Hi guys, I am still currently holding on to my POSBKids savings account, I am entering the workforce soon and I've read up on the 50/30/20 rule and I'm thinking to switch over to other types of accounts provided by POSB. Is there an account where they don't have the min amount requirement? The way I'm planning to manage my first salary is by crediting the salary over to the POSB account, then transfer 50% over to OCBC Savings account and the remaining amount is for my necessities. Any tips?
Hi Danial, between OCBC 360 and DBS Multiplier, perhaps you could consider the latter as OCBC 360 will be revising their interest rate wef 1 July 2020. The revised rates kinda pales in comparison to DBS multiplier.
Or you could wait till end of June and observe the situation, not sure if DBS will be revising their rates as most banks seem to be doing so in this economy...
Putting your savings in high-interest savings account is a way to beat inflation and increase value.
Choices that do not require spending/minimum sum include:
Singlife Account (2.5% p.a, capaital guaranteed, interest non guaranteed)
FSM Auto-Sweep Account (1.05%p.a, interest rates may be revised)
Stashaway Simple (1.9%, capital non guaranteed, interest non guaranteed)
SCB JumpStart (1%p.a)
crypto.com Crypto Earn (Depending on currency, as high as 16%p.a without any prior staking. However, do take note of the volatility of cryptocurrencies)
Vivid Account (1.05% p.a for first 10k, 1.30% for 10k-20k)
CIMB FastSaver (Revised rate of 0.5%, down from 1%)
You might want to consider accounts like UOB One, OCBC 360 and DBS Multiplier to earn more interest....
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Standard Chartered JumpStart Account
Up to 1% p.a.
MIN. INITIAL DEPOSIT
MIN. AVG DAILY BALANCE
DBS Multiplier Account
OCBC FRANK Account