This is an account which one can consider because it offers 0.8% interest if you deposit $500 monthly. Moreover, it has no fall-below fee, making it very attractive. The only drawback (and I think it is very important) is the number of ATMs they have in Singapore. They are not in the ATM5 network which makes it hard to withdraw cash. However, they do give chequebooks, so just write a cheque to yourself and deposit in any bank account.
Placing some reserve cash in the account seems quite fine provided you have some funds in local banks which you have immediate access to.
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