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Alcander Seow

Environmental Engineer Minor in Business at Nanyang Technological University

07 Jun 2020

∙

Should I stay put or change my bank accounts for savings?

Hi, currently I have 4 accounts: OCBC FRANK (Crediting acc), Monthly Saving (terminating soon), DBS/POSB eEveryday Savings (Expense Acc), SCB Jumpstart (Savings). After hearing about the fall in interest rate across many banks (OCBC & SCB), should I remain in these banks or look to transfer my stash in other banks (UOB, HSBC, etc) or same bank, different acc type?

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Tan Wei Ming

07 Jun 2020

Founder and Writer at Frugal Youth Invests

Seedly has this savings account calculator that you can use to determine which bank account can provide you with the highest interest.

https://seedly.sg/tools/savings-account-calculator

Personally, I am only using Singlife and Jumpstart for majority of my cash. I do not intend to change to other banks after Jumpstart is cutting its interest rate as there is no other bank accounts that provide the same flexibility as Jumpstart but with higher interest rate.

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yy lim

07 Jun 2020

It depends on your management preference. Some prefer to allocate account types (e.g. savings, spending, investment). I'd recommend using Seedly's savings account calculator to determine the best savings account for you (https://seedly.sg/tools/savings-account-calcula...). Then, if you prefer to separate your cash into different accounts to serve different purposes, CIMB, at 1%, is a good to have.

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Pang Zhe Liang

07 Jun 2020

Lead of Research & Solutions at Havend Pte Ltd

You need to first understand your cashflow in order to determine which account suits you the most.

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