Should I close my OCBC and move over to CIMB? How many banks is too many for a student? I have 2 bank accounts, OCBC and POSB now, both are the basic savings accounts with super low interest rates? - Seedly
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Anonymous

Asked on 20 Sep 2018

Should I close my OCBC and move over to CIMB? How many banks is too many for a student? I have 2 bank accounts, OCBC and POSB now, both are the basic savings accounts with super low interest rates?

I’ve been reading a few seedly blog posts recently (really glad i found this platform to learn more about personal finance) and am thinking of opening a CIMB fast saver account. I only have 2k in savings cause i’m still schooling and i’ve been spending quite a bit of money on driving lessons. Thank you in advance :)

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Gabriel
Gabriel
Level 8. Wizard
Updated on 12 Jun 2019

Hey, you can have 2 accounts, e.g. DBS/OCBC and CIMB FastSaver. For me, I use DBS Remix Savings account (DBS Visa Debit Card) for my expenses and CIMB FastSaver for my life savings/emergency funds. I chose DBS simply because of convenience as they have more ATMs around Singapore, but I think OCBC is pretty good too and offers a slightly higher interest of 0.4% for their FRANK account 0.05% for DBS. Closed down my POSBkids account and moved all of the funds to CIMB FastSaver to enjoy the 1% interest which I feel will make quite a difference especially in the long run since there's quite a big sum in there. The CIMB FastSaver doesn't have an ATM card so it's better to retain and use your DBS/OCBC account to withdraw money via ATM even though we can pay by card these days. You can easily use FAST transfer to move money from CIMB to your expenses account for free and instantly so you can have a peace of mind too.

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Fan ZD
Fan ZD

12 Jun 2019

Just a question - the remix account seems to have been converted. I only see a DBS Savings Plus on the portal. Does it still have the same benefits?
Geraldo L.
Geraldo L.
Level 7. Grand Master
Answered on 06 Mar 2020

One important factor for me as a student was the convenience of withdrawing cash easily, especially if there are ATMs widely available. For the 2 most convenient bank accounts with no minimum, you can consider OCBC Frank account (waived till 26 y.o.) and DBS multiplier (waived till 29 y.o.).

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MT2020
MT2020
Level 7. Grand Master
Answered on 06 Mar 2020

If you are student between 18 - 26, you can consider creating a standard chartered jumpstart account which gives you an interest of 2% per annum.

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Gabriel Tham
Gabriel Tham, Tag Team Member at Kenichi Tag Team
Level 9. God of Wisdom
Answered on 20 Sep 2018

CIMB sounds much better for you because of the 1% interest rate. And if you have low spending, CIMB no need a minimum spend too.

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