What would be the recommended joint account with your partner? Planning to use this account for wedding/BTO/reno/kids education. Putting in ~$300 each a month. Probably in 2-3 years time we need to plan for wedding? - Seedly

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Asked by Anonymous

Asked on 21 Jun 2018

What would be the recommended joint account with your partner? Planning to use this account for wedding/BTO/reno/kids education. Putting in ~$300 each a month. Probably in 2-3 years time we need to plan for wedding?

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Good Day Every Day
Good Day Every Day
Level 6. Master
Answered on 24 Sep 2018

CIMB Fastsavers. Earn 1% interest rate.

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Yong Kah Hwee
Yong Kah Hwee
Level 6. Master
Answered on 24 Sep 2018

I would suggest the CIMB Fastsavers!

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Try the method mentioned in the deadly article on DBS Muliplier ! I think this works well for a couple

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Jay Liu
Jay Liu, Sleepyhead at Land of Dreams
Level 6. Master
Answered on 21 Sep 2018

I recommend you DIY yourself. Have a high yield savings account like e.g. CIMB fastsaver. Or you can use one of your DBS multiplier to hit the interest rate. Alternatively, you can put it into SSBs for every $1000 accumulate in the savings account.

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Gabriel Lee
Gabriel Lee
Level 6. Master
Answered on 18 Sep 2018

You can consider a POSB SAYE account which gives you 2% interest after 2 years, assuming that you do not make any withdrawals. It functions like a fixed deposit account, but note that you can make withdrawals should you need the money, just that you'll have to forgo the additional interest that you could have earned. Otherwise, it's a great way to save and earn that extra interest :)

You can check it out here https://www.posb.com.sg/personal/deposits/savings-accounts/saye?cid=sg:en:cbg:bsd:sem:goo:na:na:casa:cen_casa_sem:na:posb+saye&gclid=EAIaIQobChMI8KeBq8nE3QIVTyQrCh19wAgfEAAYASAAEgKlMPD_BwE&gclsrc=aw.ds

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Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 6. Master
Answered on 18 Sep 2018

Honestly, there's not much to be earned due to the low interest rate environment we are in as well as the monthly quantum. Since its about a 2 year period, maybe can look at posb's save as you earn programme?

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HC Tang
HC Tang, Financial Enthusiast, Budgeting at The Society
Level 8. Wizard
Answered on 18 Sep 2018

Hi, suggest that you guys can do below:

1) DBS Multiplier:

Assuming you both earn about 3k per month, either one of you have a DBS / POSB Credit card, spend $1 or more every month. You can try DBS Multiplier Account:

Just the salary credit into your respective own DBS account (link to multiplier account belongs to both link), it consider as 6k salary credit, and spend on DBS credit card $1 or any amount , you get 1.9% p.a interest for your savings in the DBS multiplier credited "Monthly"! (Note: min saving is 3k or else will have charges)

Hence if you put in 600 x 12 = 7.2k , at 1.9%, you'll get about $135.05 for the first year. 2nd and 3rd year onwards compounded even more since you will add $600 more monthly.

2) SSB - Singapore Savings Bonds

Assuming $300 each, so monthly is $600. For 12 months is $7200 and If you top up another $300 get $7500 (the SSB calculator limitations). Now borrow 7.5k from you own savings first and put into SSB and both of your repay your own savings monthly $600 and buy the 7.5k SSS Now and do the same trick with the same $ for year 2 and year 3 once a year. In 3 years time when you want to get marry / take out, you get 2.01% p.a interest credited every 6 months (http://www.sgs.gov.sg/~/media/SGS/SGS%20Announcements%20pdf/SSB%20PDF/2018/old/SSB%20FAQs%20Full%20set.pdf at page 5, clause 12 ) . Total interest about $453 (That's 7.5k for 3 years only). Year 2 and 3 you will put in another 7.5k x 2 = $15k on top of the 7.5k and your interest will be compounded even more!

Happy savings for marriage :) haha!

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Kenneth Lou
Kenneth Lou
Level 8. Wizard
Answered on 26 Jun 2018

Clearly the CIMB Fastsaver! DIt gives you the best flat rate interest at 1% p.a and it is also liquid (ie you can withdraw the amount any time)

You can read the real user reviews here to understand why also: https://seedly.sg/reviews/savings-accounts/cimb-fast-saver

A very simple to use savings account. Designed for the person who is just keen to save up and earn 1% up to the first $50k. Also, many people may not know but actually it is SDIC $50k insured and the CIMB Clicks Online interface is not too shabby as well! Online approval is quick.

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Xin Ying
Xin Ying
Level 2. Rookie
Answered on 25 Jun 2018

~300 each a month is probably not a significant amount of money to compare interest rates per se, at least not for the first 2 years. Perhaps what you can focus on would be which credit card may be more offer more rebates/mileage for you when paying for wedding/BTO/reno/kids/education, and when your savings accumulate or you credit salary, what's recommended would probably change...

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James Yeo
James Yeo
Level 4. Prodigy
Answered on 25 Jun 2018

I just use ocbc joint account as we are both ocbc account holders. Sama sama, $300 each month.

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Brandan Chen
Brandan Chen
Level 5. Genius
Answered on 23 Jun 2018

It may be a hassle but u can try putting in SSB till you need the funds.

Otherwise you may consider CIMB Fastsaver or even Citibank MaxiGain (if you can borrow some capital from your parents)

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Shun Oh
Shun Oh
Level 3. Wonderkid
Answered on 21 Jun 2018

1) CIMB FASTSAVER: 1% interest, no conditions to fulfill. Just a minimum of 1,000 to remaining getting the interest.

2) this is not a dbs savings account per say. However, with salary crediting to posb joint account, it will count as salary crediting criteria with individual multiplier account. With combined salary, you all can be eligible to a higher bank interest.

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Amanda Ho
Amanda Ho, Financial Planner at AXA
Level 2. Rookie
Answered on 21 Sep 2018

Hi there, would recommend getting a savings plan or an investment plan to growth your wealth. Savings plans are at (3% interest) and investment plans can have interest as high as 10% or higher.

If you're interested you can PM me, i might be able to recommend you something you need and add value to you!

Disclaimer, i'm not an insurance agent.

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