Citibank Sg's Tap And Save is a new acct in which the card is a Visa Platinum debit card as well as an ez-link card, and comes with a complimentary cheque book. There's no initial deposit and no monthly minimum balance required when one credits one's salary when opening the acct. If not, it's a $500 initial deposit, and maintain $2,000 to get a waiver of the $5 monthly service fee.
Curious, I decided to look at local banks' current acct opening requirements. It's quite ex to maintain a current acct with local banks, as compared to TAS! At a glance, it's $1,000 (UOB, OCBC, $3,000 for DBS) to open a current acct, and it's a $7.50 service fee if the average balance falls short of $3,000 for all three banks!
For POSB, its current acct is linked to the customer's Savings acct, so it's just $500 to open the Savings acct. The service fee is only $2 if the average balance is below $500. Not bad, until one factors in the fact that there's a $2 monthly acct fee for the current acct.
All in, the TAS is a better option if one needs a current acct to me..
Curious, I decided to look at local banks' current acct opening requirements. It's quite ex to maintain a current acct with local banks, as compared to TAS! At a glance, it's $1,000 (UOB, OCBC, $3,000 for DBS) to open a current acct, and it's a $7.50 service fee if the average balance falls short of $3,000 for all three banks!
For POSB, its current acct is linked to the customer's Savings acct, so it's just $500 to open the Savings acct. The service fee is only $2 if the average balance is below $500. Not bad, until one factors in the fact that there's a $2 monthly acct fee for the current acct.
All in, the TAS is a better option if one needs a current acct to me..