Savings account management

[jhyeo_]

Hi guys,

Does anyone know if there are any other high interest savings account which you can manage sub accounts like ocbc 360 savings goal?

I have been looking up but cannot seem to find any banks that offer such account management.

Dbs/posb can set up something like a savings account but it is outside of the high bonus interest savings account.

Posted with HardwareZone Forums app

 

[Trazora]

Dun see why there is a need for sub account to manage your account. Why not just use a spreadsheet and apportion the account account and use some simple calculation to track your cash inflow and outflow?

 

[Linguist]

Hi guys,

Does anyone know if there are any other high interest savings account which you can manage sub accounts like ocbc 360 savings goal?

I have been looking up but cannot seem to find any banks that offer such account management.

Dbs/posb can set up something like a savings account but it is outside of the high bonus interest savings account.

Posted with HardwareZone Forums app

try check up Maybank iSavvy account.
But its high interest is periodic basis. May not be what you want for long term.

The only thing I find good about OCBC is I can set SMS notification whenever there is incoming transaction (not just paynow, normal FAST/Cheque deposit too) to my bank account.

 

[jhyeo_]

It’s very tedious to do it on a monthly basis.
I need the sub accounts to automatically allocate my income to many categories. I’m trying to set budgets and follow strictly e.g. education, travel, savings, investment, expenses, allowance, etc. then draw accordingly. Maybe it is abit sophisticated? If you have better way to budget please advise me haha

Dun see why there is a need for sub account to manage your account. Why not just use a spreadsheet and apportion the account account and use some simple calculation to track your cash inflow and outflow?

Posted with HardwareZone Forums app

 

[jhyeo_]

Oh thanks! They do have the sub accounts feature. I’ll go check it out and consider.

try check up Maybank iSavvy account.
But its high interest is periodic basis. May not be what you want for long term.

The only thing I find good about OCBC is I can set SMS notification whenever there is incoming transaction (not just paynow, normal FAST/Cheque deposit too) to my bank account.

Posted with HardwareZone Forums app

 

[Linguist]

It’s very tedious to do it on a monthly basis.
I need the sub accounts to automatically allocate my income to many categories. I’m trying to set budgets and follow strictly e.g. education, travel, savings, investment, expenses, allowance, etc. then draw accordingly. Maybe it is abit sophisticated? If you have better way to budget please advise me haha

Posted with HardwareZone Forums app

When u draw money from ATM, can choose draw from which sub account meh?

For me broad category of my bank accounts is savings and expense (outgoing) accounts.

I only carry ATM cards for POSB/UOB. Rest are savings account

 

[jhyeo_]

Cannot, so if need to use any of the money from the sub accounts, need to release back to the main account.

Yea one way to is have many bank accounts and set up auto transfer with SI, only thing is cannot benefit from the higher bonus interest rate by pooling

When u draw money from ATM, can choose draw from which sub account meh?

For me broad category of my bank accounts is savings and expense (outgoing) accounts.

I only carry ATM cards for POSB/UOB. Rest are savings account

Posted with HardwareZone Forums app

 

[Linguist]

Cannot, so if need to use any of the money from the sub accounts, need to release back to the main account.

Yea one way to is have many bank accounts and set up auto transfer with SI, only thing is cannot benefit from the higher bonus interest rate by pooling

Posted with HardwareZone Forums app

So u will still need to login to ibanking and transfer the funds from sub account to main account.

Just start learning to use excel to track.
Setup 2 accounts.
1 for savings.
1 for incoming(salary) n outgoing(expenses).

Upon receive ur salary. I believe now u also need to login and disburse the monies to ur sub account.

So now u just disburse the amount u want to save. The rest keep in the same account n track using excel.

Start small. Then eventually u will be comfortable with excel and add in new bank (savings) accounts for their higher interest rates.

 

[Edwan@]

Can set auto transfer too so don’t need login monthly to transfer.

So u will still need to login to ibanking and transfer the funds from sub account to main account.

Just start learning to use excel to track.
Setup 2 accounts.
1 for savings.
1 for incoming(salary) n outgoing(expenses).

Upon receive ur salary. I believe now u also need to login and disburse the monies to ur sub account.

So now u just disburse the amount u want to save. The rest keep in the same account n track using excel.

Start small. Then eventually u will be comfortable with excel and add in new bank (savings) accounts for their higher interest rates.

 

[jhyeo_]

So for the high interest account to work, it has to be your salary crediting account, and it is best to have all your savings pooled there to enjoy higher interest.

The disbursement from salary to sub accounts could be automated with the 360 savings goal feature.

Thanks for your suggestion though. If i decide to adopt the excel way, i will continue to use dbs multiplier, because it’s somewhat easier to hit the overall interest bonus conditions compared to 360.

So u will still need to login to ibanking and transfer the funds from sub account to main account.

Just start learning to use excel to track.
Setup 2 accounts.
1 for savings.
1 for incoming(salary) n outgoing(expenses).

Upon receive ur salary. I believe now u also need to login and disburse the monies to ur sub account.

So now u just disburse the amount u want to save. The rest keep in the same account n track using excel.

Start small. Then eventually u will be comfortable with excel and add in new bank (savings) accounts for their higher interest rates.

Posted with HardwareZone Forums app