Advertisement
Anonymous
Just opened a DBS multiplier account but only crediting my salary. Asking this question as I’m slightly uncomfortable moving most of my savings to a bank (StanChart) that I’m unfamiliar.
9
Discussion (9)
Learn how to style your text
Reply
Save
Why not both!
I am putting $20k in SCB JumpStart and salary credited to DBS Multiplier. POSB Everyday is not my main card so I make a small payment (e.g. public transport using SimplyGo) every month to satisfy the CC category.
SCB JumpStart is SDIC protected and you can access your savings easily by transferring to DBS via FAST or PayNow.
Reply
Save
You should move your funds to standard chartered jumpstart to get the 2% interest. As i believe you are still quite young, there is no need to apply for a credit card at this point in time.
Reply
Save
Andy Sim
01 Mar 2020
HR Professional at a Financial Institution
Hi Anon, you can maximise the 20K into SCB Jumpstart account and don't touch it. Remain your salary crediting into your Multiplier, apply for a cc to earn higher interest (since there's no min spend) and accumulate your money there again. So in essence you'll have 2 bank accounts.
Banks in SG are generally safe. Your Jumpstart account is also SDIC insured up to 75K so don't worry about it :)
Reply
Save
Hi there, I faced a similar issue as you. I opened a DBS Multiplier Account when I started working a...
Read 5 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Products
4.4
321 Reviews
Up to 4.10% p.a.
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
4.8
782 Reviews
4.7
212 Reviews
Related Posts
Advertisement
Can consider Sif, RHB, CIMB, OCBC 360, SingLife or Trust Bank.