What are some suggestions on bank accounts and credit cards (or ones that link like UOB One and DBS Multiplier) for employees who don't get to have their salary credited under GIRO at all (requested from HR as well but that option is not available)? - Seedly
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Anonymous

Asked on 05 Jun 2018

What are some suggestions on bank accounts and credit cards (or ones that link like UOB One and DBS Multiplier) for employees who don't get to have their salary credited under GIRO at all (requested from HR as well but that option is not available)?

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Dominic Chang
Dominic Chang
Level 3. Wonderkid
Answered on 07 Jun 2018

I work around this issue using other means to save. First I use BOC credit card for its cash back, but due to no salary credit bonus, I stuck with OCBC frank giving me 0.2%, and usually keep the bulk in SSB or buy stocks/REITS. If I do need emergency funds, I can swipe my credit card first then redeem my SSB to pay the bills.

WIth this general strategy, my bank account does not have too much cash.

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Gabriel
Gabriel
Level 8. Wizard
Answered on 21 Sep 2018

Since it's unavailable, that means you're such with the few savings account with low interest rates. Thus, I'd recommend you to make use of CIMB FastSaver which offers 1% interest, no other conditions other than maintaining at least $1k. It allows you to make immediate transfers via FAST for free so you don't have to worry about your money being stuck in that account

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Jason Sin
Jason Sin
Level 8. Wizard
Answered on 21 Sep 2018

CIMB FastSaver. 1% interest.

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Jay Liu
Jay Liu, Diploma in Accountancy at KHEA
Level 7. Grand Master
Answered on 21 Sep 2018

Cimb fastsaver for 1% interest. Look up on seedly reviews on this savings account. Alternatively, you can look at maxigain.

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Jeff Yeo
Jeff Yeo, amateur Social contributor at School of social sharing
Level 7. Grand Master
Answered on 21 Sep 2018
  1. Put the money into a Citi maxi gain account

  2. UOB one account

  3. CIMB as the others have suggested

At the extremely level change a job but this would also give you a pay increase

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HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 9. God of Wisdom
Answered on 21 Sep 2018

CIMB FastSaver which gives you the best flat interest at 1% p.a with no string attached.

Alternatively, to match DBS Multiplier:

For Sept 2018 only, go for CIMB Fix Deposit, min 10k for 12 months at 1.84% on their Anniversary month Sept.

https://www.cimbbank.com.sg/en/personal/news-and-promotions/promotions/accounts/cimb-fast-fixed-deposit-promo.html?icid=sg/personal/SEM02/20180702/efdlaunch

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Serene Toh
Serene Toh
Level 6. Master
Answered on 21 Sep 2018

UOB One doesn't need Salary to be credited. you can get the same interest rate by setting up 3 giro deductions for insurance, hp bill, starhub, income tax, etc

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Kenneth Lou
Kenneth Lou
Level 9. God of Wisdom
Answered on 06 Jun 2018

Definitely the CIMB FastSaver which gives you the best flat rate interest at 1% p.a and it is also liquid (ie you can withdraw the amount any time)

You can read the real user reviews here to understand why also: https://seedly.sg/reviews/savings-accounts/cimb-fast-saver

A very simple to use savings account. Designed for the person who is just keen to save up and earn 1% up to the first $50k. Also, many people may not know but actually it is SDIC $50k insured and the CIMB Clicks Online interface is not too shabby as well! Online approval is quick.

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