Does anyone strictly save money in another account and spend with a smaller account? How do you do so with the interest rates of the bank encouraging spending?

I used Singlife and park my savings there to yield the 2.5% interest and don’t withdraw? So basically, I don’t touch this bank and don’t spend the money inside.

Standard Chartered jumpstart for spending to get 1% interest rate + 1% cashback!!

Hi!

I personally think it keeps yourself disciplined to not touch your savings account and keep some money for a rainy day, hence the importance of a savings account.

It is best to have at least 2 separate accounts - one for spending and one solely for saving (for your emergency funds). I personally use Standard Chartered Jumpstart account as a savings account since it provides a 1% interest rate, which is relatively ok as far as banks go. An alternative would be CIMB FastSaver Account (do note that the interest rates have slashed due to covid19). Alternatively, if you really want to earn high interest rates, consider investing on the side. Good luck! ​​​

My spending account is my kids posb account haha, interest rate super low, so I only put in about 500 to 900 per month inside to restrict my spending. The rest all put inside a HISA like OCBC 360 or Multiplier.

Yes i do that, all the money i have saved is being put in my standard chartered jumpstart account which gives me 2% interest per month. My spending amount will be in my dbs account.