Joint account Singapore are usually opened by new couples or families. If you are looking for how to open a joint account in Singapore, then you have come to the right post that would show you how. Building a life together as a couple involves making savings and spending decisions together. One of the best ways to keep your finances and that of your partner on the check is by opening a joint account Singapore.
A joint account will help you and your partner simplify your finances and keep track of the money that comes in and your spending habits. This will help you both manage your finances from a single point better and conveniently settle major expenses like housing, mortgage, and hospital bills.
To open a joint account, trust and communication are very important as it is a key to making the account work. However, it is essential to consider the type of joint account you want, as joint accounts differ. The simple trick is to choose the one that best suits your preferences and needs.
The question, “How to open a joint account in Singapore’ is usually the first question most Singaporean couples who want to explore managing their finances together ask. This article will give a detailed overview, including the joint account Singapore requirements and importance.
What is a Joint Account in Singapore?
A joint account is a type of savings account where at least two people have access to it. Any transaction to be carried out on the account will be in the awareness of the people registered with it. It gives couples or partners a single point to manage their finances.
As a parent, you can also open a joint account for your kids which gives you control to manage their spending habits and control their finances until they are of age where they can manage such finances. A joint account has become one of the best ways to save, spend, and monitor family finances without any restrictions.
How to Open A Joint Account in Singapore
To open a joint account Singapore in DBS and POSB is easy, and everything is done online conveniently. You don’t need to visit a bank branch unless you want to. Also, you mustn’t wait till you are married before you get a joint account. You can open one before marriage as it can be helpful for homes and wedding furnishing expenses.
For instance, If you are an existing DBS/POSB customer, you can apply for a joint account. As a new customer at DBS/POSB, you will be required to submit some documents. To get the comprehensive list of what you and your partner will be submitting, click on this link. Additionally, at DSB, with a balance of S$100,000, you can earn up to a 3.5% interest p.a.
Top Joint Accounts in Singapore
There are other banks that offer good joint accounts for partners. The other top joint accounts in Singapore and the link to apply are stated below.
1. Maybank Save Up Programme
One of the best joint account Singapore you can easily open is the Maybank Save Up Programme. This account allows you to save, invest, and spend your money and enjoy up to 4% p.a. interest for the first S$75,000 While you can earn up to 3% p.a interest on the first S$50,000 or 3.75% p.a on the Next S$25,000. You can also earn a bonus interest rate at Maybank using any of its financial products.
- Must be 18 years and above
- You must link the SaveUp Account to a Maybank Debit Card
- You must make an Initial deposit of S$500 for Singapore Citizens and Singapore Permanent Residents
- An initial deposit of S$1,000 for other nationalities.
- Click on this link to apply.
2. Standard Chartered Bonus$aver Account
The Standard Chartered Bonus$aver Account is a top joint account Singapore with International reach. You can travel abroad and still retain access to your bank account from your location.
The joint account is called the “Bonus$aver joint bank account,” and it offers a 2.38% interest rate upon your first S$80,000 deposit.
- Minimum of 18 years old for Bonus$aver account and Bonus$aver Debit Card applicants
- Minimum of 21 to 65 years old for Bonus$aver account and Bonus$aver Credit Card applicants
- Copy of NRIC (front and back)
- Employer payslip if employed
- Or Latest 6 months’ CPF Contribution History Statement
- If you need a higher amount for a loan, submit your NOA
Click here to apply.
3. UOB One Account
Another good joint account Singapore is UOB One Account. It is a low-maintenance and fuss-free savings account offering an interest rate of 1% for a balance of S$75,000. Opening an account here does not demand fulfilling many requirements, but it is not the best joint savings account if you are looking to maximize the interest rate on your savings. Click here to apply.
4. Bank of China (BOC) SmartSaver Account
Bank of China (BOC) SmartSaver Account is the best savings account if you and your partner are holders of multi-currency Savings (MCS). You can gain an interest of up to 3% if your cash balance reaches up to S$80,000.
If your balance is between S$80,000 and S$ 1,000,000, you stand to gain an additional passable interest, which is up to 0.60%. BOC SmartSaver is a good account to maximize interest on your savings. However, before you can open the account, you must fulfill some requirements like busying an eligible insurance plan, spending over S$1,500 on a linked card, and S$6,000 in salaries. Click on this link to apply.
Joint Account Singapore Requirements
- You must be a Singaporean, a permanent resident, or a foreigner with a valid pass or visa
- You must be up to 18 years of age
Documents Required include:
- Original Singapore ID/ passport/ Student pass/Employment pass/
- Proof of residence such as bank statements, utility bills, or mobile bill
- Income Tax Notice of Assessment for higher loan amount
Advantages and Disadvantages of Joint Accounts
Joint accounts can be a useful financial tool, but they also have their advantages and disadvantages. Before opening a joint account, it’s important to consider your specific financial situation, goals, and the individuals you plan to share the account with. Here are some advantages and disadvantages of joint accounts:
Advantages of Joint Accounts In Singapore
Joint accounts can make it easier for couples to manage shared expenses like household bills, rent or mortgage, and everyday spending. All parties have access to the funds, which simplifies financial transactions.
Joint accounts allow all account holders to see transactions, which promotes transparency and helps in monitoring spending habits.
3. Emergency Access
In an emergency or unexpected incapacity, joint account holders can readily access funds to cover expenses, ensuring financial stability.
4. Estate Planning
Joint accounts can simplify the transfer of assets after the death of one account holder. The remaining account holder usually gains full access to the funds without going through probate.
5. Collaborative Savings
Joint accounts can be useful for collaborative saving towards shared goals, such as a vacation, home improvement, or children’s education.
5 Disadvantages of Joint Accounts In Singapore
All account holders are equally responsible for the account, which means that if one person mismanages the funds or accrues debt, it can affect all account holders’ credit and financial well-being.
2. Loss of Control
When you open a joint account, you give up some level of individual control over the funds. Other account holders can make withdrawals and transactions without your consent.
Joint accounts can lead to disagreements and conflicts, especially when it comes to spending decisions, withdrawals, or the division of responsibilities.
4. Legal Implications
Joint accounts can have legal implications, and in some cases, if one account holder has legal issues, their creditors may have access to the funds in the joint account.
5. Trust Issues
Trust is a crucial factor in joint accounts. You must trust the individuals with whom you share the account, as they have equal access to your funds.
To make the most of a joint account while minimizing potential downsides, it’s essential to have open and honest communication with the other account holder(s), establish clear guidelines for usage, and regularly review the account’s activity and purpose.
Is There a Difference Between a Joint-all account vs. Joint-alternate account
When applying for a joint account, you will be given two options to choose from, which are “Joint-all account” and “Joint-alternate account”. They are both joint accounts, but the difference is that in a joint account, all the account holders must agree before any transaction is taken. All transactions must be done with the knowledge of the account holders.
On the other hand, this is not the case in a joint-alternate account. A joint-alternate account allows you to perform transactions independently without needing consent from the other account holders. However, it advised you to communicate with them to build trust and transparency.
Can an Unmarried Couple Open a Joint Bank Account in Singapore?
Yes, unmarried couples can open a joint account Singapore. You must not be married before opening an account. As an engaged couple wanting to marry, you can open a joint account to save towards your wedding and house furnishings.
Can I Open a Joint Account with my Boyfriend Singapore?
Yes, you can open a joint account with your boyfriend in Singapore as long as both of you are ready to maintain trust and transparency. You can decide to open either a joint-alternate or joint-all account.
Can Foreigners Open Bank Account in Singapore?
Yes, a foreigner can open a bank account in Singapore as long as they have a valid passport or visa. It can be a work visa, student visa, or dependent visa. A bank like Standard Chartered might require additional requirements from you to open a joint account. Endeavor to check with the bank you intend to open a joint account with to properly understand their requirements before choosing it.
What Happens to Joint Account When Someone Dies Singapore?
If the other account holder dies, the bank releases the remaining balance to the remaining surviving joint account holder(s). This is captured under the Right of Survivorship.
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Due to the technological advancement in the banking sector, you can now open your joint account online at the convenience of your home. However, it is important that you check for the requirements and required documentation before you start the application process. Get the documents ready, then click on the link to begin the application. You can always contact customer care or visit the physical branch when you encounter challenges during the application process.