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Asked by Anonymous
Asked by Anonymous
Asked by Anonymous
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Switched over from ocbc360 to the new dbs multiplier last month. It was a seamless process which took 5mins or less via iBanking. I think this would be a better savings account for a miles chaser like myself. For me, the multiplier was naturally better since I was already using altitude/wwmc. Uob is out since they excluded all their miles earning cards. My Ocbc 360 tgt with the titanium rewards card was pegged at 1.85% max. The multiplier was 1.85% when my total transaction was below 5k. Which means, thee more I earn/spend, the possibility of higher interest rate. What's not to love! Plus,having dividends credited to my Posb account was considered under the 'invest' category in dbs. Satisfying 2 categories, I could bump my interest rate even higher on certain months with dividends.
I used to love it, until the DBS Multiplier comes to the picture. Like Steph Yeo, this account has become a old friend I hate to lose. Pros: 1) You still earn interest for ANY eligible transaction (pay 3x bills more than $150, spend $500 on OCBC credit cards, salary credit etc). So even if you do 1 transaction, like pay bills, you still get higher interest. 2) Shorter or no queue at ATM. In fact, I forgot that I need to queue anymore at a OCBC ATM. Cons: 1) For doing similar things, like crediting salary and credit card spend, you get lesser interest than the closet competitor.
Pros: 1) Easy to open account - all online based 2) Simple and fuss-free. You maintain $1K to get the 1% interest and no other criteria, like salary credit etc 3) Good for storing emergency funds as there is only 1 (or 2) ATM in Singapore so you can't withdraw freely 4) On the FAST network, so you can transfer money out immediately to other banks Cons: 1) Outdated Internet Banking interface.
Pros (agreed with Silvester) -ATM convenient. Can use OCBC/UOB. Almost always no queue -UOB one card complements UOB one account. ($50 very quarter if spend $500/month consecutively) -No need to credit salary if can pay 3 bills by giro -mobile app with nice user interface. Can use fingerprint scan -UOB also lets you monitor your bank transactions in the past 3 months Cons -I miss OCBC's website friendly interface with money insights and virtual savings accounts to have financial goals -CC spending is on a quarterly basis. Does not care if you make a big purchase in one month then eat grass the next. I wish they averaged it out across months instead.
Interests are based on min amount ($60,000), good choice if your salary is >6,000 due to salary credit (1.6% for SALA >6,000 via Giro). And you are eligible when meet 1 of 3 criteria. But bill payment must be >$35 per bill for getting the 0.8% interest and card spending 1,500 per month. BOC extended the # of ATMs and share ATMs with Maybank when you see the logo "ATM 5", you can find 3 nearby ATMs if stay in Serangoon and AMK due to new branch in AMK HUB L3 and 2 ATMs in NEX shopping mall.
My husband and I applied maybank saveup joint account as we have applied housing loan through maybank, with his salary crdeit and $300 giro bills we can enjoy up to 3% interest. I'm very happy with it so far. This maybank account meant for saving so much transaction done, thus I'm ok with their internet banking design.
I have been using the SCB Bonus Saver since i graduated and started working in August 2017. I understand that most people prefer to stick to DBS or use OCBC 360 because it is one of the more popular and safer options out there. But upon careful research, i realised that the SCB Bonus$aver has one of the most attractive bonus interest rates out there and would like to leave a positive but neutral review to educate fellow Seedly users. Currently, i am getting 1.88% with the SCB and this 1.88% stems from a 1% salary credit (which incidentally must be more than $3000 credited with a SAL code, your HR employer will know what this is.), a 0.78% card spend (all Mastercard Or Paypass spend, NETS and Transitlink expenditure is NOT included.) as well as the prevailing base interest of 0.1% (this means that lest you are unable to qualify for the salary credit and card spend, you will only qualify for a paltry 0.10%.) I do not have 3 bills monthly to pay hence i am missing out on a further 0.25% (3 bills of $50 each.) and could be earning up to 2.13% (1.88%+0.25%). However, assuming i have a monthly credit card bill as well as a phone bill/internet bill to pay, this will be attainable in the near future. Explaining further in depth, i understand that the 1% salary credit as well as the requirement to take home $3000, which requires a gross pay of around $3750 and above might be unattainable for fresh graduates, yet the unique selling factor for me is the 0.78% that you can qualify for from simply spending 500 dollars monthly. This can be achieved by offering to pay for your meals with friends or families, by inculcating a good habit of using your VISA/MASTERCARD wherever you go and only using cash when absolutely necessary. With insurance companies offering 3 year endowment plans in the range of 2-2.5%, i highly rate the 1.88%-2.13% that can be obtained, coupled with the instant liquidity of having these funds inside your Bonus$aver should you require to take out money for investment or insurance payment purposes. Moreover, you can also sign up for the SCB Online Banking which has cheaper brokerage costs as it does not have a CDP account (instead it uses SC's own custodian). This helps to have both your Bonus$aver account as well as trading securities on a single Banking App, as well as for internal transfers. I am someone who prefers having as minimal cards as possible to give myself greater convenience instead of tracking various cards to see if i have qualified for the respective criteria monthly, and recommend the SCB Bonus$aver to both credit your salary as well as spend on it.
Not enough reviews