Asked on 25 Apr 2018
If you are not salaried, or if you are still a student, fresh grad or a freelancer and you are unable to hit certain criterias required by some, here is what I did:
Savings account: I am considering to open CIMB FastSaver account after using the savings calculator that Kenneth has mentioned! (1% interest pa, why not?)
Spending card: DBS Visa debit (which linked to my multi-currency account mainly for online shopping!)
Brokerage account: DBS Vickers using cash upfront as well.
The opportunity cost of leaving your savings in your DBS/POSB savings account is 0.95% p.a., that is $9.50 for every $1000. That's 2 cups of bubble tea that I have been foregoing, gosh!
Mine may not be the best. Looking to change some of it soon.
Here's my combo:
Savings Account: OCBC 360
Spending: OCBC 365 and DBS VISA Debit
Trading account: DBS Vickers for the cash upfront, low trading cost (plus, it's non-custodian)
Personally, the OCBC 360 and 365 combo can be improved. But at the moment, I'm liking their user experience, hence, am still with it.
Hey! After doing much research (as of April 2018) and my unbiased two cents.
Here are my bank and cards combo:
Savings account: DBS Multiplier (recently changed from OCBC360) because it's alot more friendly to hit the various tiers
Spending card: Either DBS VISA debit (for the online deal that is happening now) or the BOC Family Card (which gives huge rebates across all spending category, but the customer service kinda sucks, so give and take)
Brokerage account: DBS Vickers (due to cash upfront, for $10 per trade)
For my spending card, initially was thinking between the DBS LIVE FRESH and this BOC Family card, but ultimately went for the latter due to higher offline spending rebate (eg dining, F&B, Movies, at around 5-10%) but capped at $120 per month total!
For the savings account, seriously consider using this Savings account calculator, we designed it to be unbiased, and neutral. Best suited for those who have no clue to begin with :)
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