How many bank accounts should I have? One for savings, one for emergency funds and one for spending? What banks should they be? - Seedly
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Anonymous

Asked on 26 Jul 2020

How many bank accounts should I have? One for savings, one for emergency funds and one for spending? What banks should they be?

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Summer Lee

Summer Lee

Level 4. Prodigy

Updated on 26 Jul 2020

Generally, people have 2 bank accounts - 1 for savings (the one that is used for crediting salary) which can also be used for emergency, and another 1 purely for spending.

I would suggest you to do some research on the various banks, and see which one fits your needs best, and which you are able to easily fulfill the criteria to reap the highest interest rates possible.

DBS multiplier, OCBC 360 & UOB One are some popular ones for a start.​​​

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Tinexxxx

Tinexxxx

Level 6. Master

Answered on 05 Aug 2020

  • 10K in Singlife account 2.5%

  • Rest of my savings in Standard Chartered JumpStart 1%

  • DBS for expenses, salary crediting & online purchases

So every month, I will put in the amount of money I can spend into my DBS MasterCard, I use it for meals/grocery/online shopping! :)

While the other 2 cards are just to save $!!

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I think there is no limit to how many bank accounts you should have but instead look at whether the bank accounts have minimum fees, fall below fee etc. If they have and the account is dormant, it is recommended to close the accounts.

For myself, I have like 8 bank accounts (inclusive of Singlife) but I am only put monies in 2 bank accounts which is Jumpstart and Singlife.

As I still have yet to reach the minimum age, I will not close some of the accounts with min fees, fall below fees for now.

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R

Robert

Level 2. Rookie

Answered on 26 Jul 2020

I think 2 is the most common one. Should not have more than 3.... Unless you really have that much cash that you are maxing out the interest on each one

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  1. Emergency and/or savings. If you are able to not think about the emergency funds, you can just put them in one high yield savings account. Else, better to segregate them.

  2. Everyday spending. Can choose a multiplier account which gives tiered interest based on your transactions.

By right about 3-4 accounts should suffice. Having too many accounts is also a hassle to manage and oversee them.

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Question Poster

26 Jul 2020

High yield saving account would be singlife and jumpstart right? Currently I have jumpstart multiplier and posb savings
Yang Teng
Yang Teng

26 Jul 2020

You can put your emergency funds and savings in Jumpstart and singlife account for the high interest. For POSB, you can make use of the DBS Mulitplier account (if you are already working) for much higher interest.
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