Advertisement

Anonymous

18 Apr 2019

∙

Do you recommend creating a separate savings account for discretionary spendings?

I'm currently using DBS Multiplier and my spendings account is my POSB Savings / CIMB Fastsaver. Since the interest rates of POSB & CIMB are a lot lower, I've taken to move most of my money to DBS Multiplier, leaving around $1k-$1.5k in my POSB Savings for daily expenses.

Read some advice on creating a separate account so I can budget for these spendings (e.g. travels, splurges). But the trade-off will be having these budgeted amounts earn low interest :( What would you suggest?

1

Discussion (1)

What are your thoughts?

Learn how to style your text

YT

15 Nov 2018

That would be a current account. You can credit a potion of your salary there and that would be the amount you can spend in a month.

Reply

Save

Write your thoughts

Related Posts

For those who use accounts like the DBS multiplier, do you create separate savings and expenses accounts? If you do how do you maximise savings?

How do you split your money into separate bank accounts for savings, investing, spending, salary credit and which bank accounts are you using?

Hello!! What are the savings account and spending account would you guys recommend for a fresh grad earning a take home pay of $3k?

Which Savings Account / Credit Card combination will you guys recommend for a fresh graduate starting work in a month? Salary will be > $2k and will spend around $500/mth. Can’t decide between DBS, OCBC and UOB. Would love to get some suggestions!

Hi! What savings account will you recommend for someone with low liabilities (no bills to pay, insurance, loans, investments) and an average credit card spend to park their salary?

Related Products

Standard Chartered JumpStart Account

4.8

787 Reviews

Maximum Interest: 2.00% p.a. for balances up to S$50,000

INTEREST RATES

$0

MIN. INITIAL DEPOSIT

$0

MIN. AVG DAILY BALANCE

DBS/POSB Multiplier Account

4.3

332 Reviews

OCBC FRANK Account

4.7

216 Reviews

Related Posts

For those who use accounts like the DBS multiplier, do you create separate savings and expenses accounts? If you do how do you maximise savings?

How do you split your money into separate bank accounts for savings, investing, spending, salary credit and which bank accounts are you using?

Hello!! What are the savings account and spending account would you guys recommend for a fresh grad earning a take home pay of $3k?

Which Savings Account / Credit Card combination will you guys recommend for a fresh graduate starting work in a month? Salary will be > $2k and will spend around $500/mth. Can’t decide between DBS, OCBC and UOB. Would love to get some suggestions!

Hi! What savings account will you recommend for someone with low liabilities (no bills to pay, insurance, loans, investments) and an average credit card spend to park their salary?

Advertisement