facebookI am an undergraduate and all my money is currently in a DBS Savings Account. Are there any other better ways to grow my savings with higher interest rates? - Seedly

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Anonymous

30 May 2020

Saving Hacks

I am an undergraduate and all my money is currently in a DBS Savings Account. Are there any other better ways to grow my savings with higher interest rates?

Would like to hear some advice beyond investments!

SeedlyTV S2E07

Discussion (5)

What are your thoughts?

Hi Anon, I would suggest you to open the following accounts:

  1. Singlife: 2.5%p.a. for first 10k

  2. Standchart's Jumpstart: 2%p.a. for first 20k (Do note that you have to open your account before you turn 27)

  3. OCBC's Bonus + Savings account: 1.45%p.a. if you deposit $500 a month and make no withdrawals. If you do not deposit $500 a month but you make no withdrawals you will earn 1.05%p.a. for that month.

  4. CIMB's Fastsaver: 1.0%p.a.

Some of these accounts have great perks, such as debit cards cashback.

Jumpstart account offers 1% cashback on eligible transcations with no minimum spend.

If you are still using your DBS account, I suggest you to use the DBS visa debit card. If you hit a minmum spend of $400/ month via contactless transcations, you will be eligible for 3% cashback, capped at $20/month. A relatively great deal!

Lim Qin Da

Lim Qin Da

30 May 2020

Business Administration & Analytics at National University of Singapore

Hi Anon,

To check out more about the different savings accounts available, you can click into the specific product pages located on the right side of the question. In these product pages, you will be able to see more details, ratings, reviews, as well as questions asked by the community about the respective savings accounts. This could provide you with more information and insights when you are considering among the different choices available :)

Pang Zhe Liang

Pang Zhe Liang

26 May 2020

Senior Financial Services Consultant at AIA Singapore Private Limited

If you are between 18 to 26 years old, then you should consider Standard Chartered JumpStart account...

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