Thursday, 11 September 2014

Steps to Opening Your Own Joint Account!

So, my previous post was about whether or not you were ready to open a joint account with your special someone.

Let's say you are ready. How then shall you proceed?

Let's find out :) I'll take you through the basic steps, and let you know what you need to have with you. It's really quite straightforward!

Firstly, you do not need to bring a set amount of cash with you to open an account. Here I'm assuming you prefer to open an account with POSB as their minimum amount is $500 and DBS is $1000.

A fall below fee of $2 per month is imposed on you if your average daily balance < S$500 / S$1000!

The fall below fee is waived for customers up to 21 years old or 62 years old and above :)

So you have to make your way down to any POSB Branch with your Identity Card (IC) and your partner! Note that you both need to be of legal age!

For me, I opened a Joint-Alternate account under POSB eSavings which comes with a debit card each for yourself and your partner, complete with internet banking services.

The POSB staff gave us one VISA and one MASTERCARD so that we would have a mix haha.

You will of course, have the option of opening a Joint Alternate (Means that both you and your partner can make any transaction /withdrawal etc) or Joint All (Means both you and your partner need to make a trip down to make any transaction) which would be a safer choice if you don't entirely believe in the need for either one of you to make any transaction etc etc.

Once you decided, it's pretty little work on your part. Key in your preferred PIN number for your debit cards, you can have different PIN numbers, no problem!

 Details of the 1st Applicant
Details of the 2nd Applicant

After that, verify your details for one last time, both of you need to sign a form and that's it!
Your Joint Account and Debit Cards are now activated. You can proceed to transfer funds into your new account :)

You can use your individual Banking device no problem :) You'll see your new account in your iBanking account.

Aaaaaand that's it! Congratulations! Let me know if any of you have any questions!

Signing off,
Teenage Investor

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