What's the best savings account without spending? - Seedly
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Anonymous

Asked on 10 Nov 2019

What's the best savings account without spending?

Looking for options without minimum spending criteria.

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Hi anon. I use the CIMB starsaver to hold my emergency funds.

It's 1% with no criteria, so I basically let it sit there and grow.

If you are able to credit salary, but not spend, then OCBC 360 provides 1.2% to 2% just for crediting salary.

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Alex Lou
Alex Lou

11 Nov 2019

I heard overseas bank has high interest is it possible to open somewhere from Malaysia bank account even if i am Singaporean ?
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Fiona Loh
Fiona Loh, Analyst at Deloitte Consulting
Level 4. Prodigy
Answered on 19 Nov 2019

Hi !

If you're below 27, please go for Standard Chartered JumpStart account, cap at $20k.

WIth no conditions attached to it, you're raking it about $33.33 every month for the $20k.

Interest rate is at 2% p.a.

Any spillover in funds, you may do CIMB FastSaver, with a 1% interest p.a

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YX
You Xin Toh
Level 4. Prodigy
Answered on 19 Nov 2019

Ideally, it would be CIMB fast saver with no salary credit and minimum spend.

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Junus Eu
Junus Eu
Level 9. God of Wisdom
Updated on 11 Nov 2019

Personally I have liked Citibank Maxigain for up to $150k, and post which I tend channel it to CIMB for the rest. THAT SAID they have revised their fine print such that there will be a massive drop in interest rate from 2 Dec 2019 onwards, potentially from the current 2.5% to 1.5%.

I will be looking out for other places to park my cash!

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Yes! I’ve starting opening my Jumpstart Account with Standard Chart! And I am so happy to see the interest rolling for the past 3 months!! And furthermore I’m 26 and 25 to 26 this nov 28 so I got the chance to be having this account! And I’m totally loving it!

I’m still otw to reach the max 20k amount but I am happy with my emergency fund park there and seeing the interest grow so much. No spendings, not much terms and conditions and if 2% is in!

No fuss at all opening the account and got my $20 voucher worth from grab and used it to offset my load to work twice! Got the debit card and throw it in my other wallet and not gonna use it just gonna see my money increase in future!

Go get them not sponsored thou!

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Han
Han
Level 4. Prodigy
Answered on 19 Nov 2019

Definitely the standard chartered Jumpstart account. You dont even need to spend, all you need is just put your money in and you will receive high interest rate at 2% per annum.

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Albert Tan
Albert Tan, Fin Lit Trainer at MoneyOwl
Level 4. Prodigy
Answered on 11 Nov 2019

If you're between age 18 and 26, can go for Standard Chartered JumpStart

2% on first $20k. No salary credit or spending criteria, just like a flexible FD

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