Best saving account?

[Trazora]

All these higher interest accounts are there to entice people to spend more money.

Rather save the money and spend less than to get meagre interests

Actually just need to spend any small amount on credit card to clock the credit card spend category for the case of DBS multiplier. Can also apply just $100 in POSB invest saver to clock the investsaver. Only mandatory requirement is the salary crediting. Should be quite easy to hit at least 1.8% interest.

 

[ExtremeWays]

Actually just need to spend any small amount on credit card to clock the credit card spend category for the case of DBS multiplier. Only mandatory requirement is the salary crediting.

Your credit card has annual fees of $120

Don't so naive to think the Banks are so "nice"

 

[Trazora]

Your credit card has annual fees of $120

Don't so naive to think the Banks are so "nice"

Posb/DBS always waive my credit card annual fees, even auto waive in the recent years.

 

[ExtremeWays]

Actually just need to spend any small amount on credit card to clock the credit card spend category for the case of DBS multiplier. Can also apply just $100 in POSB invest saver to clock the investsaver. Only mandatory requirement is the salary crediting. Should be quite easy to hit at least 1.8% interest.

Nikkon Asset management is a subsidiary of DBS

https://www.dbs.com/newsroom/DBS_As...create_a_leading_panAsian_asset_manager_MIGRT

You buy their product = give them fees and business

 

[Trazora]

Nikkon Asset management is a subsidiary of DBS

https://www.dbs.com/newsroom/DBS_As...create_a_leading_panAsian_asset_manager_MIGRT

You buy their product = give them fees and business

Don't see any problem. Can redeem immediately if just want to clock for dbs multiplier. Only cost 0.5%-1% (50cents-$1) fees, for a boost in the interest

 

[vegavega25]

Nikkon Asset management is a subsidiary of DBS

You buy their product = give them fees and business

I am more than happy to give DBS fees worth 7.25% of the fees charged on my investment (because that is the minority stake that DBS has in Nikko AM), in order to get the additional bump in interest rate on my savings with them.

Your credit card has annual fees of $120

Don't so naive to think the Banks are so "nice"

All these higher interest accounts are there to entice people to spend more money.

Rather save the money and spend less than to get meagre interests

"All these"? Some are, whereas some like the DBS Multiplier have rather lenient conditions. But of course people should think about whether they are spending more than they would if they were not chasing the reward/bonus category etc. That is obvious. There is a ton of research out there that shows that merely spending using a credit card increases expenditure compared to spending in cash. So the starting point for any awareness on the issue is well before any bonus category or even interest rate calculations.

Unclear what your point across your multiple posts is. Are you actively discouraging people from availing of the possibility of a higher interest rate on their bank deposit?

On the specific DBS Multiplier account case, the worst case scenario is if DBS/POSB refuses to waive the annual fee, close the card and fall back from 3 to 2 transaction categories. If already on only 2 categories then look elsewhere among some of the other bank account products with more complicated interest tiers. But until you can avail of it - a year even - do so.

 

[sylves]

Collecting about $200 each month from OCBC 360 & UOB 1.

Also another $30 plus from POSB Bonus Cashback.

wow, you must be spending more than 1k per mth to gain that.

 

[Purplestars]

I am more than happy to give DBS fees worth 7.25% of the fees charged on my investment (because that is the minority stake that DBS has in Nikko AM), in order to get the additional bump in interest rate on my savings with them.






"All these"? Some are, whereas some like the DBS Multiplier have rather lenient conditions. But of course people should think about whether they are spending more than they would if they were not chasing the reward/bonus category etc. That is obvious. There is a ton of research out there that shows that merely spending using a credit card increases expenditure compared to spending in cash. So the starting point for any awareness on the issue is well before any bonus category or even interest rate calculations.

Unclear what your point across your multiple posts is. Are you actively discouraging people from availing of the possibility of a higher interest rate on their bank deposit?

On the specific DBS Multiplier account case, the worst case scenario is if DBS/POSB refuses to waive the annual fee, close the card and fall back from 3 to 2 transaction categories. If already on only 2 categories then look elsewhere among some of the other bank account products with more complicated interest tiers. But until you can avail of it - a year even - do so.

Many of the trolls here are stuck up with their habits of buying bonds for years, and they can't handle the new availability of high interest rates bank accounts.

Rather than learn and adapt, they rather play sour grapes and try to troll people off these new fangled stuff and make others be like them.

Your credit card is good for 1 year without annual fee. From experience, they are more than happy to waive fees off the card. If they refuse waiver, well cancel the card and apply for a new one. DBS offers so many cards. If you apply for a new one every year it will take you years to run out.

 

[Soul77]

The bank interest are definitely going up, just that it's not plain vanilla type of FD / Saving Accounts. They are making it in more complicated products and require certain degree of savviness to be able to hit those 2-4%

 

[windwaver]

1) need min $15,000 in maxigain to avoid fall below fee.

2) it is quite easy to clock salary crediting+2 other categories of transactions with DBS to earn 2%-3.5% interest on DBS multiplier https://www.dbs.com.sg/personal/landing/dbs-multiplier/

That Citibank Maxigain Savings is a step up account right?

 

[XtraderX]

I'm surprised why no one talk abt UOB one ? I tot it's the easiest (just 3 bills and $500 spend)

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[hwmook]

I'm surprised why no one talk abt UOB one ? I tot it's the easiest (just 3 bills and $500 spend)

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It's the easiest so no need to discuss, you see everybody is using it.

 

[queerquirks]

Many of the trolls here are stuck up with their habits of buying bonds for years, and they can't handle the new availability of high interest rates bank accounts.

Rather than learn and adapt, they rather play sour grapes and try to troll people off these new fangled stuff and make others be like them.

Your credit card is good for 1 year without annual fee. From experience, they are more than happy to waive fees off the card. If they refuse waiver, well cancel the card and apply for a new one. DBS offers so many cards. If you apply for a new one every year it will take you years to run out.

I been using citibank cards for the last 2 years and since I basically charged all my expenses there, my waiver is pretty much approved.

When you state: "If they refuse waiver, cancel the card and apply for a new one", means request for waiver before the fee is due? eg. 10months and cancel if waiver rejected is it.

 

[Perisher]

I'm surprised why no one talk abt UOB one ? I tot it's the easiest (just 3 bills and $500 spend)

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$500 not easy... I don't usually hit it.

 

[Buzy_bee]

I'm surprised why no one talk abt UOB one ? I tot it's the easiest (just 3 bills and $500 spend)

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$500 spend is high and not all ppl can hit that consistently in a quarter. Personally I can't

 

[XtraderX]

$500 not easy... I don't usually hit it.

Hahaha good life la. Must be single no commitment. Enjoy whilst it lasts!!

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[XtraderX]

$500 spend is high and not all ppl can hit that consistently in a quarter. Personally I can't

U too lo. Enjoy yr single good!

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[xXxJavierxXx]

have 20k savings. can fulfill 2k salary and more than $1k spending. which account is the best?

 

[revhappy]

Hahaha good life la. Must be single no commitment. Enjoy whilst it lasts!!

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I also don't hit. Basically I found out shopping in places that don't accept credit cards, is cheaper. For example Meiji milk costs $5.65 at fairprice. I found neighborhood shop in my HDB block sell for $5.30.

Another example I like post cereals. Fairprice costs usually $5.80 unless some promo. The same thing at value dollar shop at Changi city point mall costs $4.95.

Also there is a CK store near our house, they import stuff like soaps, shampoo, dishwashing liquid etc from cheaper countries and prices are much more cheaper than fairprice. CK don't accept credit card.

Fairprice is generally more expensive than its low cost alternatives, so I avoid shopping there.

I may not be able to clock credit card spend, but net net I save more money.

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[TabascoSauce]

I also can't hit $500 cc spend half the time