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Optimising your savings rates

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SG Budget Babe

Savings

DBS Multiplier

Bank Account

DBS

Hi anon, That would depend on a number of factors, one of which would be your total transaction amount with DBS. The DBS multiplier has a few criteria you can use to hit the bonus criteria, but the minimum is to fulfill two, one of which must be salary crediting. The other criteria are: - Credit card spend (doable) - Home loan installment (only if you have a mortgage) - Insurance/Investment (I would not recommend this) So at the very least you would be looking at using one of DBS's credit card. The interest is broken into two tiers of less than $50K and more than $50K. So you're capping out at $100K I personally use OCBC 360. My credit card is with Citi, and I can increase the balance of my bank account every month to enjoy the step up interest (it's actually acting as my warchest). The interest is broken into two tiers of first $35K and next $35K. That's good enough for me. So just by the simple act of crediting and saving money, I get bonus interest on two categories. Without any pressure to spend at all. So that works out for me.

Investments

Savings

Lifestyle

Bank Account

Stocks Discussion

Daryl Liao. Full Time Investor.
Daryl Liao. Full Time Investor.
Level 6. Master
Answered 1w ago
Wow. Congrats on achieving this considerable amount at such a young age Joey! No doubt that you are on the way to great wealth. My advice would be to first sort out your insurance coverage. Build your knowledge through books, investing blogs. Explore the investment options you have. If you head into stocks, understand how to analyse companies as businesses. A good book that i read when i just started out is The 5 rules of successful stock investing by Pat Dorsey. Still my fav recommendation for my friends! Start with small chunks of investing to get used to the volatility and managing your emotions. All the Best!

Stocks Discussion

Savings

Bank Account

REITs

StashAway

Wallace Chai
Wallace Chai
Level 8. Wizard
Answered 3d ago
REITS wise. We always invest only when the yield is > 5%. So technically is 5% without taking capital gain into consideration.

CIMB FastSaver

Savings

Seedly

Bank Account

Junus Eu
Junus Eu
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Top Contributor (Nov)

Level 9. God of Wisdom
Answered 2d ago
Out of curiosity, why not put it in Citi Maxigain for step up interest?

Bank Account

From what I know, it will be the full past history. Try checking out their FAQ or to email their support team.

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Property

Insurance

Bank Account

SG Budget Babe

Without a will, your parents' assets will get stuck. I would say that they need to understand that if they don't decide who gets their stuff when they are no longer around, then the government will decide. Do they want to leave such an important personal matter in the hands of the government? I would think not. That should be reason enough to at least make a will.

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Bank Account

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SG Budget Babe

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Nov)

Level 9. God of Wisdom
Answered 6d ago
Personally I don't, mainly because it's additional hassle for me to check for double counting. I can roughly gauge how much I spend each month, and just exercise overall prudence in my spending.

Lifestyle

Savings

Bank Account

Assuming that you start from scratch and have used every opportunity available to earn money, e.g. part-time work during vacation, you should have around $20k to $30k in your savings. Thereupon, the next thing is on how well you are using this money to maximise its value. =) Here is everything about me and what I do best.

Investments

Bank Account

Stocks Discussion

Elijah Lee
Elijah Lee
Top Contributor

Top Contributor (Nov)

Level 10. Unicorn
Updated on 30 Jun 2019
To buy shares that are trading on SGX, you need to open a CDP account and a trading account with a brokerage firm, and link the trading account to your CDP account. Once those are open, you may proceed to buy shares. Costs that are incurred would include brokerage charges, plus Clearing Fees of 0.0325%, SGX Trading Fee of 0.0075% on the gross contract amount & SGX Settlement Instruction Fee of SGD0.35 per settlement. The whole cost is then further subject to GST of 7%.

Investments

Stocks Discussion

Multi Currency Cards

Bank Account

Out of curiosity, I look at the FX spreads on IB. Have to concede defeat. On the other hand, local bank FX spreads are quite horrendous. I'm constrained though. Have to use POEMS.
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