facebookHow do you split your money into separate bank accounts for savings, investing, spending, salary credit and which bank accounts are you using? - Seedly

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How do you split your money into separate bank accounts for savings, investing, spending, salary credit and which bank accounts are you using?

Started working full time just last year and i heard this is a good practice and I really hope to review this process for myself this year and automate it possibly. Currently:

  • DBS multiplier for salary, savings, investment funds
  • OCBC 360 (upgraded from Frank in uni). Not really used now.
  • Standard Chartered JumpStart, Singlife for higher interest

Please share how you split your money into separate (and which) bank accounts for savings, investing, spending, salary credit etc!?

Need some advice please! Thank you.

Discussion (16)

What are your thoughts?

Rachelle Lye

Rachelle Lye

22 Jan 2021

Level 14Β·Digital Marketing at Fintech

Hey Bryan!

Fellow class of 2020 πŸ€ͺ HAHHAH here's how I segment mine for now:

  • Spending - Standard Chartered JumpStart 1% cashback debit card

  • Salary Credit & Investment - DBS Multiplier

  • Liquid Emergency Savings - Singlife 1.5% interest p.a. (from 29 Jan 2021)

  • Less Liquid Emergency Savings - Syfe Cash+ 1.75% interest p.a.

Personally, I use DBS Multiplier as an intermediary because it is the most convenient for me with regards to:

  • ATM withdrawals

  • Using of PayNow / DBS PayLah

  • Transfers between savings / spending / investment accounts - I fund everything from DBS Multiplier

So I'm not particularly concerned with the interest rates for DBS Multiplier, because I'm not in the position right now to hit multiple categories. I just ensure that there's a reasonable amount for me inside for convenient daily transactions. If I need anything more I'll just transfer from Singlife accordingly.

Hope this helps!​​​

View 3 replies

Elijah Lee

Elijah Lee

26 Jan 2021

Level 18Β·Independent Financial Advisor at Phillip Securities (Jurong East)

Hi Bryan,

I'll share mine.

  • OCBC 360 for salary crediting and war chest. I find it fuss free as I am not forced to spend on a OCBC credit card or take a home loan with them. Just crediting salary and saving $500/mth unlocks a decent amount of bonus interest. I transfer anything in excess of the bonus savings requirement to my POSB

  • POSB for day to day spending. This account has to keep around 3 months of liquidity. Every few months I will transfer excess money into my trading account for investing

  • CIMB for emergency funds. Since there is no criteria imposed, I leave my emergency stash here. I'll never touch it except in an emergency. It helps that they do not have ATMs all around the island too.

Ultimately, we just need to find a method that suits us. Note that I do not bank very heavily on the 'bonus interest' offerings from the banks to squeeze more, as interest rates keep changing and I would rather focus on my work and such instead of over-fussing over trying to squeeze an extra 0.25% for example.

Lastly, I definitely don't invest or insure with the banks just to unlock extra interest. That is putting the cart before the horse. If the banks have something I need (so far nothing yet), then the extra interest is just a bonus by-product to me.

Zac

Zac

22 Jan 2021

Level 12Β·Noob at Idiots Invest

Hi Bryan. Automation is a good choice as it frees up valuable attention/memory. Here's how I do mine...

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