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Starting my job soon (salary~ 4k+SRS) and looking for bank account that is best in terms of interest rate, long term investing (Ireland domicile ETFs) and investing SRS funds.
Considering OCBC 360 or Standard Chartered Bonus saver or DBS Multiplier. I am inclined to SCB as it gives option to invest in LSE ETFs at low cost even though additional interest rate on investments doesn't apply to ETFs. Any suggestions?
Is SRS a separate account that can only be used to invest within SG market?
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Kenneth Lou
21 Apr 2020
Co-founder at Seedly
Hi there KB, hope to answer your questions here together. I will answer them one by one so that it is clearer for you to understand them!
Starting my job soon (salary~ 4k+SRS) and looking for bank account that is best in terms of interest rate, long term investing (Ireland domicile ETFs) and investing SRS funds.
Highly suggest you use this simple savings account calculator here! https://seedly.sg/tools/savings-account-calculator
For the topic on SRS account opening
You can only open up a SRS account with any of the three local players, I have written about it at length at this post here: https://blog.seedly.sg/supplementary-retirement...
Inside, I have also added a Step-by-step guide to opening up your SRS account.
I did it in less than 5 minutes on my iBanking site, which I am currently using DBS now. It is really simple and easy to do.
Considering OCBC 360 or Standard Chartered Bonus saver or DBS Multiplier. I am inclined to SCB as it gives option to invest in LSE ETFs at low cost even though additional interest rate on investments doesn't apply to ETFs. Any suggestions?
I have used both the OCBC360 (Which is my main salary crediting account now) and DBS multiplier which I have since reduced and closed.
I use the OCBC360 paired with my OCBC 90N miles card which allows me to collect more miles and also
I invest in ETFs using my VICKERS account tied to my DBS account, and my own online brokerage (FSM) and robo-advisors on the side for US and international exposure
Is SRS a separate account that can only be used to invest within SG market?
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How about Uob one?