Is my plan for a 1-year stay in Singapore a good idea? - Seedly

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DBS Multiplier Account

Standard Chartered JumpStart Account

Asked by Anonymous

Asked on 04 Nov 2019

Is my plan for a 1-year stay in Singapore a good idea?

Hey! A Malaysian that will be in SG for 1 year (already 4 months in so far).

I currently have an account with DBS Multiplier and am enjoying the interest % just for depositing salary and doing some CC spending. Planning for the future now:

Prior to my departure in the next 8 months, I was thinking to open an SCB Jumpstart acc to park $20k for its interest and maintain a side account for investing in SG. Since DBS interest is quite low for dormant acc, would y'all recommend other banks or FD?


Answers (1)

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Looks like a fairly solid plan.

Jumpstart is a great deal if you meet the age restriction.

On the side investment account side, I assume you are planning to keep these accounts running once you leave Singapore. In that case, I would suggest having a think about keeping it all inhouse (ie use SCB for investments as well). The cost would be higher than doing it all separately but it would be much easier later on to manage. If there are any hiccups with the account and/or ad-hoc changes needed, it is going to manage with one provider if you are offshore.