Hi everyone, my first post here in the measly effort to adulting.
I currently have:
- All my cash in DBS Savings Plus Account
- I send my monthly expense budget to OCBC Frank Debit
- DCA to Interactive Brokers for my investing
This is obviously a bad way as I'm only getting 0.05% p.a. on my savings so I'm planning to do these instead:
- Open SCB Jumpstart and transfer 20k here to max out the 2% p.a. straight away
- Open CIMB Fast Saver and transfer the rest of my savings here. From here onwards, monthly savings will go here too
- Close OCBC and use my DBS for my daily spending
By doing points 1) and 2) above, I would pretty much have no cash in my DBS except the monthly expense budget. However, I found out DBS has $1,000 Minimum Average Daily Balance (MADB) so I'm wondering how do I handle this?
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OCBC Frank has no minimum balance but I prefer to use DBS as their iBanking service has never failed me and it has both PayLah and PayNow. Should I just leave $1,000 savings permanently in my DBS? Or it's not worth it and close DBS and just use OCBC?
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Sorry it's very long as I am confuzzled. Any help would be greatly appreciated and have a great day!!
I'd also prefer to use DBS since PayLah is quite convenient when card payments aren't accepted.
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You can open a DBS multiplier account - I believe the MADB is waived until you're 29, so you won't have to worry about it for awhile.
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Then, you can close your DBS savings account as you'll be charged a fall below fee for every month you don't meet the MADB.