Advertisement
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?
7
Discussion (7)
Learn how to style your text
Reply
Save
Hey there.
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%)
Reply
Save
Nicholas Beh
12 Jun 2020
Student Ambassador 2020/21 at Seedly
You might want to consider accounts like UOB One, OCBC 360 and DBS Multiplier to earn more interest....
Read 2 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Products
4.8
783 Reviews
Maximum Interest: 2.50% p.a. for balances up to S$50,000
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
4.4
321 Reviews
4.7
212 Reviews
Related Posts
Advertisement
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.
OCBC 360
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...