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Alcander Seow

Environmental Engineer Minor in Business at Nanyang Technological University

16 Jan 2020

Saving Hacks

What is the best bank account for me? What are some great ways to save up?

I just opened a monthly saving account with OCBC, which I have to contribute a minimum $50 / mth, without any withdrawal, to gain 0.25%/ annum interest rate. Do you think this is a good plan to saving up or should I have done something else. What other things can I do to save more money? Currently, a Polytechnic Student, waiting for an internship in 3 mth time, and enlistment in 1 year time. No drinking, smoking, no significant other, seldom go shopping, seldom eat out.

Discussion (10)

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Elijah Lee

15 Jan 2020

Senior Financial Services Manager at Phillip Securities (Jurong East)

Besides what the rest have suggested, I'd like to point out that the CIMB fast saver account has no criteria and will give you 1% (if I recall correctly), so it's quite no-frills. Use that to maximize interest earned if you are either not eligible for SCB Jumpstart or have hit the $20K cap.

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Billy

15 Jan 2020

Development & Acquisitions Manager at Real Estate Private Equity

Hey Alcander. As what Hariz mentioned, you should consider opening up the Stanchart Jumpstart Account (works like a normal savings account) that pays out 2% p.a. interest on a monthly basis for up to $20K. If you have more than $20K, you can consider putting it in CIMB for 1% p.a. interest. Aside from bank accounts, you could also apply for student credit cards which offer you cashbacks. Maybank eVibes card is one that I use that offers 1% cashback to help you save money

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Hariz Arthur Maloy

13 Jan 2020

Independent Financial Advisor at Promiseland Independent

If you're above 18 and below, you should open a Standard Chartered Jumpstart account. 2% on your fir...

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