facebookShould I stick with my current OCBC account until I graduate before moving on to another savings account (+ credit salary) OR switch to another savings account (e.g. Standard Chartered Jumpstart) now? - Seedly

Anonymous

22 Dec 2020

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Saving Hacks

Should I stick with my current OCBC account until I graduate before moving on to another savings account (+ credit salary) OR switch to another savings account (e.g. Standard Chartered Jumpstart) now?

I am currently a final year university student with 6 - 7 months to graduation and around $20k in savings (OCBC frank account)

Discussion (4)

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Can consider Sif, RHB, CIMB, OCBC 360, SingLife or Trust Bank.

Lin Yun Heng

22 Dec 2020

Senior Analyst at Delphi

  1. Put 10k into Singlife 2% p.a

  2. 8k into GIGANTIQ 1.8% p.a

  3. 2K liquid cash into Stan Chart Jumpstart 0.4% p.a

Now is time for you to consider how much expenses you have each month, minus that off and the remaining spare cash should be put to better use and SHOULD be invested. No point letting 18K or more spare cash just lying there while inflation (2.2% p.a) eats away your money's value over time.

Your Frank Account's interest rate is a miserable 0.05% which can't even cover inflation, so you should change bank account and get something higher yielding as soon as possible.

Remember: Inflation is real and its a silent killer. FYI: McFLurry is now $3.20 :)​​​

No point going for jumpstart, low interest 0.4%. You can consider UOB one or DBS multipler...

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