facebookAnyone knows what are the best savings account for entrepreneurs? Since I don't have a "credited salary" which is one of the main requirements of such BYOB Account? - Seedly

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Anonymous

13 Nov 2019

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Saving Hacks

Anyone knows what are the best savings account for entrepreneurs? Since I don't have a "credited salary" which is one of the main requirements of such BYOB Account?

I am in my last year of uni, I run a blog that generates me about 3k a month. I have accumulated about 30k in my POSB savings account. I don't spend much (about $400 a month after incl. insurance and stuff). After some research I realised that the best account is POSB's Build Your Own Boss but I realised that it requires salary crediting. I just collect sales by Paypal and then transfer to my POSB account currently. Not sure how it works now...

Discussion (2)

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For savings accounts that don't require salary creditting, CITI and CIMB.

Personally I have liked Citibank Maxigain for up to $150k, and post which I tend channel it to CIMB for the rest. THAT SAID they have revised their fine print such that there will be a massive drop in interest rate from 2 Dec 2019 onwards, potentially from the current

2.5% to 1.5%. I will be looking out for other places to park my cash!

What I do is to max out Citibank Maxigain, then put the rest in CIMB.

Gabriel

31 Oct 2018

Undergraduate at National University of Singapore

Since you don't meet the salary crediting requirement, you should consider using CIMB FastSaver instead which gives you 1% interest per annum so long as you maintain at least $1,000 in your account. Also, it doesn't have any other requirements to enjoy the 1% interest and you can easily sign up for an account online. It's Clicks iBanking interface may be abit outdated but it does the job!

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