Best saving account?

[Purplestars]

This doesn't work in UOB ONE, but you can try the instalment trick?

When you buy a big ticket item like a new TV, laptop or fridge, choose to pay by 0% instalment. Pay the instalment with your credit card every month. That should help you hit $500 every month.

 

[Trazora]

This doesn't work in UOB ONE, but you can try the instalment trick?

When you buy a big ticket item like a new TV, laptop or fridge, choose to pay by 0% instalment. Pay the instalment with your credit card every month. That should help you hit $500 every month.

0% instalment not counted for rebate/interest on UOB One.

 

[XtraderX]

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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Of cos immediate savings still makes sense.

But there are people like us, need to pay this pay that. E.g. eat at restaurant la.. buy clothes and shoes from shopping mall etc

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[Buzy_bee]

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

If we take into consideration just salary and cc spend, I will recommend DBS Multiplier for 1.85% p.a interest

https://www.dbs.com.sg/personal/landing/dbs-multiplier/?cid=sg-dbs-vanity-others-dbs-multiplier

BOC will give you only 1.6% p.a interest (assuming your take home salary is $2-6k)

www.bankofchina.com/sg/pbservice/pb1/201611/t20161130_8271280.html


OCBC will give you only 1.5% p.a interest

https://www.ocbc.com/personal-banking/accounts/360-account.html

 

[Purplestars]

0% instalment not counted for rebate/interest on UOB One.

That's what I said

 

[greythorne]

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

I’m kind of confused which bank to put my money. Now all my savings goes to BOC SmartSaver account. I have CIMB Fastsaver where every month put small amount.

Now I’m thinking if I should get Citibank Maxigain and put 10k inside and use it as another savings account.

 

[Buzy_bee]

I’m kind of confused which bank to put my money. Now all my savings goes to BOC SmartSaver account. I have CIMB Fastsaver where every month put small amount.

Now I’m thinking if I should get Citibank Maxigain and put 10k inside and use it as another savings account.

Maxigain needs 15k for minimum initial deposit

 

[Trazora]

I’m kind of confused which bank to put my money. Now all my savings goes to BOC SmartSaver account. I have CIMB Fastsaver where every month put small amount.

Now I’m thinking if I should get Citibank Maxigain and put 10k inside and use it as another savings account.

what is the %interest you earning on smartsaver? Have you maxed out the 60k on smartsaver?

 

[Layers]

any acc can beat uob one acc?

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[fun4life]

any acc can beat uob one acc?

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At least to me, it is the last one and why bother to beat?

 

[1982-1994]

Maybank saveup programme is good.

Salary credit 2k
Combined giro payment $300
Credit card spend $500.

Example if you put in 50k and that's your daily average balance;
First 3k 0.1875%
Next 47k 0.25%
(0.1875% x 3k) + (0.25% x 47k) /100
$5.63 + $117.5 = $123.13 interest.

But must at least spend $500 + $300 =$800

 

[Layers]

At least to me, it is the last one and why bother to beat?

cos card fee nv got waived

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[Layers]

Maybank saveup programme is good.

Salary credit 2k
Combined giro payment $300
Credit card spend $500.

Example if you put in 50k and that's your daily average balance;
First 3k 0.1875%
Next 47k 0.25%
(0.1875% x 3k) + (0.25% x 47k) /100
$5.63 + $117.5 = $123.13 interest.

But must at least spend $500 + $300 =$800

i dun get ur calculation

0.25% x 47k = 117.5
0.1875% x 3k = 0.56

(118.06 x 12)/50k = 2.83% p.a

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[Trazora]

i dun get ur calculation

0.25% x 47k = 117.5
0.1875% x 3k = 0.56

(118.06 x 12)/50k = 2.83% p.a

Sent from Samsung SM-N950F using GAGT

For $50k average daily balance
base interest:
0.1875% p.a. for first 3k = 5.625
0.25% p.a for next 47k = 117.5

bonus interest 2.75% p.a. of 50k=1375

5.625+117.5+1375=1498.13

1498.13/50k =2.996% p.a.

 

[optimus_prime888]

Effective interest for UOB one is 2.43% which is less than Maybank Saveup of around 3%

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[RoLanTo]

so now BOC smartsaver no longer best?

 

[purplejigglypuff]

i think seedly did a comprehensive blog post, i can't link it here bc i have less than 10 post heh.
can try googling
"Cheat Sheet: Best Savings Accounts in Singapore For Working Adults 2018?"

 

[vddgnd]

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.

Sent from Xiaomi REDMI NOTE 4 using GAGT

I also shop at CK, items not on promo also frequently cheaper than Fairprice and Sheng Siong, no credit card but accept Nets FP and QR.

 

[maple96]

I also shop at CK, items not on promo also frequently cheaper than Fairprice and Sheng Siong, no credit card but accept Nets FP and QR.

Ck chinatown accept credit cards, now got paywave so get 10% discount

 

[fun4life]

i dun get ur calculation

0.25% x 47k = 117.5
0.1875% x 3k = 0.56

(118.06 x 12)/50k = 2.83% p.a

Sent from Samsung SM-N950F using GAGT

What are you calculating for? Totally wrong.