Hi, I was chatting with my friend and he brought up having a different bank account for your savings (eg. UOB One + OCBC Bonus+ Savings) just in case one bank faces a crisis. My initial thought was, what about the interest I lose from the UOB One?
May I check if anyone here has more than one bank account? Or what does the community think about his idea?
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Gabriel
09 Apr 2020
Undergraduate at National University of Singapore
Hey Darren, I feel that it's alright so long as (1) there's a purpose for each account and (2) you are able to manage properly (know where your funds are kept and conditions to fulfill to get the best interest rate it offers). There was a similar question asked before, do check it out - https://seedly.sg/questions/how-many-bank-accou...
Regardless, all bank accounts are insured for deposits up to $75k.
Personally, I'm have 7 savings accounts now.
1) Singlife Account (2.5% p.a) - For life savings/emergency funds (maxed the $10k limit)
2) Etiqa Elastiq (2.02% p.a) - For life savings/emergency funds (bulk of my cash, take note that it's only 1.8% p.a for new users)
3) Standard Chartered JumpStart (2% p.a) - For everyday usage/expenses (few hundred dollars)
4) UOB KrisFlyer (0.05% p.a) - New account promotion, $80 after 6 months (put the minimum amount to quality for the promo)
5) DBS Savings Plus (0.05% p.a) - For funds transfer since I remember the account number and PayNow & PayLah is linked to it, used to be my main account (no cash inside, all incoming and outgoing cash gets transferred)
6) DBS Multiplier (0.05% p.a) - For Vickers cash upfront account (no cash inside, will transfer in when I execute a trade)
7) Maybank SaveUp (0.875% p.a) - To pay credit card bills (no cash inside, will transfer in when the credit card bill comes)
Used to have the following accounts but don't use it anymore.
1) CIMB FastSaver -1% isn't that attractive anymore
2) OCBC Savings account - Opened for the Geneco's $40 rebate
Hope this helps!
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Carrie Rose
08 Apr 2020
Senior Research Analyst at ValueChampion
This is an interesting question, purely in terms on calculating the difference in interest earned (p...
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Hey Darren, I have an OCBC Bonus+ bank account at the moment for my emergency funds. I initially opened OCBC Bonus+ when I first started working to challenge myself to save $500/month to hit 1.45%pa. Even if I didn't manage to save that amount, I would still get 0.75%pa (back then was 1.05%pa). And if you withdraw money from the bonus+ account, for that month you will only get the base interest of 0.05%pa. Although the interest rate isn't as high as other HYSAs (like SCB Jumpstart) OCBC Bonus+ motivates me to save and prevents me from touching the money at all.
Some people have one bank account while others have mutiple bank accounts. It's up to you on how you want to utilise them.