What is the best bank account for me? What are some great ways to save up? - Seedly
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Alcander Seow

Asked on 13 Jan 2020

What is the best bank account for me? What are some great ways to save up?

I just opened a monthly saving account with OCBC, which I have to contribute a minimum $50 / mth, without any withdrawal, to gain 0.25%/ annum interest rate. Do you think this is a good plan to saving up or should I have done something else. What other things can I do to save more money? Currently, a Polytechnic Student, waiting for an internship in 3 mth time, and enlistment in 1 year time. No drinking, smoking, no significant other, seldom go shopping, seldom eat out.

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Besides what the rest have suggested, I'd like to point out that the CIMB fast saver account has no criteria and will give you 1% (if I recall correctly), so it's quite no-frills. Use that to maximize interest earned if you are either not eligible for SCB Jumpstart or have hit the $20K cap.

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Alcander Seow
Alcander Seow

15 Jan 2020

Hi Elijah, thanks for the reply. I'm aware of the CIMB fast Saver account. However, I don't have the initial deposit amount of $1000 to open the account. So my plan is to use the monthly account to grow as much as possible first then, close it and open either the CIMB fast saver or Standard Charted Jumpstart. For Standard Charted Jumpstart, I prefer not to open too much account from different banks.
Billy Ko
Billy Ko
Level 7. Grand Master
Answered on 15 Jan 2020

Hey Alcander. As what Hariz mentioned, you should consider opening up the Stanchart Jumpstart Account (works like a normal savings account) that pays out 2% p.a. interest on a monthly basis for up to $20K. If you have more than $20K, you can consider putting it in CIMB for 1% p.a. interest. Aside from bank accounts, you could also apply for student credit cards which offer you cashbacks. Maybank eVibes card is one that I use that offers 1% cashback to help you save money

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Alcander Seow
Alcander Seow

16 Jan 2020

Hi Billy, wow, I didn't know the interest rate as this big of a gap. I'll see if I can discipline to save constantly for this monthly saving first for a year. If I can, then I'll potentially shift to the Standard Chart Jumpstart account after the OCBC monthly saving account penalty period has lapsed. Thanks for the help and advice. If I have other inquiries, I'll post it for advice. Thank you very much.
Billy Ko
Billy Ko

16 Jan 2020

Sure thing. You're most welcome Alcander :)

If you're above 18 and below, you should open a Standard Chartered Jumpstart account. 2% on your first 20k with no frills. No minimum balance, nothing.

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Wilson Nid A Break
Wilson Nid A Break
Level 9. God of Wisdom
Answered on 13 Jan 2020

You should be using your time to brush up on your finacial and investment litracy. Meantime, save up the money and build your first investment warchest.

0.25% saving account is not even beating inflation, dont fret too much on this low-quality, low hanging fruit.

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Alcander Seow
Alcander Seow

15 Jan 2020

Hi Wilson, thanks for the reply. I'm currently learning more about investment and building my knowledge, but lack the necessary funds to invest on a long term basis using the dollar-cost averaging method. This monthly saving account is part of my preparation to build my investment capital. So like once it reaches like $1,000 ~ $5,000, then I check the market for potential investment moments or close this account to open another account with higher interest.