facebookBest Salary account in terms of interest rates, ETFs investing and SRS? Considering spending only via credit/debit cards, is ETFs investing viable? - Seedly

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KB

21 Apr 2020

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Saving Hacks

Best Salary account in terms of interest rates, ETFs investing and SRS? Considering spending only via credit/debit cards, is ETFs investing viable?

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.

  • I would say that you should consider getting a high yield salary crediting account, which will either be the following: DBS Multiplier, OCBC 360 or UOB ONE.

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?

  • Yes it is a seperate account which will be created as an "Investment" account which will exist in your own iBanking portal!
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