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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  • Junus Eu
    Junus Eu
    Top Contributor

    Top Contributor (Apr)

    Level 7. Grand Master
    Answered 6d ago

    I top up my savings accounts to the extent to which I can enjoy the higher interest rates. It's important to see what the cap is for the different savings accounts.

    Take for example the Citi Maxigain savings account. I currently have my Citi Maxigain savings account topped up to 100k (because beyond 150k, you don't avail the step-up interest of 2%). Currently that gives me the best interest rates with no hassle of minimum spending etc.

    For the rest, I use Standard Chartered Bonus Savers account (but am not liking the minimum card spend), and the rest I have in CIMB for all the rest of it.

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  • Yong Kah Hwee
    Yong Kah Hwee
    Level 6. Master
    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
    Level 8. Wizard
    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
    Level 3. Wonderkid
    Answered on 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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  • Lok Yang Teng
    Lok Yang Teng
    Level 6. Master
    Answered on 06 Dec 2018

    It really depends on you. Personally, I worry about accidentally/intentionally touching the emergency funds so i'll have a current and savings account.

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