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Alcander Seow

Environmental Engineer Minor in Business at Nanyang Technological University

23 Jan 2021

∙

Which account to use as spending or saving account?

After the recent changes in interest rates, my current accounts stand as follows:

OCBC Franck acc - 0.1%p.a
SC Jumpstart acc - 0.4%p.a
DBS Multiplier acc - 0.3%p.a (after 1 transaction using paylah!)

Singlife acc - on waiting list.

Which one should be my saving and which one should be my spending acc?

Any suggestions?

Standard Chartered JumpStart Account DBS/POSB Multiplier Account OCBC FRANK Debit Card OCBC FRANK Account

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Discussion (3)

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Kelvin Lin

23 Jan 2021

learningtobefinancialfree at seedly

I think recently there is the endowus cashsmart+ as well as the syfe cash+ which you can consider for short or long term savings plan.

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Billy

22 Jan 2021

Development & Acquisitions Manager at Real Estate Private Equity

Hi Alcander,

Aside from what TheFrugalStudent has proposed, you can actually consider using one bank as both your savings and your spending account. It definitely does depend on how much you spend / save as accounts such as DBS Multiplier and OCBC 360 will provide you additional interest based on how many tiers are fulfilled.

You can use the Seedly calculator to find out what suits best for you https://seedly.sg/tools/savings-account-calculator

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thefrugalstudent

22 Jan 2021

Founder at thefrugalstudent.com

Hi Alcander,

For me, my logic for deciding my savings/spending account will be to use the highest i...

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