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Old 17-05-2018, 11:15 PM   #1
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Question How to maximize monthly interest from bank accts

Is below workable? Pls advise.

Capital $150k
Salary > $5k
utility bill
hp bill
starhub bill
income tax
2x property tax
town council s&cc
2x AIA insurance monthly premium

I am thinking to open a SC bonus$aver acct.
Deposit $100k
Monthly Salary credit
3 bill payments via GIRO = tc s&cc, 2x AIA monthly premium
Est interest per month = $114.65

Then open a uob one acct
Deposit $50k
3 Giro transaction = income tax, 2x property tax
Spend S$500 on Credit card = utility, hp and starhub bills
Est interest per month = $118

Total interest earn per mth = $232.65

Last edited by cslkelvin; 18-05-2018 at 09:00 AM..
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Old 18-05-2018, 12:07 AM   #2
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I am using OCBC 360 Account

Earning max interest per month
@ $ 107 each month

Combine this account with OCBC 365 Credit Card for various spending
Getting back $40-50 cash back each month .
(Max cashback capped @ $80 per month )
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Old 18-05-2018, 08:32 AM   #3
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1. BOC Smartsaver capped 60k (salary credit + 3x30 bill payments per mth + 500/1500 per mth spend)

2. UOB One capped 50k (500 per mth spend + Giro 3 bills per mth to replace mthly salary crediting)

3. CIMB Fastsaver capped 50k

For details and TnCs, refer to each bank's website.

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Old 18-05-2018, 04:22 PM   #4
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Might want to check out Maybank SaveUp account as well.
It is the better deal to me.
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Old 18-05-2018, 09:02 PM   #5
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1) Open 2 citi maxigain accounts (1 single + 1 joint)
- pledge to deposit $150,000 each for 2.4% pa after a year
- But for your case just $50,000 will do at 2.4% but aim to save max the $150,000 for both maxigain account
- this is a step-up account and so preferably no withdrawal

2) open a uob one saving account
- deposit $50,000 @2.4% pa
- 3 giro from it (telco, town council, sp)
- split your income tax into 12 mths installment to clock $500 min spending

3) open a dbs multiplier
- deposit $50,000 for 2% pa
- credit salary to any of your dbs account
- use dbs as mortgage lender for your hdb
- use DBS credit card for ezlink

I think with these combination, 1 month interest can get $250 at least from your $150,000 cash to pay off for your monthly bills in your 3 giro deduction
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Old 18-05-2018, 09:05 PM   #6
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1. BOC Smartsaver capped 60k (salary credit + 3x30 bill payments per mth + 500/1500 per mth spend)

2. UOB One capped 50k (500 per mth spend + Giro 3 bills per mth to replace mthly salary crediting)

3. CIMB Fastsaver capped 50k

For details and TnCs, refer to each bank's website.

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(1) and (2) will require bill payment and giro, not sure how to accumulate 6 giro to deduct each month unless one consider paying off credit card bill as 1 giro deduction ba
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Old 18-05-2018, 09:06 PM   #7
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Is below workable? Pls advise.

Capital $150k
Salary > $5k
utility bill
hp bill
starhub bill
income tax
2x property tax
town council s&cc
2x AIA insurance monthly premium

I am thinking to open a SC bonus$aver acct.
Deposit $100k
Monthly Salary credit
3 bill payments via GIRO = tc s&cc, 2x AIA monthly premium
Est interest per month = $114.65

Then open a uob one acct
Deposit $50k
3 Giro transaction = income tax, 2x property tax
Spend S$500 on Credit card = utility, hp and starhub bills
Est interest per month = $118

Total interest earn per mth = $232.65
Suggestion to not split your insurance to pay by monthly

Make it lump sum yearly payment to save the 5% difference
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Old 21-05-2018, 12:53 PM   #8
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How to pay income tax using uob one card?

1) Open 2 citi maxigain accounts (1 single + 1 joint)
- pledge to deposit $150,000 each for 2.4% pa after a year
- But for your case just $50,000 will do at 2.4% but aim to save max the $150,000 for both maxigain account
- this is a step-up account and so preferably no withdrawal

2) open a uob one saving account
- deposit $50,000 @2.4% pa
- 3 giro from it (telco, town council, sp)
- split your income tax into 12 mths installment to clock $500 min spending

3) open a dbs multiplier
- deposit $50,000 for 2% pa
- credit salary to any of your dbs account
- use dbs as mortgage lender for your hdb
- use DBS credit card for ezlink

I think with these combination, 1 month interest can get $250 at least from your $150,000 cash to pay off for your monthly bills in your 3 giro deduction
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Old 21-05-2018, 03:02 PM   #9
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3 of the best savings accounts for you:

1. UOB One at 2.43% for 50k, $500 credit card charge plus 3 giros (3 credit bills possible)

2. BOC Smartsaver at 2.35% for 60k, $1500 credit card charge, 3 bill payments of $30 each (3 credit card bills possible). (credit card charge can earn u rebates for some bills)

3. DBS Multiplier at 1.95% for remaining funds (salary> 5k, plus credit card of at least $1)

Check if all your bills can add up to $1500 and $500 to charge to the 2 or more credit cards above. (u can charge to 2 credit cards with BOC)
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Old 21-05-2018, 03:41 PM   #10
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1) Open 2 citi maxigain accounts (1 single + 1 joint)
- pledge to deposit $150,000 each for 2.4% pa after a year
- But for your case just $50,000 will do at 2.4% but aim to save max the $150,000 for both maxigain account
- this is a step-up account and so preferably no withdrawal
Thanks, but isn't it up to 2%? How to get the extra 0.4%?
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Old 21-05-2018, 05:04 PM   #11
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3 of the best savings accounts for you:

1. UOB One at 2.43% for 50k, $500 credit card charge plus 3 giros (3 credit bills possible)

2. BOC Smartsaver at 2.35% for 60k, $1500 credit card charge, 3 bill payments of $30 each (3 credit card bills possible). (credit card charge can earn u rebates for some bills)

3. DBS Multiplier at 1.95% for remaining funds (salary> 5k, plus credit card of at least $1)

Check if all your bills can add up to $1500 and $500 to charge to the 2 or more credit cards above. (u can charge to 2 credit cards with BOC)
The interest rate you mention is for the incremental portion of balance and not the total balance in the account right?

If you earn around $3K and you have to spend $2K to enjoy these special interest. The actual interest earned is not much.

Last edited by cscs3; 21-05-2018 at 05:06 PM..
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