Savings accounts are an integral part of wealth building, but those looking for bigger investments often ignore them. They’re not considered quite as flashy as stocks or bonds, and this might be why they’re often forgotten about. They’re still a very important part of increasing one’s net worth, so opening and growing a savings account is usually a pretty smart idea.

Financial experts agree that saving a portion of one’s income is a solid plan, but they have a tendency to disagree on the amount of money that people need to save. One expert wrote that it essentially comes down to a balancing act. The more luxuries that a person can forgo in the present translate into more money long-term.

Saving around 10 percent of one’s annual income is a good idea, but it often isn’t enough for those who just opened up a new account. New banking clients might want to save 20 percent or more until they have at least enough money to live on for six months to a year. This provides a safety net in case one should lose their job.

A few experts suggest opening up more than one savings account. That way there’s always money on hand for future purchases or gifts. This might seem excessive, but it can help prevent dipping into the emergency fund in the near future. This is especially true for those trying to take advantage of solid interest rates.

When setting up an account at the Private Bank Singapore, make sure to ask about the rate of return on savings. Some accounts are higher than others, but they might be less liquid than those with lower rates. Those who want to take advantage of any type of interest will need to keep a fairly high balance in the account, though, so it’s a good idea to leave this money alone if at all possible.

Don’t neglect employer retirement contributions either. Participating in these programs isn’t as fun as watching securities appreciate in value, but employer retirement plans can actually be a surefire way to double a balance. They’re safe, and some of them provide for employee contributions that are more than half of what the client puts in. These programs are available for those who work in certain businesses, so it’s best to ask a banker or an employer about what kinds of plans are available.