Anonymous
Joint account - Stick with DBS or open UOB / other banks?
My bf and I are looking to open a joint bank acct. We currently have DBS accounts separately on our own (normal savings acct & multiplier). Should we stick to opening a DBS joint acct and earn higher interest rates by crediting our salaries into the joint acct or open with another bank eg. UOB? We read that there are some rly good UOB credit cards and having a UOB acct may make things more convenient.
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Joe Lee
03 Mar 2020
Adventurer at Game of Life
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Andy Sim
02 Mar 2020
HR Professional at a Financial Institution
Hi Anon, have both of you hit the 25k each in your Multiplier? Do you only have salary credit and one other category, or you have 2 or more categories?
If both of you have more than 25k in your own multiplier and only 1 other category (e.g. credit card spend), then you may want to consider opening another account like uob or OCBC to earn more interest on a higher account balance.
Yon can try out Seedly's bank account calculator to see which bank gives you the highest interest.
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It will be alot easier to just focus on 1 account, so i will advise you to open a DBS joint acct and earn higher interest rates by crediting our salaries into the joint acct.
Focus your time on other aspect that can give you better return, side hustle , upskilling or just reading up on investment books.