Asked on 14 Oct 2019
Hello, I'm going to start my first job early next year but the pay isn't high as I'm inexpensive, and I don't have any savings.
Looking for a savings account that will be suitable for me.
You're not inexpensive. Everyone has a worth. You just need to find the right place which values your skill sets and you will be able to improve your earnings potential.
Having said that, it does depend on your income and expenditure. If we are looking at the 3 local banks, if you have a minimum salary of $2000, you can consider OCBC 360 as they do not impost any further criteria to earn the extra interest. If your salary is $2000, but you do put a bit of spend on a credit card, then the DBS multiplier will work if your salary plus your spending is $2000 (e.g., credit $1800, spend $300, that will unlock bonus interest). I don't recommend UOB one as the criteria are for you to spend $500 minimum on their cards, which may not be the case every month.
If not, open a CIMB Fastsaver account and transfer funds there. You'll earn 1% with no criteria to be met.
Assuming you are below 27 years old, Standard Chartered jumpstart. 2% without any further requirements. Use it as a savings account (park your money)
Create a DBS multiplier account , and credit your salary to it. Transfer the amount you want to save monthly to the SC account. Then use the DBS one as expenditure account. DBS also easier to find ATMs.
There are many accounts comparison being done out there by many personal finance websites, you can check out seedly's write up too. Choose one that suits your situation best.
Want to tell you that although you may not be earning as much as you expect to, at least the question you asked shows that you are being proactive about your finances.
Also, your self-worth should not be tied to your salary.
Start saving as much as 20% even with what you have can be a nice stepping stone
Depends on your salary and spending habit. There are tons of pages that can be easily googled.
OCBC 360, DBS Multiplier, UOB one are the most common.
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