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Anonymous

10 Feb 2021

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Which bank account is the best to credit my first salary?

I am an undergrad student who is graduating in June this year and managed to secure a job with a salary ~$4K. As I am planning to manage my personal finances before I graduate, which would be the best account to credit my salary? Thanks!

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Zac

10 Feb 2021

Noob at Idiots Invest

Try this thread: https://seedly.sg/questions/how-do-you-split-yo...

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thefrugalstudent

10 Feb 2021

Founder at thefrugalstudent.com

Hi Anon,

Congrats on your graduation and securing a job!

Since many high-interest savings accounts have cut their interest rates, the difference in interest rates isn't much. For ease of use, I'd probably say DBS Multiplier. The good thing is you don't even need to use a DBS/POSB credit card to enjoy the bonus interest rate - transacting with PayLah! qualifies as well. This will earn you 0.4% interest.

OCBC 360 works fine too - salary crediting + increasing DAB by $500 will earn you 0.45% interest.

Hope this helps and all the best!

Regards,

thefrugalstudent

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