At launch, we are offering a statement savings account that comes with an enhanced ATM card (debit card) that allows you to make payments with NETS and VISA, and a loyalty program. You will also receive free enrolment into LinkPoints loyalty program, allowing you to earn LinkPoints which can be used to redeem free groceries at FairPrice or other rewards offered by Link.
You can also choose to apply for a credit card that gives you up to 52 days interest free repayment period.
What's more, if you choose to opt out of paper statements and check your transactions online, you get bonus LinkPoints on your deposits in your savings account (every S$300 = 10 bonus LinkPoints).
The FairPrice Plus statement savings account gives you, (a) Higher interest rate @ 1% p.a. from your very first dollar and (b) no need to maintain a minimum balance.
Generally, savings accounts in Singapore gives you around 0.25% - 0.30% interest for deposit amounts less than S$3,000*. With FairPrice Plus, you earn 4 times the interest.
*Based on the average interest rate of banks in Singapore as of 21 February 2007.
4. My fixed deposit offers me a much higher interest rate.
Fixed deposits typically require you to deposit a fixed amount over a minimum 1 month period in order to earn the higher interest rate, with penalties for premature withdrawal. FairPrice Plus gives you the flexibility to deposit and withdraw your money whenever you need to.
5. Why should I be bothered with service charges or minimum balances?
On average, banks require their customers to maintain an average monthly balance of S$500 to S$5,000, with charges between S$2.50 to S$10* monthly for failing to maintain the minimum deposit. This means that the interest you earn is lost through charges. With FairPrice Plus, you have the flexibility to use your money and earn high interest.
* Based on survey of banks in Singapore as of 21 February 2007.
6. How can FairPrice Plus give such high interests? What’s the catch?
We are committed to cutting out frills and excesses that you do not value and give you more of what you really want. Because you operate your FairPrice Plus accounts without branches plus a call centre operating from 9am - 10pm, we are able to transfer the cost savings to you in terms of higher interests and lower fees and charges. We have also simplified the application process as well as other servicing needs such that you really do not need to visit a branch for assistance.
7. If I do not have after-office call centre support, would I not be stranded if I really need help?
The FairPrice Plus Contact Centre is available 24 hours for reporting of lost card, and from 9am to 10pm for other banking services or enquiries. Important information is also available from our website at www.fairpriceplus.com.
8. How can I keep track of my account without a passbook?
Your FairPrice Plus savings account comes with a monthly statement which will give you details of all your savings account and NETS and VISA transactions. You can also apply for internet banking to view your transactions. Your transactions and account balances are also printed at the ATMs. This saves you the hassle of updating your passbook or queuing for a replacement passbook.
Application forms can be obtained from any FairPrice outlet or website (www.fairpriceplus.com). You simply need to mail in your application form, together with the relevant documents, in the self-addressed envelope attached to the application form. You may also include a personal cheque in any amount as a deposit into your account, so that you can start using your enhanced FairPrice Plus ATM card (debit card) that allows you to pay with NETS and VISA.
FairPrice Plus is a collaboration between NTUC FairPrice Co-operative Limited and Oversea-Chinese Banking Corporation Limited. All banking products and services, unless otherwise stated, are provided by Oversea-Chinese Banking Corporation Limited for FairPrice Plus.
