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Anonymous

12 Mar 2020

Saving Hacks

What would be the best savings account for my situation?

I have 30k and a monthly income of 3k with minimal credit spent, should I park it in DBS Mulitplier? Would it under the 50k mark for 1.85% interest? I already have a SC Jumpstart for 1st 20k.

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Pang Zhe Liang

12 Mar 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

Firstly, you need to evaluate and ask yourself whether you need so much short-term liquidity. This is because your money could be working harder for you by placing them in the right instrument. To understand this, it will be good to go back to the basics by understanding your cash flow:

More Details:

Understanding Your Personal Cash Flow

Next, you need to plan and decide the number of categories that you can fulfil for DBS Multiplier. This is because the higher interest rate is directly correlated to the number of categories that you can fulfil.

For instance, you need to meet the minimum amount for the eligible transaction every month in order to receive the higher interest rate. Therefore, you need to plan and know whether this is feasible in the long run.

Otherwise, evaluate your situation again or choose another account if this does not work out for you,

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