Advertisement
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.
10
Discussion (10)
Learn how to style your text
Elijah Lee
15 Jan 2020
Senior Financial Services Manager at Phillip Securities (Jurong East)
Reply
Save
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
Reply
Save
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...
Read 2 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Products
4.8
783 Reviews
Maximum Interest: 2.50% p.a. for balances up to S$50,000
INTEREST RATES
$0
MIN. INITIAL DEPOSIT
$0
MIN. AVG DAILY BALANCE
4.4
321 Reviews
4.7
212 Reviews
Related Posts
Advertisement
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.