Asked by Huang Yixuan

Do you guys have a separate savings account or put all your money (expenses + savings) into the bank account that gives the most interest?

Asking this because of course it is easier to segregate finances by putting your savings and expenses into different account so that you can keep track better. But let's say if I can get 2% with DBS multiplier, doesnt it make more sense to put all my money there so that I can get the best returns?

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    • Yong Kah Hwee
      Yong Kah Hwee

      Top Contributor (Feb)

      526 Answers, 707 Upvotes
      Answered on 06 Dec 2018

      Yup, I put all my money in my DBS multiplier account like you said! I have a spreadsheet which tracks how much emergency funds and savings i have, so i don't accidentally spend anything.

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    • HC Tang
      HC Tang, Financial Enthusiast, Budgeting at The Society
      374 Answers, 896 Upvotes
      Answered on 17 Jan 2019

      Yes but it's best to split into :

      1) Expenses / Petty cash accounts - For monthly expenses - If you use DBS / POSB then use their normal savings/current account.

      2) Savings / Investment acounts - Use DBS Multiplier to get max interest and all your other $ should be here!

      The benefits is also fast and easy transfer and easier to keep track all within 1 app and you can sync with Seedly app easily to track expenses by category.

      #1 can also be any other banks.

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    Npm Adele
    Npm Adele
    20 Answers, 32 Upvotes
    17 Jan 2019

    I'd say split if you can, for instance, into a main account, emergency funds and investibles, as there is usally a cap on the max amount eg 50k, 70k that can earn the high interest rates.

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