Personal Finance 101
Asked on 24 Feb 2020
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
10) 2x joint accounts with each kiddos (2 kids)
total of 12 accounts
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.
1 more comments
01 Mar 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 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.
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!
Gosh too much... probably can help u combine.
10) 2 x kiddos accounts can it be further optimised?
7) maybe it is time to close
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
wife join account
is there other things you can optimised, combined and reduce?
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
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.
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)
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
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
Minimum to have 3 bank accounts!
Spending/Salary crediting acc, you do all your daily expenses, also with proper budgeting to limit expenses
Short term Goal acc, where you save up a portion of your money for short getaways, lux food etc
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.
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?
02 Mar 2020
03 Mar 2020
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
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 😅
1) POSB savings - petty cash
2) DBS Mutiplier - Emergency fund & savings for house/wedding
3) CIMB Fastsaver - Warchest
4) UOB 1 - Warchest
I own 4 joint bank accounts with my family members. 2 for daily expenses, 1 for emergency funds, 1 for investment and savings.
OCBC 360 - current salary crediting + savings account
DBS Multiplier - previous salary crediting account
POSB savings - childhood account, potential expenses account?
DBS joint MCA - opened to hack Multiplier by crediting two salaries (might close soon)
CIMB Fastsaver - extra, haven't really been using it
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.
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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