The steps is quite simple, go to both banks and open both accounts. Once its done, every first day of the month you just transfer money from one account to another, so that it "thinks"its fresh funds and you gain the bonus interest. Do keep in mind the minimum account balance to avoid the fall below fee.

Do note confuse trading accounts and CDP. Most Singapore banks are hesitant allow foreigners to just open savings account (i dont know why, probably because they cant earn money off you). To overcome this, you tell them you want to open a trading account. When you do this, they automatically have to open a savings account for you to fund your trading account with money to buy shares.

Some bank trading account needs CDP, which is used to store your shares. Some bank dont need CDP, and they act as a custodian to your shares. Again, CDP is not a factor here. The key is the trading account.

Hi Qwister,...

Well, that's the rate I've been using all this while.

YES, you need to declare that you do not have loans inside the country if you are going to select 'Investments' as the reason that you are sending your funds overseas. This is in the Form P.

If you going to use the reason of paying for a purchase, you need to show the invoice from the overseas supplier.

I am in the legal industry.

Hoped to be able to advise more in future,...

Thank you for the update,... looks like things are getting harder by the days to open an account,...

You took up an insurance package, but can we claim in the event of situations occuring, because as foreigners in Sgp, there are certain restrictions towards claims by foreigners. I'm wary of the benefits that we can enjoy,...

To perform stock investments, you still need to open a trading account.

What were the reasons provided by Standard Chartered when they refused to open a trading account and savings account for you ?

Which Standard Chartered branch did you go to, bro ??