I have OCBC 360 acc but using fully cos i freelance. I want to setup a CIMB fastsaver acc, but how much shld i put thr and shld i still leave OCBC for mthly bills? Shld $$ i earn go to CIMB or OCBC? I have FRANK for mthly spending, 360 is savings.?

Question

Tan YB · Accepted Answer

If there is salary going in, suggest ocbc 360. And to use cimb only if you reach the ocbc $70k limit for bonus interest / if you don't Wana put more than $50k in one bank.

Can use ocbc 360 for monthly bills as well to earn higher bonus interest

Charmaine Ng · Answer

Hi there, a few questions to think about/clarify:

- Are you using OCBC 360 only because you are freelancing? Sorry I didn't really get the first sentence and didn't want to misinterpret it.

- What are your behavoirs like? Do you have high control power not to spend or do you need something to keep you from spending?

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To set up a CIMB fast saver acc the initial deposit is SGD$1000 and is a very good a/c for savings since the interest rates is 1% with no minimum fall below fees. Here's the [link](https://www.cimbbank.com.sg/en/personal/products/accounts/savings-accounts/cimb-fastsaver-account.html?icid=sg%7cpersonal%7cSEM06%7c20170216%7ccimb-always-on-casa) for more info.

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To be frank (pun intended), OCBC is more user friendly when it comes to goal set-up (you can set specific saving goals), bills payment etc. vs CIMB. I find CIMB's platform retro.. but maybe it's just me. I personally is using OCBC for monthly bills payment, investment deductions and for monthly expenses.. but savings it's "out of sight, out of mind" for me so it's only used for savings (monthly giro set-up) then I'll get a nice surprise when I check in a few months later. Hah!

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For salary earned I would suggest to go to OCBC. From there you can do the necessities (payments etc.) and just monthly giro to CIMB for savings if you are like me; adopting the out of sight out of mind approach while still wanting to earn the interest rates.

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Hope this helps!

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Pascal S · Answer

A complex question with multiple scenarios...

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Some pointers,

1. As a rule of thumb, having a bank account like CIMB Fastsaver for savings is good, while OCBC 360 for anything else from Credit Card, Loan, GIRO payments, etc. 
2. Money goes where you will conduct most transactions from, i.e. OCBC, then it from OCBC, the money goes into another bank account (e.g. CIMB Fastsaver) for savings and from OCBC, money goes into investment (e.g. OCBC Securities or whichever other platforms)
3. Limit yourself to no more than 3 bank accounts, while 2 is great and having all transactions into 1 location is best.

Hope it helps

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[Pascal](http://time-to-first-byte.ghost.io)