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Kevin

29 Jul 2020

Saving Hacks

What are the best savings account for youths under 18 years old?

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You can use DBS. I think their app is nice. Its easy to set up and use PayNow. Some friends/small stores still use paylah so DBS accomodates that. They have a nice 'insights' tab that summarizes your spending habits too. But once you're past 18 definitely look at Standard Chartered Jumpstart account(1% per annum/Singlife(2.5% per annum) for higher interest on your savings. But do take note of DBS's fall-below fee which will kick in when you're 21. If your average account balance falls below $500 you will incur a $5 charge, so leave some money behind. (Information as of 29 July 2020)

Extra: I started investing with POSB (under DBS) Invest Saver. Search 'Dollar Cost Averaging', 'Regular Savings Plan' and 'ETFs'. Its easy to get started within the DBS app. When I started there was a promotion on sales charge, so I'll personally be looking at FSMOne (a brokerage) to set up a similar RSP when the promotion ends.

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