facebookI am planning to open a joint bank account with my fiancee and it is solely used for savings and not spending. Which bank account yields the highest interest rate/the best for our case? - Seedly

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Anonymous

17 Sep 2022

Adulting

I am planning to open a joint bank account with my fiancee and it is solely used for savings and not spending. Which bank account yields the highest interest rate/the best for our case?

Discussion (2)

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Chin Guo Qiang (ITIL4 / CSPO / CSM)

09 Oct 2022

Assistant Vice President, IT Operations at Bank of China Limited

Check with your fiancée which banking platform is common for the both of you, use that platform as the primary one.

For example, mine was OCBC and it makes good sense that we both can see the joint account balance in real-time, from within the same iBanking app as well. Plus point is funds transfer will be easier and more convenient to check with the bank as well.

So do talk with your fiancée proper on this part.

Albert Tan

19 Sep 2022

Financial Literacy & Solutions at MoneyOwl

Hi Anon,

You may wish to check out the MoneyOwl WiseSaver https://www.moneyowl.com.sg/wisesaver/. The underlying instruments are SGD fixed deposits and cash. It is akin to you getting multiple fixed deposits from various banks but without the lock-in periods. The current moving 5 day average yield is about 2.49%.

Joint accounts can be created and both of you can fund the account via a recurring monthly standing instruction from your personal bank accounts.

Withdrawals have a T+2 lag due to the nature of unit trusts, but there is no lock-in period. This should be fine as you only intend to save.

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