month) | 0.05% | 1,100 |
Standard Chartered Bank Joint Accounts
A British bank with a history in Singapore dating back over 160 years ago, Standard Chartered Bank (SCB) is one of the major banks in Singapore. The bank has 10 branches and 14 ATMs Island wide. SCB user can also use ATM5 network which consists of 200 over ATMs from Citibank, Maybank, HSBC, State Bank of India, SCB and Bank of China. For SCB, the bank offers two main joint accounts – Bonus$aver Account and e$aver Account.
Bonus$aver Account: A versatile bank account, we can use Bonus$aver for most of our banking needs, from savings to spending. By opening an account, we can opt for debit, credit or both cards. The amount of interest rate we can earn varies depending on our banking activity. The percentage of interest rates we can earn increases if we use the account to pay our bills or start investing. More details of the interest rates can be found on the website.
SCB users can open up to three Bonus$aver accounts as the primary account holder and we have the flexibility of choosing between a singular or joint-alternate signatory. For the joint account, the bonus interest for banking activities such as crediting salary and having bill transactions will be based on the total activity of both account holders.
e$aver Account: A savings-focused account, e$aver allows us to earn up to 0.05% without locking up our savings. Bonus interest of 3.55% is awarded for incremental fresh funds. The account has no minimum initial deposit and the fall below the limit is $1,000. The account can be set up online and be used for most of our banking needs such as credit card payments and bills.
For e$saver joint accounts, it is only limited to 2 parties: the one main account holder and one joint account holder.
| Accounts | Initial Deposit (For Singaporeans/ PR) | Minimum Deposit | Interest Rates (p.a) | ATM Outlets |
| Standard Chartered Bonus$aver Account | $0 | $3,000 (fall below fee is $5/month) | 0.05% to 7.88% Depending on banking activity | 200+ |
| Standard Chartered e$aver Account | $0 | $1,000 (fall below fee is $5/month) | 0.05% to 3.60% | 200+ |
Maybank Joint Accounts
The largest Malaysian bank, Maybank has over 21 branches and 27 ATMs island wide. Maybank is also part of the ATM5 network which has over 200 ATMs Island wide. The bank currently offers 1 main joint account – iSAVvy Savings Plus Account.
iSAVvy Savings Plus Account: A savings focused account, iSAVvy Savings Plus Account allow users to earn a bonus interest rate of 1.56% for increasing their average monthly balance each month over a 6-month period. The account also helps satisfy most banking needs such as making credit card payments and other bills.
The joint account opened under iSAVvy Savings Plus Account will operate as a joint-alternate account where either party can act as the approving signatory.
| Accounts | Initial Deposit (For Singaporeans/ PR) | Minimum Deposit | Interest Rates (p.a) | ATM Outlets |
| Maybank iSAVvy Savings Plus Account | $500 | $500 (fall below fee is $2/month) | 0.15% to 0.20% Depending on amount and bonus interest of 1.56% pa on the increasing balance each month over 6 months. | 200+ |
Read Also: Should You (Legally) Open A Joint Savings Account With Your Spouse?
Select The Joint Account Based On Your Family Needs
Among all the banks, Maybank offers one of the highest base interest rates regardless of banking activities at 0.15% for Maybank iSAVvy Savings Plus Account. If you are looking to earn the highest interest rates, UOB One Account or OCBC 360 might suit your needs better. However, do note that the benefits mainly accrue for the primary account holder. For those joint accounts with elderly parents, opening a DBS, UOB or OCBC account would give them a wider range of access to ATMs whenever they need cash.
This article was first published on 15 September 2021 and updated with new information.
The post 11 Joints Savings Account To Open With Your Spouse Or Parents appeared first on DollarsAndSense.sg.
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