Which two accounts should I use for Savings and Expenditure? - Seedly

Bank Account

Asked by Sylvia Lew

Asked on 15 Jul 2018

Which two accounts should I use for Savings and Expenditure?

I currently have two accounts - POSB Passbook Savings and DBS Multiplier.

The POSB account is barely used. The DBS Multiplier is my main account, and I'm trying to earn maximum interest by hitting the 1) minimum spend on credit card, 2) credit salary into this account, and 3) investments.

Another Seedly article (https://blog.seedly.sg/working-adults-allocate-your-monthly-salary/) recommends to having 3 separate accounts for savings, expenditure and wealth. Savings and wealth can be combined into one account, so that's not a problem.

But as my expenditure consists of both cash + credit card spending, of which credit card spending is required to earn max interest in my DBS Multiplier account, how should I best separate my two accounts (Savings + wealth DBS Multiplier and Expenditure) and which accounts should I use?


Answers (2)

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Randall Tan
Randall Tan
Level 5. Genius
Updated on 11 Jul 2019

Method 1: Seedly App

  • Use DBS Multiplier for Savings, wealth and expenditure. Use Seedly App to track your inflow and outflow.

Method 2: POSB Savings

  • Allocate an amount for expenditure to this account monthly. (No minimum spend on credit card for DBS Multiplier)

Currently, I am using both methods. I track everything using the Seedly app and every month I will transfer $500 to my POSB Savings account for expenses. I am using DBS debit visa card as my main card as most of my expenses comes from contactless payment. (10% cashback https://www.dbs.com.sg/personal/promotion/beepbeepkaching) To fulfill DBS Multiplier criteria, I spend at least $1 on DBS credit card.

Hope it helps!


Jared Ho
Jared Ho

11 Jul 2019

Hi there, is there still cashback for contactless payment via DBS debit card?
Randall Tan
Randall Tan

11 Jul 2019

Yes there is. It's 3% cashback now.
Nick Chiong
Level 4. Prodigy
Answered on 18 Dec 2019

OCBC 360 for saving - got step up interested

charge expenditure ocbc 365 credit card for further rebate