: 7.65 per cent p.a. at S$100,000 balanceA multi-currency account's function is quite self-explanatory. It allows the owner of the account to store different currencies under a unified account number. The primary advantage of this account type is convenience — using a multi-currency account greatly streamlines the process of managing fees over borders, whether you're a business or an individual. The disadvantage comes from the transaction and annual maintenance fees of such an account.
Whilst storing the bulk of your money as either an individual or a business in a savings account will greatly increase the money you will gain from interest rates, only being able to draw money from your account twice or thrice a month is generally not tenable, and the ease in making transactions that a current account affords is often a necessity. As such, both businesses and individuals usually benefit from having both a current and savings account.
Source: Loan Digest (loandigest.net)
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