Alternative bank choice

[backsight]

i want to switch from DBS to another bank. Is OCBC better?

 

[havetheveryfun]

Depends on what u are looking for. Higher interest rates? Better services? Prettier RMs?

 

[backsight]

yes higher interest rate or fix deposit rate. and i don’t like dbs already

Depends on what u are looking for. Higher interest rates? Better services? Prettier RMs?

 

[cassowary18]

Everywhere now all the same lah. No point switching.

 

[reddevil0728]

yes higher interest rate or fix deposit rate. and i don’t like dbs already

Eh you will be able to compare yourself what?

 

[Okenba]

DBS/POSB easiest to find ATMs.

 

[reddevil0728]

DBS/POSB easiest to find ATMs.

and longer queue.

 

[polyglob]

i want to switch from DBS to another bank. Is OCBC better?

You can ask banks about new-to-bank promos. Depending on how much you bringing over, they may give you cash.

 

[RedsYWNA]

These are the various options with conditions attached, esp on salary and credit card spend.

DBS Multiplier, UOB One, Maybank Saveup, and BOC Smartsaver. Excess cash under BOC smartsaver gets 0.6% per annum up to S$1 million.

I have all 4, but excess amounts are parked under BOC Smartsaver for a miserable 0.6%.

If you have to just choose 1, I would choose BOC Smartsaver (if you can tolerate the terrible interface).

 

[BBCWatcher]

DBS/POSB offers their My Account with zero minimum balance, so there's no harm in keeping a minimal ongoing relationship with DBS/POSB even if you end up preferring another bank.

 

[m@maboi]

yes higher interest rate or fix deposit rate. and i don’t like dbs already

Most local banks % are similiar... close to zero... CIMB offer quite decent interest rate for any amount below $100k. For FD, dont need to be bank loyal, whenever there are good %, you can approach any banks (need not to be their banking customer) to enjoy the FD.

 

[Trazora]

Most local banks % are similiar... close to zero... CIMB offer quite decent interest rate for any amount below $100k. For FD, dont need to be bank loyal, whenever there are good %, you can approach any banks (need not to be their banking customer) to enjoy the FD.

CIMB also quite bad ah

 

[celtosaxon]

DBS/POSB offers their My Account with zero minimum balance, so there's no harm in keeping a minimal ongoing relationship with DBS/POSB even if you end up preferring another bank.

My Account also seems good for those who want to keep a local account when leaving Singapore for an extended period. Maybe that, and/or CIMB Star Saver, for fee-free ATM withdrawals abroad, since they also have zero minimum balance. Doing transfers between the two accounts might help avoid inactivity issues as well.

What minimal use credit card(s) would be good to maintain active credit during an extended period abroad? I’m thinking the UOB Singtel with no annual fee when set to auto-pay Singtel bill. Probably need to maintain a post-paid plan for 2FA anyway.

 

[Perisher]

Endowus?
It's not a bank, just parking in a mmf. Safer than stocks, slightly higher risk than bank savings account.

 

[m@maboi]

CIMB also quite bad ah

yes pretty bad... not suitable for everyday transaction needs. more like parking the money there and don't touch kind...

up till now, i never seen any banks whose call centre close after 5pm.

 

[kkcheng77]

Dash easyearn? Park for a year at 1.8%
Or maybe wait for digital bank to start interest war then see again stay or switch lor.

 

[backsight]

thank you all for your response

 

[BBCWatcher]

What minimal use credit card(s) would be good to maintain active credit during an extended period abroad? I’m thinking the UOB Singtel with no annual fee when set to auto-pay Singtel bill. Probably need to maintain a post-paid plan for 2FA anyway.

You can extend the validity of a M1 prepaid SIM by 180 days for a charge of S$2.40 deducted from the main balance. You can top up a M1 SIM in (as small as) S$2 increments via Qoo10.sg. So there you go: about S$5/year all-in to maintain a Singapore mobile number that can receive SMS text messages, if that's what you wish to do.

Among credit cards available to the general public, CIMB's credit cards obviously work since they're annual fee free for life. Maybank's Platinum Visa is almost as good since you can waive all fees simply by making one charge every quarter, even if it's one small item priced by weight from a supermarket (such as one loose peanut -- wouldn't that be fun?) or one S$2 M1 top up.

Here's a fun formula: (1) set up your Maybank Visa Platinum or CIMB credit card for automatic full balance GIRO payments; (2) buy your 2 cent loose peanut every quarter (for example); (3) do nothing. Evidently the banks won't trigger the GIRO payments below S$10, but they also won't charge interest or make a negative report to the credit bureau. Yes, the bank might send you nasty letters, but that's about it. I still pay my sub-S$10 credit card bills since I'm a nice person, but this is what I learned. Caveat emptor. But if this is all correct, then at 8 cents per year you could do this for 125 years before getting to S$10.

 

[reddevil0728]

You can extend the validity of a M1 prepaid SIM by 180 days for a charge of S$2.40 deducted from the main balance. You can top up a M1 SIM in (as small as) S$2 increments via Qoo10.sg. So there you go: about S$5/year all-in to maintain a Singapore mobile number that can receive SMS text messages, if that's what you wish to do.

Among credit cards available to the general public, CIMB's credit cards obviously work since they're annual fee free for life. Maybank's Platinum Visa is almost as good since you can waive all fees simply by making one charge every quarter, even if it's one small item priced by weight from a supermarket (such as one loose peanut -- wouldn't that be fun?) or one S$2 M1 top up.

Here's a fun formula: (1) set up your Maybank Visa Platinum or CIMB credit card for automatic full balance GIRO payments; (2) buy your 2 cent loose peanut every quarter (for example); (3) do nothing. Evidently the banks won't trigger the GIRO payments below S$10, but they also won't charge interest or make a negative report to the credit bureau. Yes, the bank might send you nasty letters, but that's about it. I still pay my sub-S$10 credit card bills since I'm a nice person, but this is what I learned. Caveat emptor. But if this is all correct, then at 8 cents per year you could do this for 125 years before getting to S$10.

where did they say you can extend by 180 days by just paying $2.40?

 

[TiedInsurer]

You can extend the validity of a M1 prepaid SIM by 180 days for a charge of S$2.40 deducted from the main balance. You can top up a M1 SIM in (as small as) S$2 increments via Qoo10.sg. So there you go: about S$5/year all-in to maintain a Singapore mobile number that can receive SMS text messages, if that's what you wish to do.

Among credit cards available to the general public, CIMB's credit cards obviously work since they're annual fee free for life. Maybank's Platinum Visa is almost as good since you can waive all fees simply by making one charge every quarter, even if it's one small item priced by weight from a supermarket (such as one loose peanut -- wouldn't that be fun?) or one S$2 M1 top up.

Here's a fun formula: (1) set up your Maybank Visa Platinum or CIMB credit card for automatic full balance GIRO payments; (2) buy your 2 cent loose peanut every quarter (for example); (3) do nothing. Evidently the banks won't trigger the GIRO payments below S$10, but they also won't charge interest or make a negative report to the credit bureau. Yes, the bank might send you nasty letters, but that's about it. I still pay my sub-S$10 credit card bills since I'm a nice person, but this is what I learned. Caveat emptor. But if this is all correct, then at 8 cents per year you could do this for 125 years before getting to S$10.

IIRC, a prepaid number cannot be converted to a postpaid number right? It's a one way street.