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{"id":1111,"date":"2023-06-24T12:16:00","date_gmt":"2023-06-24T11:16:00","guid":{"rendered":"https:\/\/npgonlineltd.com\/?p=1111"},"modified":"2023-06-15T12:17:19","modified_gmt":"2023-06-15T11:17:19","slug":"what-is-the-difference-between-isa-and-savings-accounts-in-singapore","status":"publish","type":"post","link":"https:\/\/npgonlineltd.com\/what-is-the-difference-between-isa-and-savings-accounts-in-singapore\/","title":{"rendered":"What is the difference between ISA and savings accounts in Singapore"},"content":{"rendered":"\n
Singapore’s two standard savings accounts are Investment Savings Accounts (ISAs) and regular savings accounts. Both can help you build up your wealth, but they have obvious advantages and disadvantages that you should consider before investing.<\/p>\n\n\n\n
Regular savings accounts offer a relatively low-risk way to save money, as the government has insured deposits up to a specific limit. They also often provide access to funds without penalty, making them ideal for emergency funds or short-term lifestyle expenses. As there is no minimum balance requirement, these accounts are also suitable for those with smaller amounts to invest. However, interest rates on regular savings accounts tend to be lower than those offered by other investment options such as ISAs and stocks or bonds.<\/p>\n\n\n\n
ISAs, on the other hand, are more suitable for those with more significant amounts of money to invest and a longer-term investment horizon. ISAs in Singapore tend to have higher interest rates than other savings accounts, and they can be a better option for growing your wealth over the long term. ISAs also offer tax advantages because you don’t need to pay taxes on any financial gas and profits from investments held within them (for Singapore residents). However, there is usually an annual contribution limit, and withdrawals may be penalised depending on how long the money has been invested.<\/p>\n\n\n\n
Choosing the best savings plan in Singapore<\/h2>\n\n\n\n