SGD savings account in the UK

Looking to Spread Your Savings? Consider an SGD Savings Account 

With economic uncertainty on the rise, many savers are looking to diversify their savings across multiple currencies. One popular option is opening a Singapore Dollar (SGD) savings account with an overseas bank. This allows you to hold funds in SGD while potentially earning competitive interest rates. 

Some key benefits of having an SGD savings account include: 

• Holding savings in a different currency – A SGD savings account allows funds to be held in euros rather than being converted into GBP. This may be relevant for customers who have SGD‑denominated income, expenses or assets. 
• Use of account – A SGD savings account enables customers to hold and manage savings in Euros alongside other currencies. Where available, customers may convert funds between currencies using the bank’s Currency exchange services and use a multi‑currency debit card (available to UK residents only) for spending abroad. Exchange rates apply. 

While these benefits may be compelling, there are also risks to consider, such as exchange rate fluctuations, overseas banking regulations differing from your home country, and varying deposit protection schemes. Evaluating your financial situation carefully is important before deciding whether an overseas SGD account aligns with your goals. 

iFAST Global Bank is a UK-based bank that offers a multi-currency account, allowing clients to hold and manage various currencies, including SGD. We provide SGD savings accounts, including instant access savings accounts, and fixed-term deposit accounts. 

The best part is, you can start saving with just S$1, and there are no specific rules about the minimum or maximum balance you need to maintain. Right now, you can earn an interest rate of 1.50% AER (variable) on your instant access SGD current account. If you decide to lock your money into a 24-month SGD fixed-term deposit, you can earn an even higher interest rate of 2.00% AER. 

Eligible deposits held with iFAST Global Bank are protected by the UK Financial Services Compensation Scheme (FSCS). This provides deposit insurance protection up to £120,000 per eligible person, giving added peace of mind for your savings. 

Some key benefits of having a savings account with iFAST include: 

• Online account access – Check balances and manage your account 24/7 via online banking.  
• Open an account from abroad. (T&Cs apply)  
• No monthly fees – Unlike many banks, iFAST Global Bank does not charge monthly or annual fees.  
• No balance requirements – iFAST Global Bank SGD savings accounts have no minimum or maximum balance requirements.  
• Choice of instant access, and fixed-term savings accounts.  
• Earn up to 2.00% AER* on SGD fixed-term deposits.  
• Flexibility to hold and manage SGD alongside your existing banking relationship.  

Whether you want to diversify savings, earn competitive returns, or hold funds in multiple currencies, an SGD account from an overseas bank could be an option worth considering. Carefully weigh the benefits and risks to determine whether this approach aligns with your financial goals. 

T&Cs Apply. https://www.ifastgb.com/en/interest-rates?prod=mca  

*iFAST Global Bank Fixed Term Deposits have a fixed term. Early withdrawal is generally not permitted and may result in loss of accrued interest. A 14-day cooling-off period applies. T&Cs apply. https://www.ifastgb.com/en/deposit/fixed-term-deposit