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Anonymous

10 Jul 2022

∙

Banking

I currently have 3 + 1 bank account.

POSB =

1) day-to-day paynow transaction.

2) Paper statement

3) uses E-angpao

OCBC

1) Using OCBC BCIP

SCB

1) Debit card transaction for GrabPay top-ups

2) little cash savings

Singlife ( not considered a bank)

1) My main platform for my emergency funds as it has the highest interest rate

I feel like some of them are not really useful. For example, I don't really need the POSB. But then I'm using the PayLah features and i really find the paper statement really convenient.

OCBC, i feel that its really good because there is BCIP feature and that with OCBC i can receive my salary 1 day earlier.

SCB is only good because of their interest rates and Debt card.

Which one should i cancel ? or i should just keep all... because sometimes i feel that i don't really need so many bank accounts. Just one or two is enough

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Just_Saying

19 Jul 2022

Personally i used to have DBS, Citibank, SCB, OCBC.

i have sinced cancelled CitiBank and SCB and stick to simply DBS and OCBC.

Unless you have loads of money and transactions, one can only benefit much from maximum of 2 banks. Very difficult to balance between 4 banks.

Also, now SSB is offering more interest compared to singlife, might be good to move some funds into SSB if you are not reliant on that emergency fund within a 1 month waiting withdrawal period for SSB.

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