How do you split your money into separate bank accounts for savings, investing, spending, salary credit and which bank accounts are you using?

Question

Started working full time just last year and i heard this is a good practice and I really hope to review this process for myself this year and automate it possibly. Currently:
- DBS multiplier for salary, savings, investment funds
- OCBC 360 (upgraded from Frank in uni). Not really used now.
- Standard Chartered JumpStart, Singlife for higher interest

Please share how you split your money into separate (and which) bank accounts for savings, investing, spending, salary credit etc!?

Need some advice please! Thank you.

Rachelle · Accepted Answer

Hey Bryan!

Fellow class of 2020 🤪 HAHHAH here's how I segment mine for now:

- **Spending** - Standard Chartered JumpStart 1% cashback debit card

- **Salary Credit & Investment** - DBS Multiplier

- **Liquid Emergency Savings** - Singlife 1.5% interest p.a. (from 29 Jan 2021)

- **Less Liquid Emergency Savings** - Syfe Cash+ 1.75% interest p.a.

Personally, I use DBS Multiplier as an **intermediary** because it is the most **convenient** for me with regards to:

- ATM withdrawals

- Using of PayNow / DBS PayLah

- Transfers between savings / spending / investment accounts - I fund everything from DBS Multiplier

So I'm not particularly concerned with the interest rates for DBS Multiplier, because I'm not in the position right now to hit multiple categories. I just ensure that there's a reasonable amount for me inside for convenient daily transactions. If I need anything more I'll just transfer from Singlife accordingly.

Hope this helps!​​​

Randy Reinaldo · Answer

I use DBS multiplier for salary credit, savings and emergency funds. I still hold Ocbc frank even though I am above 26 (they have fall below fee), I use frank for daily spend (linked to my grabpay card).

Every month, I set up a fixed amount transfer from DBS to Frank for monthly spending, from DBS to syfe and stashaway for passive investing. I also set a transfer from DBS to Saxo capital every 6 months for my DIY.

I did not use singlife / gigantic.

Zac · Answer

Hi Bryan. Automation is a good choice as it frees up valuable attention/memory. Here's how I do mine:

- **DBS Multiplier**: Salary credit and spending account. I set up standing instructions and GIRO payments for all insurance premiums, bills, investments and monthly additions to emergency fund. The money is all funnelled out of the account right after payday, leaving the remaining amount for spending.

- **OCBC 360: Emergency funds**. I chose to keep it in a bank account as I view emergency funds as money that I will need within hours, so I prefer not to put it in cash management accounts.

- **Standard Chartered Jumpstart**: I park very short-term near future expenses here, for example saving up for a holiday, planning to buy big ticket items etc.

I think the most important account is the one through which most of your money flows through. To me, that's DBS Multiplier, for its ease-of-use general convenience. You can pretty much do anything from the app except set up GIRO/standing instructions, which can be easily settled on the online banking website. You use DBS too so you might be familiar with how user-friendly the app interface is.

Shaun WQ Lim · Answer

With the savings interest rates so low nowadays, I prefer to consolidate into one account to maximise the interest returns from the total balance.

I am using OCBC as it has the functionality to segregate the account balance into different savings goals. It will automate the funding based on the amount and time period every month.

For spending also consolidate to one credit card as much as possible.

Having too many accounts is difficult for me to keep track of so I want to keep things simple.

Sirius 345 · Answer

DBS Savings as spending account

DBS Multiplier as emergency savings (with monthly transactions of part of my salary into this account), since I also hold a credit card and regular saving plan, I’m able to achieve a higher interest rate

Syfe cash +, just started recently, though I’m not sure about their performance myself, but it seems to be an option to try given the low bank interest rate.
May also invest through their other portfolio, seems to be an easy option for me as a beginner of investment

Leonard Tan · Answer

Hello! Here's how I allocate mine:

DBS Multiplier – Salary credit and payment for insurance premiums

OCBC 360 (upgrade from FRANK) – Spendings

Standard Chartered JumpStart – Short term savings

Singlife – Emergency savings

I am considering consolidating some of my cash into one account to make things simple.

Nur Khairuddin · Answer

Hello! This is how I split my money atm

- **DBS Multiplier:** Spending

- **SC Jumpstart:** Savings

- **Syfe Equity100 & REIT+**: Investments

I chose to use **DBS Multiplier** as my day to day account mainly due to convenience and the 2% cashback from my SAFRA Debit Card. I am also considering moving my savings to an Insurance Savings Plan after **SC Jumpstart**'s drop in interest rates.

Naveen · Answer

- **Salary Credit & Spending** - Standard Chartered Bonus Saver

- **Emergency Fund -** OCBC 360 (6+ months of monthly expenses)

- **Investing -** Standard Chartered Trading (US Securities) and DBS Vickers/DBS e-Multi currency (SG Securities)

- **Bill payments -** DBS Savings for bill payments and GIRO

- **Savings (Discretionary) -** Endowus Cash Smart

I would suggest you to setup a separate account each for Emergency Fund and Investing, which should help to prevent emotional investing/spending from time to time.

Pang Zhe Liang · Answer

Generally, you only need two bank accounts - one for salary and the other for expenditure. I have explained in detail on why and how it works here: [How to create a Monthly Budget](https://www.blog.pzl.sg/how-to-create-a-monthly-budget/)

In your case, you may choose DBS Multiplier as your salary account and JumpStart as your expenditure account.

For the most part, you shouldn't be having too much money in either bank. When this happens, you are probably having too much money that are getting eroded by inflation everyday.

Therefore, two bank accounts will be more than enough to manage your daily needs.

I share quality content on estate planning and financial planning [here](https://fb.me/workwithpzl).

Elijah Lee · Answer

Hi Bryan,

I'll share mine.

- OCBC 360 for salary crediting and war chest. I find it fuss free as I am not forced to spend on a OCBC credit card or take a home loan with them. Just crediting salary and saving $500/mth unlocks a decent amount of bonus interest. I transfer anything in excess of the bonus savings requirement to my POSB

- POSB for day to day spending. This account has to keep around 3 months of liquidity. Every few months I will transfer excess money into my trading account for investing

- CIMB for emergency funds. Since there is no criteria imposed, I leave my emergency stash here. I'll never touch it except in an emergency. It helps that they do not have ATMs all around the island too.

Ultimately, we just need to find a method that suits us. Note that I do not bank very heavily on the 'bonus interest' offerings from the banks to squeeze more, as interest rates keep changing and I would rather focus on my work and such instead of over-fussing over trying to squeeze an extra 0.25% for example.

Lastly, I definitely don't invest or insure with the banks just to unlock extra interest. That is putting the cart before the horse. If the banks have something I need (so far nothing yet), then the extra interest is just a bonus by-product to me.

Miya · Answer

Sharing mine!

I use a hybrid of accounts for different needs and purpose.

UOB ONE- $500 credit card spend + 3 giro

DBS Multiplier – Salary credit and spending account

POSB SAYE- Savings

Singlife + Dasheasy earn- savings (if the rate drops further will change)

SSB - Deposited some money pre-covid

Endowus- Just started in Jan 2021

Zac · Answer

I use the following accounts:

Standard Chartered Jumpstart: For expenses as it gives me 1% cashback for debit card spends. It also gives 0.4% p.a. on your balances so that's nice too.

OCBC Frank account: I do not put money in this account, I transfer money from my Jumpstart account into OCBC for the ATM convenience and withdrawals only.

POSB Savings: I've had this account since I was young, and I just keep this for the ease of receiving payments via DBS Paylah!, which everyone seems to have nowadays.

Singlife: This is my savings account. Every month, I transfer a fixed amount of my allowance and salary into Singlife to earn the soon to be 1.5% interest p.a.

Syfe: I use the Equity100 portfolio as my main investment holding, and I DCA into this portfolio monthly.

FSMOne: I use FSMOne for my individual stocks/ETF purchases for their low fees.​​​