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Bank Account for Maid
Posted: Thu, 10 Nov 2005 11:39 pm
by tigerbalm
Hi all,
I want to open a bank account for our maid. Is it possible for it to be in her name? I am very happy that she wants to save her money - and yes i will check with the bank. Just would like to know if there is any "special" requierements.
Thanks for advice
T
Posted: Fri, 11 Nov 2005 12:28 am
by Em Eye
It's possible but the banks need a certain amount of money to open the account. Shop around but it is a couple of hundren dollars (or it was when I opened mine)
Posted: Fri, 11 Nov 2005 12:50 pm
by yoongf
Most banks impose a service fee if the balance falls below a certain amount. Given the current pay levels for these FDW, every cent counts and they may not be too happy absorbing this service fee. I believe POSB is the most cost effective, and would be a good reference point for fee comparison.
thanks
Posted: Sat, 12 Nov 2005 10:09 am
by tigerbalm
for the reply. will check it out early next week and hopefully have some good news then. A friend of mine says they needed S$ 1000 to open an account as EP holders with OCBC. I opened my account 5 years ago and there was no such requierement.
skye
Posted: Sat, 12 Nov 2005 11:06 am
by skye
Look at the DBS/POSbank website - posbank savings account is your best bet.