greatgreenman
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What's a good bank to start a savings account with roughly 2k monthly take home?
What's a good bank to start a savings account with roughly 2k monthly take home?
I would say that currently, Bank of China SmartSaver is the leader of the pack.
What's a good bank to start a savings account with roughly 2k monthly take home?
Only thing is have to use their CC though
I am using other CC for mileage.
I would say that currently, Bank of China SmartSaver is the leader of the pack.
If your company allow salary to be credited to a Bank of China account, BOC Smartsaver is the best. Can easily get up to 3.55% interest.
up to 0.4% base interest+
1% salary crediting bonus+
0.6% bill payment (simplest to just pay $5 to any 3 bills via ibanking)+
1.55% for min $500 spending on BOC credit and debit card (there are ways to easily meet the $500)
Only thing is have to use their CC though
I am using other CC for mileage.
So far the best one I've heard of is still OCBC 360. Problem for Bank of China is that they don't have as many ATMs as OCBC, which will definitely be a factor for me..
As far as ATMs is concerned, it is true that BOC has fewer ATMs than OCBC, although I have never needed to use a BOC ATM.
How I work around and mitigate this is to simply have a POSB account where the ATMs are far far more than OCBC. If I need to withdraw money, I just withdraw from my POSB. You could also transfer from BOC/OCBC into POSB and then withdraw from there.
Therefore, I am of the view that the network of ATMs isn't that significant a factor when deciding between OCBC and BOC.
so you usually ibank transfer to your dbs/posb account from BOC?
As far as ATMs is concerned, it is true that BOC has fewer ATMs than OCBC, although I have never needed to use a BOC ATM.
How I work around and mitigate this is to simply have a POSB account where the ATMs are far far more than OCBC. If I need to withdraw money, I just withdraw from my POSB. You could also transfer from BOC/OCBC into POSB and then withdraw from there.
Therefore, I am of the view that the network of ATMs isn't that significant a factor when deciding between OCBC and BOC.
can pay $1 singtel bill tooIf your company allow salary to be credited to a Bank of China account, BOC Smartsaver is the best. Can easily get up to 3.55% interest.
up to 0.4% base interest+
1% salary crediting bonus+
0.6% bill payment (simplest to just pay $5 to any 3 bills via ibanking)+
1.55% for min $500 spending on BOC credit and debit card (there are ways to easily meet the $500)
you can use any atm within the atm5 network including scb, maybank, hsbc, anz, etc, without any charges. so i don't think boc has a much smaller atm network than ocbc.
ATM should be the least of your worries since the idea of the account is to accumulate as much as you can until the cap and earn e interest.
I will rather set aside an expenses account for me to draw money. In fact since BOC has less ATM it discourages you from drawing out cash which is in line with accumulating as much as you can in the account.
Actually, I don't really use the funds in my BOC account as I like to see how much "interest" I have gained. So I just leave the $60,000 in there and whatever is there above that would be the interest. It was brought over from my account at OCBC 360 after I realised that BOC is much superior.
My POSB contains a small amount for day to day purposes that I use to withdraw if I need cash. However, you could also iBank from BOC to your DBS/POSB if that method suits your needs better.
In the end, the point I was trying to make is that the ATM network does not really make much of a difference these days. It would have been a significant factor in the old days where movement of money between accounts was much slower/more troublesome. With FAST, everything is instant now.