Lastest S$ Deposit updates - Part 3

vsvs24

Master Member
Joined
Feb 3, 2018
Messages
4,776
Reaction score
114
hi all need advice. I suck at finance.
So long story short.

thinking of choosing the best bank account for depositing salary to get the brsf

My new salary will be 96k pa. Deciding between Ocbc 360 and Dbs multiplier.
- I currently use Dbs live fresh cc (mostly)
- I have some GE Insurance (do they qualify for OCBC 360?)
- don’t plan to put savings in bank. Cos putting in posb invest savers (currently have 30k inside, putting 1k a mth, planning to increase. But I just realised there’s a .82% transaction fee which is a lot)

thanks bros
The important info lacking here is how much bank balance are you planning. And how much is your credit card spend
 

vsvs24

Master Member
Joined
Feb 3, 2018
Messages
4,776
Reaction score
114
Not sure yet..I think probably 1k balance, cc spend around 1.5k or lesser
If low bank balance than OCBC 360 and DBS Multiplier is not for you since meeting the various criteria is to get higher rates applied to the bank balance.

Take a look at POSB Cashback bonus. This is not based on bank balance but transactions.

All 3 products have calculators on their website. Put in the figures and see. Also check that the investments you take up are eligible.

Btw, maybe you should learn to invest on your own instead of using POSB invest.

 
Last edited:

Depressed_dude

Junior Member
Joined
Mar 6, 2017
Messages
81
Reaction score
0
If low bank balance than OCBC 360 and DBS Multiplier is not for you since meeting the various criteria is to get higher rates applied to the bank balance.

Take a look at POSB Cashback bonus. This is not based on bank balance but transactions.

All 3 products have calculators on their website. Put in the figures and see. Also check that the investments you take up are eligible.

Btw, maybe you should learn to invest on your own instead of using POSB invest.

What do you mean by ban balance though? Salary not counted?

Btw I’m not eligible for POSB bonus, no point signing up for a random investment or insurance with them just to get a few dollars a year and lose even more
 
Last edited:

Utonian

Member
Joined
Nov 17, 2012
Messages
183
Reaction score
5
if you are looking for "high" interest savings account and determining which hoops you can jump through to unlock higher interest.

you need to know:
1) how much u going to keep in the saving account (because some banks the interest rate is tiered - higher balance higher rate)
2) the hoops you can jump (CC spend - you mentioned about 1k, salary credit of about 6800 p/m for you, then open to investments? insurance? )
3) are you the type of person who want to put in and forget or ok to spend some time to monitor and make adjustment monthly to maximise interest?
4) alternatively you can afford to lock in longer periods for other products?
 

merlot6230

Senior Member
Joined
Jan 7, 2005
Messages
1,067
Reaction score
178
Only for Richies who has 50k
I dont even hve a 10th of it!!!!

3yrs is fast and 4.75% 3yrs

My best Fd is 2.05% during covid2020 for 3yrs but w/o min sum- i hve no complaints!!!
just sign up in time !

should be 1.5% instead of4.75% just to hook your attention from their marketing gimmick.
 
Last edited:

lzydata

Master Member
Joined
Oct 16, 2010
Messages
3,591
Reaction score
40
FD database updated for August, with chuanz's interface:


CIMB has slightly upped its FD offers 0.05% pa. Now you can get max 0.80% pa for a 24 months FD (preferred banking).

 

~sabaisabai~

Arch-Supremacy Member
Joined
Sep 12, 2016
Messages
13,746
Reaction score
175
FD database updated for August, with chuanz's interface:


CIMB has slightly upped its FD offers 0.05% pa. Now you can get max 0.80% pa for a 24 months FD (preferred banking).

thanks, so it is still 0.75% for non preferred
 
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.
Top