Finally opened a savings account with DBS Multiplier! Up till yesterday, i was still confused and couldn’t differentiate the difference between Savings and Emergency funds.
Poured all my savings into 1 account and treated it as an savings emergency fund which doesn’t make any sense. Upon realising and thinking hard, i decided to opened an account via the DBS Multiplier as it does not have any minimum requirement apart from the other accounts available. I hope what i did was right and please advise if I’m doing it correctly?😭
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Zac
23 Oct 2021
Noob at Idiots Invest
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It’s a good step to find ways to grow the money while keeping it liquid.
Regardless of savings or emergency funds.
It’s good to have separate accounts if you find that you have a tendency to spend by “accident”.
“Out of sight, out of mind” works best for me with regards to my emergency funds. 😝
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Tan Choong Hwee
Edited 22 Oct 2021
Solutions Specialist at Providend
Emergency fund refers to 6~12 month expense specifically set aside in a liquid account where you can...
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I think DBS multiplier does have a minimum account balance of $1k or $3k but I cannot remember which. It only kicks in when you are 27 I believe so you got time on your side. Agree with Shaun's philosophy of "out of sight out of mind" for savings/investments.