My boyfriend and I have a BTO in 3 years (2021) and plan to stash away monthly to reach ~100K savings for renovation and wedding. Which account is recommended and should we open a joint account? - Seedly

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Asked by Anonymous

Asked on 24 May 2018

My boyfriend and I have a BTO in 3 years (2021) and plan to stash away monthly to reach ~100K savings for renovation and wedding. Which account is recommended and should we open a joint account?

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Yong Kah Hwee
Yong Kah Hwee
Top Contributor

Top Contributor (Feb)

Level 6. Master
Answered on 21 Sep 2018

I would recommend the DBS multiplier. using a joint account would make it such that both of you get to earn more interest! you can check out how here: http://thefinance.sg/2018/04/16/dbs-multiplier-ssbs-joint-account-higher-interest/

Upvote me if i helped! thanks!! :)

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Amanda Ho
Amanda Ho, Financial Planner at AXA

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Level 2. Rookie
Answered on 21 Sep 2018

Hi there, would recommend getting a savings plan or an investment plan to growth your wealth. Savings plans are at (3% interest) and investment plans can have interest as high as 10% or higher. If you're interested you can PM me, i might be able to recommend you something you need and add value to you.

Disclaimer, i'm not an insurance agent.

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Steph Yeo
Steph Yeo

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Level 5. Genius
Answered on 08 Jun 2018

I'll answer your second qn-- there's no strict yes/no answer when it comes to joint account. But its definitely convenient when you need to account for your "couple" type of transactions. If your partner is ok with a joint account to park that 100k, then go ahead (:

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Kenneth Lou
Kenneth Lou

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Level 8. Wizard
Answered on 24 May 2018

Definitely the CIMB FastSaver which gives you the best flat rate interest at 1% p.a and it is also liquid (ie you can withdraw the amount any time)

You can read the real user reviews here to understand why also: https://seedly.sg/reviews/savings-accounts/cimb-fast-saver

A very simple to use savings account. Designed for the person who is just keen to save up and earn 1% up to the first $50k. Also, many people may not know but actually it is SDIC $50k insured and the CIMB Clicks Online interface is not too shabby as well! Online approval is quick.

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