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Lky

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Lky

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Lky

  • Answers (26)
  • Questions (0)
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Savings Accounts

OCBC Frank Account

Savings

SeedlyTV S2E07

What will happen if I have zero balance in OCBC Frank saving account? Will they still deduct or bill fall-below fees to me?
Lky
Lky
Level 4. Prodigy
Updated on 10 Jun 2020
According to CS for 360, they will not deduct a fall below fee for zero balance accounts from it or any other OCBC accounts and close it after 6 months of zero balance. Believe your case may be similar, but you can send them a secured message to confirm this is indeed the case.
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Regular Shares Savings Plans (RSS/RSP)

ETF

STI ETF

Value Investing

DBS

OCBC

Blue Chips

Investments

Online Brokerages

I'm looking to start on the Regular Shares Savings Plan with $300 monthly, and deciding between DBS Invest Saver or OCBC Blue Chip Plan. Any advice on which option is better?
Lky
Lky
Level 4. Prodigy
Answered on 08 Jun 2020
Between DBS Invest-Saver and OCBC BCIP for $300 RSP, DBS Invest-Saver would be slightly cheaper but does not offer access to other blue chips stocks. It also contributes to the Investment category of DBS Multiplier or POSB Cashback and increases the interest rate of your savings in those accounts.
👍 0

Savings

Insurance

Is the UOB Lady’s Savings Account attractive in terms of being insured without committing to premiums in a regular lady insurance plan?
Lky
Lky
Level 4. Prodigy
Answered on 24 Apr 2020
I will put in $1000 for the free annual checkup and flu vaccination. The opportunity cost in interest compared to 2% HISA is only about $20. The lowest tier coverage at min balance is not high and should not be your only health insurance.
👍 0

Stocks Discussion

Investments

Savings

Regular Shares Savings Plans (RSS/RSP)

ETF

Unit Trust

What are all the fees involved with DBS Invest Saver RSP - for both UT and ETFs?
Lky
Lky
Level 4. Prodigy
Answered on 17 Apr 2020
Expense ratio of REIT ETF is 0.6% while UTs would be much higher. No tax implications on capital gain and dividends, and no platform or selling charges.
👍 0

Savings Accounts

Interest Rates

DBS Multiplier Account

OCBC 360 Account

UOB One Account

With the latest changes to the savings account interest rates, what are you doing differently to work around this?
Lky
Lky
Level 4. Prodigy
Updated on 03 Apr 2020
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
👍 1

Debit Cards

Credit Cards

Multi Currency Cards

Best Debit/Credit Card for my situation?
Lky
Lky
Level 4. Prodigy
Answered on 02 Apr 2020
Not sure if AMEX CC is a good solution for your needs?
👍 0

Savings

Personal Finance 101

Savings Accounts

How many bank accounts do you own? And for what purposes?
Lky
Lky
Level 4. Prodigy
Updated on 02 Apr 2020
I got too many bank accounts but optimized accordingly: 1) SingLife for emergency funds (2.5% on 10k) 2) DBS Multiplier for salary crediting (main acct cos can't hit $500 cc spend, also warchest to be deployed) 3) POSB Savings with Dad for dividends crediting and his salary last time ($0 balance cos dad is old) 4) SCB JumpStart (2% on $20k) 5) Citi Maxigain with Dad from US Exchange days 6) UOB Krisflyer ($1k min balance to be closed) 7) OCBC Frank from uni days ($0 balance) 8) OCBC 360 ($0 balance to be closed) And a few more US savings (and associated checking) accounts 😅
👍 0

Savings

Savings Accounts

National Service (NS)

Freelancers

What bank account is the best for freelancers - no salary credited? Also, I have $15,000 of spare cash from NS POSB-SAYS - where should I park that money? the two year will be ending in a month+?
Lky
Lky
Level 4. Prodigy
Answered on 09 Mar 2020
You can park 10k with SingLife for 2.5% and the rest with SCB JumpStart for 2%. When you have more cash (waiting to deploy etc), you can consider CIMB FastSaver for 1% or take more risk to invest :)
👍 0

Savings

Standard Chartered JumpStart Account

Savings Accounts

I'm a student & working part time. I try to save 20% of pay each month. Is scb jumpstart a good account to credit my salary and for savings? Is it easy to transfer to other bank accounts such as POSB?
Lky
Lky
Level 4. Prodigy
Answered on 09 Mar 2020
Yes I believe it may be difficult to beat 2% with part time salary so you can focus more on studying and working without jumping hoops for HISA. You can use SCB as savings acct and instantly transfer money via FAST, PayNow etc to other bank accts (current acct) for withdrawal when the need arises.
👍 0

Insurance

CPF

Are you covered under DPS, why or why not? Should I continue or cancel it off?
Lky
Lky
Level 4. Prodigy
Answered on 09 Mar 2020
Opted out cos market has better coverage for the same price when I have dependents, would only buy if cash strapped without coverage
👍 0
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