How many is too many? I realized I have quite a few bank accounts. Each for various purposes.
1) POSB Savings - For personal use
2) POSB Savings 2 - Emergency Funds
3) POSB eMySavings - Forced Savings
4) POSB Joint 1 - With wife, Home recurring expenses
5) POSB Joint 2 - With wife, Home emergency
6) OCBC 360 - Salary plus emergency funds
7) UOB Savings - Just put $1,00 there, dunno for what
8) UOB One - Warchest
9) CIMB
10) 2x joint accounts with each kiddos (2 kids)
total of 12 accounts
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Konny
14 Mar 2020
Psychology at National University of Southampton
Standard Chartered Jumpstart for savings
POSB Savings for transferring money to people
DBS multi currency for vickers
Ocbc Frank for daily expenses
CIMB fastsaver for savings
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Using OCBC 360 as main account for salary, cc and growth, also old dbs multiplier and posb joint acct that is maintained at min balance
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Wang Zx
02 Mar 2020
Financial Advisor at AIAFA
Minimum to have 3 bank accounts!
1. Spending/Salary crediting acc, you do all your daily expenses, also with proper budgeting to limit expenses
2. Short term Goal acc, where you save up a portion of your money for short getaways, lux food etc
3. Financial freedom acc, this should not be touched as it determines how early you get to choose your own retirement instead of letting retirement come to you.
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Just starting out so only have 2.. will make UOB One next year.
1: POSB savings for expenses
2: DB...
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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 😅