For Advice: Lump Sum Deposit

[eDisFieD]

I've just closed down my BOC Smartsaver as I'm unable to fulfill its new requirements, ie increase in salary amount, increase in credit card spending, etc.

Prior to the closing of BOC, I've also UOB One and OCBC 360 accounts. Hence, can the finance experts here advise me on where to deposit my money (from BOC Smartsaver) next?

I'm looking for account that doesn't require salary deposit or cc spending. Help, thanks!

 

[skyfpdotcom]

You can probably consider CIMB FastSaver?
Would be a good accumulation account with limited branches and atm machines around.

 

[henrylbh]

I've just closed down my BOC Smartsaver as I'm unable to fulfill its new requirements, ie increase in salary amount, increase in credit card spending, etc.

Prior to the closing of BOC, I've also UOB One and OCBC 360 accounts. Hence, can the finance experts here advise me on where to deposit my money (from BOC Smartsaver) next?

I'm looking for account that doesn't require salary deposit or cc spending. Help, thanks!

If withdraw cash to go another bank, prepare to get questioned by either or both banks

 

[eDisFieD]

If withdraw cash to go another bank, prepare to get questioned by either or both banks

Really, do they even ask? After all it's my money right

 

[dendii]

Will just be part of the procedure to prevent money laundering etc. Nothing serious if everything normal.

Really, do they even ask? After all it's my money right

 

[BBCWatcher]

Please, please, please don't carry or hold large amounts of cash. You can electronically transfer funds within a few seconds now using FAST (and within a couple days using GIRO). Cash can be stolen or lost, easily, with no recourse. It doesn't collect interest, either.

In many countries the police can seize the cash in a process called "civil asset forfeiture." (Consider this example.) You then have to prove the cash is legally yours (and legally obtained). It's often a long and expensive process to do that, and if you get your money back sometime later you won't get any interest.

This is very third world thinking, to carry lots of cash, and even there not great thinking. Please don't, at least not in Singapore.