I am working overseas at the moment, and have been using (normal account) POSB and OCBC to transfer my salary over. Are there any savings account that I can try applying to optimize my money? - Seedly
 

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Asked by Anonymous

Asked on 04 Jun 2018

I am working overseas at the moment, and have been using (normal account) POSB and OCBC to transfer my salary over. Are there any savings account that I can try applying to optimize my money?

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Ck Chai
Ck Chai
Level 4. Prodigy
Updated on 07 Jun 2019

If your salary credit through POSB, you may want to consider opening a DBS mutiplier A/C which can be convenient done online. It is most easily hit with min 1.55% interest if your salary is $2K & above + credit card spend (given that there is no requirement for min. spending on credit card compare to the rest which encourages you to spend more to entitle higher tier interest)

You can refer to seedly blog with the comparison chart to see which of the savings A/C works better for you, given that everyone's spending nature differs:

https://blog.seedly.sg/best-savings-accounts-2018/

To see if the DBS mutliper A/C works for you with higher interest compared to the rest, you can go to the below link and use the calculator to check what will be the interest rate you are eligible: https://www.dbs.com.sg/personal/landing/dbs-multiplier/?cid=sg-dbs-vanity-others-dbs-multiplier

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Zach Howe
Zach Howe

on 13 Jun 2018

It seems that TS is mostly transferring the funds for his/ her Overseas bank to Singapore bank, it will not work/ garner higher interests since one of the condition for DBS Multiplier A/C (unless I am wrong?)
Ck Chai
Ck Chai

on 23 Jul 2018

Ooh, my bad, I missed out on the portion that the salary is transferred instead of credited, I guess CIMB Fastsaver at 1% interest will be the next best option then.
Ric Wang Poh Peng
Ric Wang Poh Peng
Level 2. Rookie
Answered on 12 Jun 2018

If you are referring to cross country bank transfers, you can give transferwise a try for lower transfer fees .

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Zi Song Lim
Zi Song Lim
Level 2. Rookie
Answered on 10 Jun 2018

you can try DBS Multiplier account or the OCBC 360, however, there are certain requirements to meet for you to get the most interest. If those are not feasible, you can explore CIMB Savings too, as they give 1% just for having the savings account with them.

read more here: https://blog.seedly.sg/best-savings-accounts-2018/

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