What are some alternatives to POSB Savings, apart from DBS Multiplier? - Seedly
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Janice Sie

Asked on 07 Sep 2019

What are some alternatives to POSB Savings, apart from DBS Multiplier?

For reference, he has less than 50k in his savings and he is currently using POSB Savings.

Would switching to DBS Multiplier be good enough or are there better alternatives?

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Junus Eu
Junus Eu
Level 9. God of Wisdom
Updated on 12 Sep 2019

I would have previously recommended Citi Maxigain, but it seems that the minimum required amount has been bumped up.

For a no-frills savings account, CIMB Savings!

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Janice Sie
Janice Sie

12 Sep 2019

My dad is thinking of changing to DBS multiplier bc he still gets salary, and is thinking of getting DBS altitude since he travels for work once every few months. He's also thinking of applying for a sub for me. Do you think this is feasible?
Lky
Lky

02 Nov 2019

Yes, I think that will give pretty good interest actually, and he can still keep the same debit card and you can open the account online using the same login details!
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Open a poems account and u can purchase Phillips money market fund.

Interest rate is 1.3 per cent a year.

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YewFong Chua
YewFong Chua
Level 4. Prodigy
Answered on 08 Sep 2019

I would say, put the amount that your father would want to save into CIMB Saving account. Leave the minimum and spending amount in POSB saving account for usage.

So, he can monitor how much he spend monthly. On top of that, it is easier to draw out the money from POSB bank than CIMB bank.

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Shun Oh
Shun Oh
Level 4. Prodigy
Answered on 07 Sep 2019

Savings account with higher interest tends to need a salary crediting component.

Try looking at CIMB savings account, or even invest in SSB as a form of savings.

One of the main criteria for DBS Multiplier would be the need to credit his salary.

If he does not have any salary to be credited, the account will not be eligible for more interest.

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E
Evelyn
Level 4. Prodigy
Updated on 07 Sep 2019

Few questions

1) Is he still getting a salary? And how much?

2) does he use credit cards? And how much?

3) does/can he invest?

4) is he paying any bills (min 3) or through giro?

Any of these questions above have a yes, you can look into...

  • SCB Bonusaver

  • DBS Multiplier

  • OCBC 360 Account

  • UOB One Account

All these have calculators on the websites for you to calculate.

If not, or you’re looking at purely saving, you can look into CIMB Fastsaver. If I’m not wrong, Maybank has something too.

Or, if the money can be locked away?

If yes, can look into CIMB Fixed deposit too! 1.7% for 3 months not bad I thought!

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峻豪
峻豪
Level 4. Prodigy
Updated on 08 Sep 2019

I would recommend him to put most of his money in CIMB Fastsaver, which gives 1% fuss-free with a little bit at POSB Savings for cash he will use. Only transfer money from CIMB to POSB when require to withdraw.

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Jeanny Putri Haliman
Jeanny Putri Haliman

08 Sep 2019

I would recommend OCBC 360, try to hit all the bucket (which are generally feasible to hit).
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Angeline Teo
Angeline Teo, Calculator at The Internet
Level 6. Master
Answered on 16 Sep 2019

1) CIMB FastSaver - Hassle-free to get a better high spending

2) DBS Multiplier - Easy to switch since it belongs to the same bank of his POSB Savings

3) OCBC 360 - more steps to take to get to the higher interest rate, but could be worth it.

These 3 are the best suited for someone interested to switch from POSB Savings.

Have a better return!

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