Advertisement
Anonymous
I'm a graduate student receiving a stipend, which does not qualify as salary, most savings accounts does not benefit me.
Currently, I do have a UOB one account and credit card (I have worked before), DBS Live Fresh credit card, StandardChartered Jumpstart savings account.
After maxing Jumpstart account (Maxing 20K), should I get the CIMB Fastsaver account to reap the 1% interest rate or try to spend $600 a month to get the 1.5% interest with UOB one account?
3
Discussion (3)
Learn how to style your text
Pang Zhe Liang
06 Mar 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
Reply
Save
For your situation I would go with the CIMB Fastsaver account, instead of spending $600 to meet the higher interest on UOB One - dollar not spent is a dollar saved :)
Reply
Save
Andy Sim
06 Mar 2020
HR Professional at a Financial Institution
Hi Anon, yes do max out your Jumpstart first and not leave the money on the table. It's basically fr...
Read 1 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Products
4.8
783 Reviews
Maximum Interest: 2.50% p.a. for balances up to S$50,000
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
4.4
321 Reviews
4.7
212 Reviews
Related Posts
Advertisement
If you have maxed out your Standard Chartered JumpStart account, then the natural question will be,
"Do you really need so much liquidity in the short run?"
In order to do this, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-pers...
Thereafter, calculate how much you need today. Thereafter, make the rest of it work harder for you. At the end of the day, there is no point in earning interest that is barely sufficient to beat inflation for the money that you do not need today.
That being said, if you need short term liquidity, then it is obvious to go for CIMB FastSaver. This is because it earns interest for you without money leaking from your account. On the other hand, UOB One requires you to spend money that you won't otherwise spend. As a result, you have a negative net cash flow with it - which is totally unnecessary.
Here is everything about me and what I do best.