What are your thoughts on having more than one bank account to split your funds?

Hey Darren, I have an OCBC Bonus+ bank account at the moment for my emergency funds. I initially opened OCBC Bonus+ when I first started working to challenge myself to save $500/month to hit 1.45%pa. Even if I didn't manage to save that amount, I would still get 0.75%pa (back then was 1.05%pa). And if you withdraw money from the bonus+ account, for that month you will only get the base interest of 0.05%pa. Although the interest rate isn't as high as other HYSAs (like SCB Jumpstart) OCBC Bonus+ motivates me to save and prevents me from touching the money at all.

Some people have one bank account while others have mutiple bank accounts. It's up to you on how you want to utilise them.

Hey Darren, I feel that it's alright so long as (1) there's a purpose for each account and (2) you are able to manage properly (know where your funds are kept and conditions to fulfill to get the best interest rate it offers). There was a similar question asked before, do check it out - https://seedly.sg/questions/how-many-bank-accou...

Regardless, all bank accounts are insured for deposits up to $75k.

Personally, I'm have 7 savings accounts now.

1) Singlife Account (2.5% p.a) - For life savings/emergency funds (maxed the $10k limit)

2) Etiqa Elastiq (2.02% p.a) - For life savings/emergency funds (bulk of my cash, take note that it's only 1.8% p.a for new users)

3) Standard Chartered JumpStart (2% p.a) - For everyday usage/expenses (few hundred dollars)

4) UOB KrisFlyer (0.05% p.a) - New account promotion, $80 after 6 months (put the minimum amount to quality for the promo)

5) DBS Savings Plus (0.05% p.a) - For funds transfer since I remember the account number and PayNow & PayLah is linked to it, used to be my main account (no cash inside, all incoming and outgoing cash gets transferred)

6) DBS Multiplier (0.05% p.a) - For Vickers cash upfront account (no cash inside, will transfer in when I execute a trade)

7) Maybank SaveUp (0.875% p.a) - To pay credit card bills (no cash inside, will transfer in when the credit card bill comes)

Used to have the following accounts but don't use it anymore.

1) CIMB FastSaver -1% isn't that attractive anymore

2) OCBC Savings account - Opened for the Geneco's $40 rebate

Hope this helps!