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Anonymous
Any smarter way to move my money around? My current effective interest rates are around 1.8% only. (only salary component). With the changes in DBS, OCBC, UOB and essentially every other bank. Please comment below if I missed out on any.
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Dyon Yip
08 Apr 2020
Financial Consultant at Great Eastern Financial Advisers
Hi there!
Definitely a valid concern when the announcement was announced.
Here are some of my 2-cents worth point of view.
You can explore into the following areas:
Money Market/Low Yield Funds - Looking at least 1.8% and above would align with your current strategy, possibly to grow idling monies before allocating into other investment assets.
SCB Jumpstart Account: $20,000 at 2% p.a
Hope the above helps.
Cheers!βββ
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Here to share my savings strategy! :) Would like to know if there's other better strategies out there or any opinion on my current strategy! :-)
*interest rates are subjected to post-changes from May 2020 onwards
1) SC Jumpstart : 2%pa on first 20k ($400/yr)
2) DBS multiplier : 1.6%pa on first 15-25k ($240+/yr)
3) OCBC 360 : 2.4%pa salary credit + 0.4%pa when you increase acc balance by $500/mth (as compared to prev month) + 0.4%pa $500 cc spend = 2.8-3.2%pa
These rates are only for $35k, hence I will move my 20k(SC) and 15k(DBS) into this account and start earning 2.8-3.2%pa. As for excess funds (other than $500topup) I will continue to pump into SC jumpstart for no-frills 2%pa and I might just close DBS multiplier. *** is optional as we wouldn't want to spend the extra $500/mth for the interest of (0.004x35k=$140/yr), not really worth but if you are already spending that amount on cc normally then why not :)
As for other criterias it is out of my way to achieve those categories so I would stick with this final step 3) which would make up my emergency funds + travel funds + electronics/medical etc
4) Invest!!!
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1) SingLife for emergency funds (2.5% on 10k)
2) SCB JumpStart (2% on 20k)
3) DBS Multiplier for salary crediting (2% on 50k, main acct with salary + cc + rsp)
4) Joint POSB Savings for salary and dividends crediting ($0 balance and maintains another multiplier acct with cc, 1.85% down to 1.6% on 25k)
Also consider if you can get more from OCBC 360 with salary + $500 cc
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For me I love flexible and liquidity with cash without overspending so most of my funds are in Mayba...
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