How many bank accounts do you own? And for what purposes? - Seedly
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Savings Accounts

Rais M

Asked on 24 Feb 2020

How many bank accounts do you own? And for what purposes?

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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Gabriel
Gabriel
Level 8. Wizard
Updated on 01 Mar 2020

1) Singlife Account (2.5% p.a) - For life savings/emergency funds

2) Etiqa Elastiq (2.02% p.a) - For life savings/emergency funds

3) Standard Chartered JumpStart (2% p.a) - For everyday usage/expenses

4) UOB KrisFlyer (0.05% p.a) - New account promotion, $80 after 6 months

5) DBS Savings Plus (0.05% p.a) - For funds transfer since I remember the account number and PayNow & PayLah is linked to it, used to be my main account

6) DBS Multiplier (0.05% p.a) - For Vickers

7) Maybank SaveUp (0.875% p.a) - To pay credit card bills

Have CIMB FastSaver but don't use it anymore since 1% isn't that attractive at this point.​​​

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Gabriel
Gabriel

01 Mar 2020

Hey Pat, can't remember the exact date or month but I applied to be on the waiting list as soon as they shared about the product. Received an SMS on 16 Jan stating that I could apply for the account then and have been using it since that day. Just wait out a little, believe they're rolling out progressively
Pat
Pat

02 Mar 2020

Ah, thanks Gabriel!
Lynn Kiyomi
Lynn Kiyomi
Level 4. Prodigy
Answered on 25 Feb 2020

RM, how many accounts would depend on your objectives and budgeting. E.g. What are 7 and 9 allocated for? Also, you can eliminate the overlaps, e.g. put 2 into 6.

For me, I have 8 bank accounts currently. I don't remember all the names.

What I have:

1&2. POSB accounts - the normal savings one, and another one.

  • I use one for personal necessary monthly expenses and another for my fun / leisure / wants spending.
  1. CIMB Starsaver i-savings (this is an Islamic savings account 0.8%/pa if there is a credit to your account every month. There is also the non-shariah-compliant version).
  • for long-term savings and investment opportunities.
  1. UOB savings account (I don't remember if there is any minimum balance or fee incurred if not, however if you are able to have the minimum in it, then no concern)
  • for emergency buffer.
  1. UOB Current account (there is annual fee charged. Most of the time I manage to get it waived)
  • I use this for the "free" cheques and setting aside of tithes (as and when income is received).
  1. OCBC (there is an account that pays 0.4%/pa and you just have to transfer a small amount there every month. Don't have the name now.)
  • for allocation to training / education / personal development opportunities.
  1. CIMB joint savings account
  • for bigger ticket household needs and saving to spend, household emergency buffer (e.g. renovation, furniture, kids' expenses when they arrive, pregnancy and delivery, Chinese New Year angbaos).
  1. Standard Chartered salary account
  • for salary crediting.

[I don't like those accounts that offer higher interest but you need to fulfil a number of things like salary credit + spending a certain amount on credit card + paying how many bills with it + buying financial products, etc. Too much fuss.)

Using different bank accounts for budgeting purposes makes sense to me. The only issue is remembering the different logins and passwords, if you don't access certain accounts often.

For credit cards however, I think it is better to limit spending to 2-3 credit cards. For easier tracking and administration, as well as acumulation of cashback / miles / points.

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Chua Wei Feng
Chua Wei Feng, Operations Executive at Seedly
Level 4. Prodigy
Answered on 25 Feb 2020

1) SCB Jumpstart - savings, 2% p.a

2) DBS Multiplier - Spending and GIRO (GIRO is much faster than SCB and debit card has 3% cashback over SCB's 1% cashback, albeit with minimum spend $400).

3)CIMB Fastsaver - Initally opened for savings acc due to attractive rate of 1% p.a. Left 30cents inside after SCB launched Jumpstart

Diversifying your savings might make you lose out on potentially higher interest on those hard earned savings!

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Alex Chua
Alex Chua, Freshmore (Engineering System Design) at SUTD
Level 6. Master
Answered on 01 Mar 2020

Gosh too much... probably can help u combine.

10) 2 x kiddos accounts can it be further optimised?

9)?? purpose??

8) Warchest

7) maybe it is time to close

1) expenditure

2)/6) : combine?? or optimise them

1 salary crediting account

3) forced savings can it be optimised??

4/5) can it be further optimised in multiplier account

Conclusion

  1. emergency savings

  2. warchest

  3. expenditure

  4. wife join account

  5. salary crediting

is there other things you can optimised, combined and reduce? ​​​

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Geraldine Tay
Geraldine Tay
Level 2. Rookie
Answered on 25 Feb 2020

1) posb esavings(joint acc) - for husband to credit his salary for multiplier

2) dbs multiplier - to earn the interest. No longer use cause cap w 2 cat.

3) posb SAYE - mthly deduction of increment in salary.

4) posb savings - my own acc to spend

5) uob one acc - another savings since multiplier is cap

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Rave Ong Ci De
Rave Ong Ci De
Level 6. Master
Answered on 25 Feb 2020

Had about 4

POSB - nostalgia purposes. GIRO deduction mainly from this bank account, as it has the lowest minimum balance.

Multiplier - main bank

OCBC - original main bank. Subsequently redesignated as OCBC/GE's cashflow credit card settlements

CIMB - hidden/forgotten bank, hence designated as emergency funds account.

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MT2020
MT2020
Level 7. Grand Master
Answered on 25 Feb 2020

Wow, thats alot of accounts. As a single guy, I currently have 4 accounts.

1) POSB Savings- Expenses

2) Standard chartered jumpstart- savings (2% interest for first $20,000)

3) DBS multiplier- investing account

4) Cimb fastsaver- Emergency/ rainy day fund (1% Interest)​​​

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Andy Sim
Andy Sim
Level 7. Grand Master
Answered on 25 Feb 2020

I have 3:

DBS Multiplier - Recently switched out of this to go with OCBC but kept this open still. Planning to go back to it since we'll be purchasing DBS home loan soon

OCBC 360 - Current salary crediting account

POSB Savings - Opened when I was a kid, mainly for monthly expenses

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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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GL
George Lam
Level 2. Rookie
Answered on 02 Mar 2020

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
Wang Zx, Financial Advisor at AIAFA
Level 3. Wonderkid
Answered on 02 Mar 2020

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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Rx
Rx
Level 4. Prodigy
Answered on 02 Mar 2020

Just starting out so only have 2.. will make UOB One next year.

1: POSB savings for expenses

2: DBS multiplier for savings

P/S: what is warchest? Why so many of you has an account for warchest?

2 comments

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Azizul Hakim

02 Mar 2020

Warchest is just a term a segment of people like to use for capital for investment. Why warchest? When market is down, u will deploy yur warchest to purchase shares and the like. The market is like a war now.
Rais M
Rais M

03 Mar 2020

It is just a fun way of saying an account where we park our money for future investment. It is like - When there is a financial crisis and when the stock market is falling/in the red, we will fight (invest) the war (stock market). And of course, we are also looking at it positively that we will win the war.

I got 6 accounts

DBS - Stocks Investment

DBS - Expenses

DBS - Investment N Business

DBS - Insurance N Housing

DBS - Savings

CIMB - Savings (Emergency)

I make videos about interesting stuff at youtube here​​​

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Lky
Lky
Level 4. Prodigy
Updated on 02 Apr 2020

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 😅

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Joe Lee
Joe Lee, Adventurer at Game of Life
Level 5. Genius
Answered on 26 Feb 2020

1) POSB savings - petty cash

2) DBS Mutiplier - Emergency fund & savings for house/wedding

3) CIMB Fastsaver - Warchest

4) UOB 1 - Warchest

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Tee-Ming Chew
Tee-Ming Chew, Co-founder at Seedly
Level 6. Master
Answered on 26 Feb 2020

I personally use:

  1. DBS Multiplier - Main account for savings but will be changing since the new 2 categories requirement

  2. CIMB FastSaver - Join account with my SO

  3. UOB One Account - Will be using this as my main savings account, especially since I use quite a bit of UOB Credit Cards

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I own 4 joint bank accounts with my family members. 2 for daily expenses, 1 for emergency funds, 1 for investment and savings.

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FL
Fion Lim
Level 2. Rookie
Updated on 26 Feb 2020
  1. OCBC 360 - current salary crediting + savings account

  2. DBS Multiplier - previous salary crediting account

  3. POSB savings - childhood account, potential expenses account?

  4. DBS joint MCA - opened to hack Multiplier by crediting two salaries (might close soon)

  5. CIMB Fastsaver - extra, haven't really been using it

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Frankie Rappaport
Frankie Rappaport
Top Contributor

Top Contributor (Jul)

Level 9. God of Wisdom
Answered on 25 Feb 2020

I feel that this would be way too much.

Maybe you need 1-2 checking account,

eventually one saving account

and 1-2 brokerage account with currency subaccounts.

Emergency and war chest funds you could integrate into

your checkung/saving accouts and don't touch them.​​​

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Sharon
Sharon
Top Contributor

Top Contributor (Jul)

Level 6. Master
Answered on 25 Feb 2020

Here's mine... I prefer to keep it simple:

1) POSB eSavings - salary credit, daily expenses

2) POSB Passbook Savings - funds for parents' allowance & health

3) DBS Multiplier - warchest

4) BOC Multi-Currency - to receive my scholarship in CNY

5) UOB Stash - the bank required me to put some money with them, so that they can deduct the UOI fire insurance premium (cannot use another bank :( ​​​

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