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Alcander Seow
Environmental Engineer Minor in Business at Nanyang Technological University
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.
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Elijah Lee
15 Jan 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
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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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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.