Asked on 13 Jan 2020
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.
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.
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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16 Jan 2020
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.
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.
15 Jan 2020
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