Anonymous

20 Apr 2020

∙

For emergency funds, what would be the best savings accounts to keep them in? is it enough if I put this in a DBS multiplier account?

What is the best way to make sure it is kept separate and safe and giving some kind of minimal return?

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Discussion (5)

Andy Sim

09 Mar 2020

HR Professional at a Financial Institution

You can use Seedly's savings calculator to calculate the best savings account for your situation and spending habits. Multiplier is good if you can fulfill the categories. If not, Jumpstart or CIMB Fastsaver is good as a no frills account.

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Davin

09 Mar 2020

If you can fulfill the multiple hoops for DBS multiplier, I think it is a very good yielding account to park your emergency fund. Anything above 1.5% I would consider acceptable to park my emergency fund there.

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Junus Eu

26 May 2019

Sure, definitely have your emergency funds in a savings account that gives you a good interest rate....

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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.

Would it be right to say that if your savings is less than $50k, it will be better off to put in DBS multiplier account than in SSB?

Are there advantages in having a fixed deposit account and a savings account? Why do some people put money into a FD account, instead of say, putting everything into a savings account (e.g. DBS Multiplier)?

Where's the best place for me to park my emergency funds? Should they be in the same account as my saving account, or separate? What's the best savings account for it?

What would be awesome for savings with higher interest, DBS Mulitplier of eMySavings Account or SAYE? Am also thinking to start DBS Vickers Passive Funds Investment. What would be your advice?