What other savings accounts are recommended since there is a change in the DBS multiplier? - Seedly
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Anonymous

Asked on 07 Jan 2020

What other savings accounts are recommended since there is a change in the DBS multiplier?

I’m above 27, and have about 25k I’d like to put in. What other accounts should I be considering?

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Hi anon,

For really no frills accounts, you can consider CIMB fastsaver as there are no requirements at all. Not even salary crediting.

If you want something basic without being implicitly pressured to spend or invest to unlock bonus interest, the OCBC 360 account does a good job as you only need to credit salary to start earning bonus interest, and increasing your average account balance will also unlock bonus interest as well.

Hope that helps!

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Catsnipss
Catsnipss
Level 3. Wonderkid
Answered on 15 Jan 2020

What much do you spend on your credit card now? You need to consider if you change to ocbc or uob, you have credit card minimum spending.

Dbs doesn't have any minimum spend, even $1 will do. Salary credit and credit card give you a already decent interest. Since the new amendment is that it's CAP at 25k for salary credit and Credit card, you still benefits from it.

Don't go into spending more to fulfil your higher tier interest.

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Mark Chan
Mark Chan, Business Manager at Amobee
Level 5. Genius
Answered on 07 Jan 2020

Hi Anon!

There are actually extensive articles written about this such as this one from Seedly.

Additionally, there is actually a Savings Account Calculator built by Seedly.

When 'shopping' for Savings account, it is also crucial to understand your personal finance behaviours, given the reality of hurdle accounts today. These include:

  • Spending per month on Credit Cards

  • Any GIRO bill payments

  • Income (Amount, Does it reflect as SAL, etc).

etc.

However, I would recommend UOB One or OCBC 360 as Zhe Liang pointed out :)

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Question Poster

07 Jan 2020

Thank you for your help!!

You may consider UOB One or OCBC 360.

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