Which savings account should I open if I want to close my POSBkids account? - Seedly
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Anonymous

Asked 3w ago

Which savings account should I open if I want to close my POSBkids account?

I'm going ns soon so preferably one that allows me to credit salary.

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Johnson Koh
Johnson Koh
Level 5. Genius
Answered 3w ago

I think can continue using the POSBkids account, just need to apply a debit card if you dont have. I think POSBkids allow salary crediting. Would also be good to open a Singlife account for savings part of your salary because interest is good at 2.5% (for now)

https://app.singlife.com/92sfGZj0s8 can use this link if you are keen and activate the account and debit card for $10 reward.

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Kevin Seah
Kevin Seah
Level 5. Genius
Answered 2w ago

Standard Chartered JumpStart is a good pick for allowance crediting and spending since there is a 1% cashback feature. You can back it up with a Singlife account, parking any excess funds you have inside to get that sweet 2.5% p.a returns.

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1) Keep up to 6 months of your expenses in a high interest saving account, such as SingLife for 2.5% interest per annum. (Emergency funds)

2) Keep maybe 10% of your savings in your ePOSBKids account. (This is for you to spend, credit your income to)

3) The rest will be fully invested in equities. (Stocks)

I would recommend DCA using Index Funds and learning how to pick your own stocks.

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Tinexxxx
Tinexxxx
Level 6. Master
Answered 3w ago

Singlife 2.5% p.a!!!:))

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DC
d c
Level 5. Genius
Answered 3w ago

Standard Chartered's Jumpstart account that offers 1% interest (used to be 2% though)

You can also consider placing some money in SingLife, which has an interest of 2.5% per annum (pretty good imo)

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