Bank Account for Maid

[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

[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)

[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.

[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]

Look at the DBS/POSbank website - posbank savings account is your best bet.