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Old 01-08-2020, 12:13 PM   #1
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Cash Consolidation

I currently have 15 months' expenses equivalent in cash, spread over many accounts acquired organically - 8k here, 15k there, 20k over there and so on. I suppose it makes sense to pool the money together into fewer accounts? Where is good to park some?

Last edited by polyglob; 01-08-2020 at 01:04 PM.. Reason: Clarify the numbers are examples
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Old 01-08-2020, 12:21 PM   #2
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I currently have 15 months' expenses equivalent in cash, spread over many accounts acquired organically - 8k here, 15k there, 20k over there. I suppose it makes sense to pool the money together into fewer accounts? Where is good to park some?
so you got total how much? 43k?
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Old 01-08-2020, 12:45 PM   #3
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so you got total how much? 43k?
100k 6 banks 8 accounts
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Old 01-08-2020, 12:47 PM   #4
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100k 6 banks 8 accounts
Woah, you sure have a lot of patience to manage so many
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Old 01-08-2020, 12:49 PM   #5
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I currently have 15 months' expenses equivalent in cash, spread over many accounts acquired organically - 8k here, 15k there, 20k over there. I suppose it makes sense to pool the money together into fewer accounts? Where is good to park some?
so you have 3 accounts.
you want to pool them together into fewer accounts.
the simple answer is that you should close your most useless account first that gives you lowest interest and lowest benefits.

after doing that, you have 2 accounts which should be just nice. I feel its too risky to go down to 1 account. What if the account is frozen / target of a scam, etc?
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Old 01-08-2020, 12:58 PM   #6
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Woah, you sure have a lot of patience to manage so many
Not been managing. That's why now thinking about it. The accounts came about like for last employer salary crediting I opened DBS Multiplier, two previous employers each mandated opening accounts at specific banks, I had a Maybank FD which matured and became Maybank savings...
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Old 01-08-2020, 12:59 PM   #7
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so you have 3 accounts.
you want to pool them together into fewer accounts.
the simple answer is that you should close your most useless account first that gives you lowest interest and lowest benefits.

after doing that, you have 2 accounts which should be just nice. I feel its too risky to go down to 1 account. What if the account is frozen / target of a scam, etc?
Should've been clearer. I have 6 banks 8 accounts. And then one of my credit cards is from yet another bank LoL. I am ok to cut down to 3-4 accounts.
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Old 01-08-2020, 01:08 PM   #8
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100k 6 banks 8 accounts
now no need so many lah..

all interest rate so low

one for ur salary + card spending.. e.g. DBS multiplier
one for high interest saving.. e.g. RHB
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Old 01-08-2020, 01:21 PM   #9
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DBS multiplier can liao

100k + 3 categories (income, $1 on credit card, $10 on vickers, home loan, $10 cancer care insurance)
3.3%
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Old 01-08-2020, 01:25 PM   #10
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Thinking hard how to deploy funds with low interest rates now.
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Old 01-08-2020, 01:32 PM   #11
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Thinking hard how to deploy funds with low interest rates now.
Best time to deploy funds no?
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Old 01-08-2020, 04:24 PM   #12
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Thanks all. Posting and reading your replies help me crystallize which accounts I should close.
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Old 01-08-2020, 05:08 PM   #13
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Is ok. I have 12 cash accounts in 5 banks (excluding fd accounts). If they dont charge or only require little min balance, just keep them open lor. U nvr know when it will be useful again. However, u should still monitor those inactive accts at least once a year in case the banks secretly change the t&c.

Last edited by wutawa; 01-08-2020 at 05:34 PM..
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Old 01-08-2020, 05:17 PM   #14
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There is no need to maintain minimum balance. Just leave it at 0 and nothing happens. No need to close the accounts. I have so many bank accounts, all with zero balance and now all my money is in Singlife account.

My DBS multiplier also zero balance, even though it is for giro for tax and my salary account. Just make sure, on the last day of the month, there is no residual balance in the account. If you have even a small balance they will deduct the fall below fee. If no balance no fee.
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Old 01-08-2020, 05:20 PM   #15
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Try that with maybank and ocbc.

Maybank requires min $10 in acct. After that will deduct $2/mth. Ocbc can have min $0. After 6 mths will send warning letter. My 2 360 accts were closed by force.

Last edited by wutawa; 01-08-2020 at 05:22 PM..
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