DBS Cashline is a current account.

Some of the features include:

1) Cashline Instalment Loan (choice of 12 to 48 months tenure)
2) ez-link card top-up (the ability to top up ez-link card at DBS/POSB ATMs)
3) Cashline Auto Top-Up (links your current/savings account such as DBS Autosave Account to your Cashline account so that it can top up the current/savings account whenever the balance falls below a pre-set level)
4) You Trade We Pay (cash rebates for using your Cashline to make a bill payment via DBS iBanking for a trading transaction (min. $3,000) to participating brokerages)
5) Cashline Funds Transfer (enjoy greater savings with DBS Cashline Funds Transfer)

The Credit Limit is up to 2x your monthly salary if the annual gross income is S$20,000 to S$30,000, it is 4x if S$30,000 and above.

The effective interest rate is 19% p.a. and 17.8% p.a. respectively.

Remember to pay your outstanding amount when its due as the late payment charge is S$60

You can apply if you are a Singapore Citizen or PR earning at least S$20,000 per annum and between 21 and 60 years of age.

Remember to have sufficient funds in the account before using the money inside as there is fees for overdraft.

DBS Autosave is a 2 in 1 account that have both features of a savings and current account.

It allows you to earn daily interest (which is pretty low) with  cheque-ing capability.

You need to be at least 21 years old for eligibility and requires $3,000 minimum initial deposit.

The down point for this account is that it has monthly account fee of $2 and charges $7.50 fall-below fee if the average daily balance falls below S$3,000.  So, remember to maintain at least $3k to avoid fees.

There are better accounts that provide better interest with cheque books, be sure to look around that suits your needs.

DBS AUTOSAVE (as of 08/2010)

First $3000 – 0.1000

Next $47000 – 0.1250

Next $50000 – 0.2500

Remaining balance above $100000 - 0.3250

Standard Chartered’s XtraSaver Account offers quite a good CashBack on the amount spent.

Standard Chartered’s XtraSaver is a MasterCard debit card which also doubles up as an ATM card that enables you to make NETS and MasterCard payments as well as withdrawing cash from its ATM machines.

It is linked to its own chequing account which bears interest, this is good as not much chequing accounts offers interest.

There is no minimum deposit amount required to open XtraSaver and also no need to maintain a monthly minimum balance in the account.

CashBack is calculated based on the average daily balance at calendar month end and is credited into your XtraSaver account on the first working day of the next calendar month.

For people who don’t drive a car, the CashBack is doubled on all local and overseas MasterCard transactions when you didn’t spend on petrol any day of a calendar month!

However, there is a monthly cap on the CashBack given.

The interest rate of XtraSaver might not be the best, but the CashBack given can negate the poor interest rates given.

Points to note is that the XtraSaver’s CashBack is given only if the average daily balance is $6,000 and above. And there is a membership fee of $15 per annum, but you can enjoy a 2-year free XtraSaver membership, afterwhich, just call in and request for a waiver of fees.