What are the best bank joint accounts that I can open?

I am at the same age as you~

Here’s my take on it, don’t, just don’t open a joint bank account with someone who is just your bf. There is simply no tangible benefits to it besides being able to see how much is in the bank account.

Not to mention that it allows both parties to see how much is deposited and withdrawn by each party. Here’s a catch, in a joint account, it’s not a 50-50 ownership but a 100% & 100% ownership. Meaning one can withdraw without the approval of the other. So? In rosy times there’s really no issue 😊 But in times of strife and a joint account there? 🙃 You should get the point.

If both of you are willing to go all in for marriage, then a separate account with transparency for savings should suffice.

Ok enough relationship opinions.

There is indeed savings account “calculator” within the Seedly app. Try using that. But like what others have pointed out. There’s 2 nice “no requirement” account: CIMB (1% pa) and Standard Chartered Bank JumpStart (2% pa).
However note 2 things about the JumpStart:

• The prevailing interest is up to 20k
• You cannot have a joint account for this

At the end of the day, discuss the options with your bf and opinions about where to put this “joint venture capital”. You might decide on some fixed deposit or even other investment instruments.
Then again, a joint venture in spring is a breeze but one during winter? Quite cold.

Standard Chartered JumpStart

If you are between 18 to 26 years old, then you should consider Standard Chartered JumpStart account. This is because it gives an interest rate of 2% per annum for your first $20k balance. Furthermore, there is no fees and minimum balance required in order to maintain the account.

Moreover, it comes with a debit card that gives you 1% cashback on eligible spending. With this in mind, it is certainly a worthy account for a start.

The downside to the above will be the fact that the account exists as an individual, i.e. only one of you will be the account holder. As a result, it has its own set of risk. Alternatively, consider opening an account each to maximise its potential.

CIMB FastSaver

Alternatively, you may consider CIMB FastSaver. This is becaue it gives an interest rate of 1% per annum for the first $50k account balance. In like manner, there is no monthly fee associated with maintaining the account. Hence, it is worth taking a look as well.

For the latter, you can apply as an individual or as a joint account holder. Therefore, it may be a better choice.

Comprehensive Cash Flow Planning

In addition to savings, both of you may sit down together and do a comprehensive cashflow analysis to seek optimal ways to grow your money while waiting for your house. For this purpose, you can choose to DIY or speak with an experienced consultant to get ideas that can help you in your planning

Creating a Budget

In case you need a proper way to create a budget, here is how I do mine:

More Details:

How to create a Monthly Budget

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