Asked by Anonymous
I just started working!
3K is the daily average balance just like any other bank account.
Besides DBS , can also consider other bank accounts of high interest. Use Seedly calculate to help determine the best account for you :
If you just started working, I don't think you will have to maintain $3k per month as it is waived till you're 29 years old. Refer to: https://www.dbs.com.sg/personal/landing/dbs-multiplier/
I like DBS multiplier for two things
1) no min spend on CC
2) no min sum for salary credit
This two conditions make it ideal for you to open the account as you are building up wealth. The account also give you the option of earning higher interest when you decide to have investments or loan which may be good for you in the longer term.
Another option if would like to split your account would be the UOB one account that does not require credit of salary.
The condition of maintaining $3000 per month, is that the net balance or total sum of transactions (in/out)? --> Average daily balance, which the bank will calculate daily.
It really depends on your saving habits. Are the savings for rainy days? For a short term purpose? Understanding what you are saving for will help you decide what saving accounts to take.
For short term purposes, DBS Multipler, UOB ONE and OCBC 360 are good considerations. Each account is positioned differently so take a while to see which suits you.
For long term purposes, you might want to consider SSB.
Multiplier account required $3k minimum average daily balance to not get charged any fees.
If you can meet the minimum, it is a good account for interest rates as there is no minimum spending required.
Else you might want to check out other banks such as OCBC 360 or the UOB one if you can hit the minimum spending
Another alternative without minimum spend is CIMB fast saver.