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


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 (17)

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I use the following accounts:

Standard Chartered Jumpstart: For expenses as it gives me 1% cashback for debit card spends. It also gives 0.4% p.a. on your balances so that's nice too.

OCBC Frank account: I do not put money in this account, I transfer money from my Jumpstart account into OCBC for the ATM convenience and withdrawals only.

POSB Savings: I've had this account since I was young, and I just keep this for the ease of receiving payments via DBS Paylah!, which everyone seems to have nowadays.

Singlife: This is my savings account. Every month, I transfer a fixed amount of my allowance and salary into Singlife to earn the soon to be 1.5% interest p.a.

Syfe: I use the Equity100 portfolio as my main investment holding, and I DCA into this portfolio monthly.

FSMOne: I use FSMOne for my individual stocks/ETF purchases for their low fees.​​​

Sharing mine!

I use a hybrid of accounts for different needs and purpose.

UOB ONE- $500 credit card spend + 3 giro

DBS Multiplier – Salary credit and spending account

POSB SAYE- Savings

Singlife + Dasheasy earn- savings (if the rate drops further will change)

SSB - Deposited some money pre-covid

Endowus- Just started in Jan 2021

Elijah Lee

26 Jan 2021

Senior Financial Services Manager 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.

Pang Zhe Liang

26 Jan 2021

Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

Generally, you only need two bank accounts - one for salary and the other for expenditure. I have ex...

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