Is it advisable to create a joint saving account for young couples?

Hi, my fiancee and I are going to collect our BTO keys in 2 years time. We were thinking of saving approximately $300-$500 every month to a common joint account with the objective raising on flat expenses or wedding costs.

However, I realise that interest rates of saving account were not as high as the salary crediting account which we were enjoying now.

If it's advisable to do so, which is the best saving account to maximise the highest bank interest?

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Elijah Lee

06 Oct 2019

Senior Financial Services Manager at Phillip Securities (Jurong East)

Hi, if you are open to crediting your salaries to a joint saving account first before moving your personal funds to your own account, you can consider the DBS multiplier account for your own salary crediting. The DBS multiplier counts the total money flows through the joint accounts towards your own numbers for your individual account. So if you each credit $5K to a joint account and then move $4.5K out to your own DBS multiplier account, your individual DBS multiplier account would consider the money flow as $10K which allows you to get a better interest rate, rather than if you would have credited $5K to your individual accounts, then put $500 each into a joint account (that scenario would only count $5K towards your bonus interest).

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