Anonymous
I have an existing OCBC (expenses) and POSB (saving) account. I recently just opened DBS mutiplyer to get better interest rates and was thinking if I should close my posb account.
Was also thinking if I should open a CIMB account to park my emergency cash there
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HC Tang
01 Apr 2019
Financial Enthusiast, Budgeting at The Society
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Your plan is right, have 1 a/c for expenses and 1 for savings / super short term emergency / investment a/c (eg. DBS multiplier if you can get the higher interest like 2.%).
CIMB for emergency only get 1%, you can do a bond ladder with SSB at higher 1.95% (currently for a month). So when you need $ for emergency, use the super short term emergency account. If you need larger amount of $ for emergency and can wait for months, the bond ladder would have help balance both interest and emergency cash usage.
See this on how to apply Bond Ladder:
https://kpo-and-czm.blogspot.com/2018/04/dbs-mu...