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Anonymous

07 Feb 2021

βˆ™

General Investing

How do I split up my current savings if I am still using a basic savings account?

Hi, all my money is still in a basic savings account. I am 26-yo, full-time job 3yrs+, an absolute beginner/dummy at finances.

I have 30k in a regular savings account now which I want to split into different bank accounts (perhaps 3 accounts excluding my current one) so I can better save up money, but I have no idea where to do so or how to start. Can anybody help? A total beginner here by the way. I'm now currently trying to read up and understand more about fixed deposit and savings accounts (eg DBS multiplier)

Discussion (15)

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Zac

07 Feb 2021

Noob at Idiots Invest

A more important question to ask would be, what is the purpose of your savings? Are you investing it for retirement, saving it for a house purchase, etc?

Saving money is not the end. It's a means to an end. You want to "better save up money" but what's wrong with your current method and how is it preventing you from reaching your goals? Tackle this first before diving into savings accounts.

You may want to check this thread too: https://seedly.sg/questions/how-do-you-split-yo...

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Randy

03 Feb 2021

Financial Analyst at

To avoid information overload that has been given by other seedly users, I just urge you to do planning first.

You have to understand where your money is going (how much you save per month) and therefore you have a big picture of your money goals (vision).

Anything after that including what savings account, what brokerage you should open are execution problem. Find your why first πŸ’ͺ🏻

Hi there,

For starters, the interest rates for most of the high yield saving accounts are rather Lo...

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