facebookShould I close my OCBC and move over to CIMB? How many banks is too many for a student? I have 2 bank accounts, OCBC and POSB now, both are the basic savings accounts with super low interest rates? - Seedly

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Anonymous

06 Mar 2020

Random

Should I close my OCBC and move over to CIMB? How many banks is too many for a student? I have 2 bank accounts, OCBC and POSB now, both are the basic savings accounts with super low interest rates?

I’ve been reading a few seedly blog posts recently (really glad i found this platform to learn more about personal finance) and am thinking of opening a CIMB fast saver account. I only have 2k in savings cause i’m still schooling and i’ve been spending quite a bit of money on driving lessons. Thank you in advance :)

Discussion (5)

What are your thoughts?

One important factor for me as a student was the convenience of withdrawing cash easily, especially if there are ATMs widely available. For the 2 most convenient bank accounts with no minimum, you can consider OCBC Frank account (waived till 26 y.o.) and DBS multiplier (waived till 29 y.o.).

If you are student between 18 - 26, you can consider creating a standard chartered jumpstart account which gives you an interest of 2% per annum.

Gabriel

Gabriel

12 Jun 2019

Level 11·Undergraduate at National University of Singapore

Hey, you can have 2 accounts, e.g. DBS/OCBC and CIMB FastSaver. For me, I use DBS Remix Savings acco...

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