Should I switch savings accounts from the DBS Multiplier to UOB One?

Hi anon,

You'll have to see if the hassle of changing is worth it.

Personally, if the increase in interest from switching is going to be in the region of an extra dozens of dollars, I would rather focus on growing my human capital.

Also, you need to be aware of the trade off of starting an investment portfolio with UOB. If the way to reach a higher interest was to charge a savings plan or equivalent to the card to reach a higher tier of credit card spend, you may actually be worse off if the plan is not a decent one. Or, if it was to buy unit trusts with sales charges, you'll be worse off as well, since there are zero sale charge platforms out there.

However, if the increase is significant without requiring a change in your lifestyle or expenditure, then you will probably benefit from switching and should do so. When (it's going to happen) conditions change again, then evaluate the new situation and see if UOB is still the best account for you.

The answer is simple: opportunity cost.

If you have time and the capability to do so, then do it. The money is already on the table for you to take it.

In due time if the policy change, then we adapt and make the best choice again. This is what we do best - to remain constant is to change.

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