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Anonymous
Which savings account should I deposit my $120K into? OCBC 360 or DBS Multiplier?
I have about $120K in my account and credit more than $2K for my salary by Giro. Incremental value in the account is more than $500 per month. I own both OCBC and DBS CC. Spending $500 on the CC shouldn't be be an issue. No insurance or investment in both banks. Need your opinion and recommendation. Is it a hassle to transfer the money to another bank once we decide to open up?
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Clarence Chua
12 May 2019
Financial Planning Specialist at Prudential Assurance Singapore
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If you are spending more than 2k from
Your credit card. You may want to consider having UOB one and OCBC 360 or DBS multiplier.
Put 75k into UOB one and the rest into the other account. Split your spending accordingly too. 2k with UOB one and the rest on the other account. This was you will get the maximum rebate and interests on UOB one and still earn a higher interests on the other account.
If you are not able to spend 2k on your CC. Then choose the bank that works best with you and put the CAP amount in the account.
Assuming you still have surplus after the CAP, you may consider CIMB which offers 1% for your deposits.