I’m a fresh grad who has started work. I have consistently saved in Singlife & stashaway. A lot of people are recommending me to upgrade my normal posb acc to DBS multiplier. Should I do that?

There are many other accounts which are good for temporary substitutes :

1. Elastiq
2. https://sethisfy.com/income-gro-capital-ease/

Please read the details (lock in period, interest rate, etc)

Hi Anon! I think what you can consider is how much interest you would like your savings to earn. I will be assuming you have more than 10k savings in Singlife (hence earning a 1% p.a interest rate on the next 90k after the first 10k savings) given that it will be the case after a few more months of working.

The caveat of DBS multiplier is that you need to hit certain categories in order to unlock a higher interest tier. Generally, if you do not hit more than 1 category, you are better off with Singlife's 1% interest.

However, if you are investing (since you are already doing so with Stashaway) and want to diversify your investments, you can easily unlock the investment category of DBS multiplier. With this, you can consider having a credit card (since you said you are spending with the DBS account) with DBS to unlock the 2nd category. As a result, the interest from DBS multiplier will be more than Singlife's 1% and you would be better off saving with DBS multiplier.

If you are interested, I have written a post on savings and the trade-offs between saving in DBS multiplier vs a 1% p.a. account (like Singlife's subsequent 90k and Jumpstart's initial 20k). You can find it here.

I hope it gives you a new perspective in your allocation of savings to the various savings accounts!