I am graduating this year and ready to adult (I hope). However, can someone help me to sort out my accounts please?

With just $4k it might not be worth your effort to split into so many accounts.

Do note that there are min amounts to keep in most of these accounts. If you go below there will be a fee charged to you.

The disadvantages of having many accounts are;
1. lessen the free cash you have to use, without incurring charges, if you go below min amount.
2. Less interest received. With multiplier accounts, likely you can only fulfil the requirements of 1 account and not all accounts to get the best interest rates.

I will suggest you find 1 account that can have you the best interest rates, and use it to accumulate wealth to a meaningful amount before splitting into different accounts.

In mean time, you’ll have to monitor your expense, old fashion way, on excel sheet.

If you are really afraid of overspending, then either use the envelope method by withdrawal cash for you expenses or find an account with no or really low min amount.

For me, I’ll try to accumulate to say $50-70K before getting another account.

I used to like OCBC because you can allocate saving goals and ‘“lock” in an amount so it won’t be available to withdraw at the ATM. So that 1 account can effectively function as several accounts. Left because the interest isn’t that good compared to others.

Hi anon,

I'll just share my own way of doing my expenses to give you an idea:

1. Salary to OCBC 360 to satisfy salary crediting (no other requirement to get the extra interest, which is good for me)

2. A fixed amount transferred to POSB to spend

3. Rainy day fund in CIMB due to the high interest without any requirements

Of course, you'll have to go through the hassle to set this up, but once done, transfers between bank accounts is pretty much instantaneous. You can of course use one account to satisfy both savings and expenses, but then you must know how to manage it well.