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Anonymous

27 Feb 2020

Saving Hacks

What do you do with the interest earned from savings accounts?

By putting your money in a high-interest savings account, what do you do with that interest that you earned? Do you save it or use it to offset your expenses?

Discussion (10)

What are your thoughts?

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Usually I will transfer it to out another savings account (e.g. CIMB Fastsaver) if the amount is substantial. Otherwise, I will just keep it in there.

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Andy Sim

27 Feb 2020

HR Professional at a Financial Institution

Regardless of how much interest I earn from a savings account, I keep my expenses less than 20% of my salary every month. As such, I do not use it to offset my expenses. It will be accumulated together with my savings, which I later on use to invest through other investment tools.​​​

The interest gained from savings account will be directed to my investment account as i aim to build up as much capital as possible to invest in equities.

Jason Sing

25 Feb 2020

School Of Hard Knocks And Life at School Of Hard Knocks And Life

I keep the interests in the saving account so that I could tap on the compounding effect to grow my funds.

Rais M

25 Feb 2020

Accountant at SME

Interest from banks are not very significant. I just leave it in the bank (the high interest bearing...

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