Asked by Anonymous

Does it matter which bank I choose and would it make sense to close down my OCBC Frank if I use DBS Vickers or vice versa? I'm getting started on investing.

Hi, I'm graduating uni in 2021 and have an account with DBS and OCBC Frank. Would like advice on whether I should open my investing account with DBS Vickers or OCBC Securities.

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  • Nicholes Wong
    Nicholes Wong, Diploma in Business Management at Nanyang Polytechnic
    Top Contributor

    Top Contributor (Feb)

    404 Answers, 543 Upvotes
    Answered on 11 Jan 2019

    You should look at high interest savings account once you start working. If you can hit their requirements, they offer better interest.

    https://seedly.sg/tools/savings-account-calculator

    Dont limit yourself to DBS and OCBC just because you have accounts with them. Check the various fees that they charged for investing with them. Fees will eat up your returns. Why need to close the account if you use another broker? Just close it if you dont want to use that account anymore.

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