POSB SAYE Account is reaching 24 months, where should i park my savings after that? - Seedly

Bank Account

Asked by Anonymous

Asked on 23 Jul 2018

POSB SAYE Account is reaching 24 months, where should i park my savings after that?

Hi folks, as stated in the topic my SAYE account is at 24 months. I am waiting for the 25th month to get my bonus interest. Where should i put my savings to afterwards? I have read up about the DBS multiplier and the CIMB fastsaver, both looks good but not sure which one should i go for. Side question, how do i close my SAYE account after the 25th month? Thanks in advance for the response!

4

Answers (9)

Sort By

Most Upvote

  • Most Upvote
  • Most Recent
Jay Liu
Jay Liu, Diploma in Accountancy at KHEA
Level 6. Master
Answered on 15 Sep 2018

Based on how much you have in that account. If you have more than 15k go for maxigain. If you have lesser than 15k(few thousands) go for cimb fastsaver. If you have salary credited and meets DBS multiplier, Park in there and do the requirements for higher interest. But don't just blindly spend to meet the interest. If its not a necessity to spend, just look at maxigain or fastsaver.

0 comments

6
Isabella Jo
Isabella Jo
Level 4. Prodigy
Answered on 23 Jul 2018

Check out DBS Multiplier if you can meet the salary crediting criteria. For higher interest savings account without salary crediting requirement, 1) can put in CIMB Fast Saver for fuss free 1% with minimal S$1k balance. 2) If you have spare S$15k can consider Citibank Maxigain. Interest rate per annum is 1.2% with monthly step up to 2.4% (based on current sibor rate)

0 comments

6
  1. Citi maxi gain
  2. UOB one or DbS multiplier

these would be good choices

0 comments

5
Zeeeee
Zeeeee
Level 4. Prodigy
Answered on 18 Sep 2018

I'd say CIMB fast savers but I read other comments which said Citi Maxigain:O is there a difference in both other than ror?

0 comments

4
JianHao Soo
JianHao Soo
Level 4. Prodigy
Answered on 15 Sep 2018

Can also consider putting it in SSB as it gives higher interest than CIMB Fast Saver (of 1%) and it has the flexibility to withdrawl early at a penalty of $2.

0 comments

4
Yong Kah Hwee
Yong Kah Hwee
Level 6. Master
Answered on 15 Sep 2018

Seedly got this covered. Check out this awesome calculator: https://seedly.sg/tools/savings-account-calculator

You put in information such as your monthly income, expenses, loans, etc, and the calculator will let you know which savings account is best for you :)

0 comments

3
Good Day Every Day
Good Day Every Day
Level 6. Master
Answered on 15 Sep 2018

Cimb fastsavers acc. 1% interest.

0 comments

3
Gabriel Lee
Gabriel Lee
Level 6. Master
Answered on 24 Jul 2018

Hi, you can park the savings that you've accumulated through SAYE into CIMB Fastsaver account. 1% interest, best no frills savings account

0 comments

3
Nicholas Chan
Nicholas Chan
Level 5. Genius
Answered on 18 Sep 2018

Dbs multiplier definitely, has better interest as long as you credit your salary in & use dbs cards.

0 comments

2