savings account Archives | MoneyDigest.sg

Open These 3 Bank Accounts If You Have A Family

What is wrong with having one bank account for the entire family? Nothing! However, financial stability may be reaped through spreading your eggs in several baskets. Setting aside enough cash to maintain one account is already a tough task, especially if you are barely making ends meet.

If you can afford to keep your money in separate accounts, the management of your finances will be better. Firstly, you will be able to track expenses related to your specific financial goal. Secondly, you will get a clearer picture of how much you actually have. Lastly, separate accounts enable you to stay within a certain budget.

ACCOUNT #1: HOUSEHOLD FUND

The purpose of the “household checking account” is to satisfy your monthly bills as well as your daily and weekly expenses. A checking account enables you to have an ATM or Debit Card, which you can easily use when you are making a transaction. Put at least 20% of your income in this fund. Do not go beyond that allotted range. It is your job to ensure that your weekly meal plans or expenses are within your budget.

You may use this fund for your weekly trips to the grocery or for an evening birthday celebration in a restaurant nearby. You can charge your utility bills and phone bills to this account too.

ACCOUNT #2: EMERGENCY FUND

People see the value of setting up an emergency account now more than ever. Large, unforeseen events such as this pandemic can take a toll on your wallet. Hospitalization costs can cost you a huge chunk of money. How can you survive without having access to emergency fund? Is debt a viable option?

An emergency fund is recommended to last you for about 6 months. Fill this up before any other savings account because you do not want to be caught unprepared in an event of crisis. It is a good idea to set an automated scheme where a portion of your income will automatically go there. You may also employ another banking institution for this.

ACCOUNT #3: RETIREMENT FUND

Apart from your CPF, you may put some of your savings to your retirement fund. A golden rule of thumb is having a fund that is eight times your current annual income. To get here, you will allot money in the course of several years. Do not touch this account until you retire.

Unlike the emergency fund, growth takes precedence over easy access here. Feel free to explore other options apart from having a regular savings account. You may try growing your retirement fund in the stock market or long-term time deposits. The goal is to have enough dividends to last you during retirement.

Image Credits: pixabay.com

Consider opening one or more of these bank accounts. It is better to scatter your money to secure your finances. If one of your ATM or debit cards has been stolen or skimmed, you have other accounts to back you up. Separate accounts will cushion the blow of unfortunate events such as being scammed or being unemployed.

Source: 1

How To Choose The Best Savings Account in Singapore?

While getting your personal finances sorted out, it’s important to get your foundation right.

And one of the most basic things that you’ll need when it comes to managing your money is a savings account, preferably one with a high-interest rate.

With so many options available, how do you choose the best one for yourself?

Simple.

You just use Seedly’s Savings Account Calculator to help you.

And best of all, it’s completely free to use!

Free? Really Meh?

Here at Seedly, they’re all about helping Singaporeans make smarter financial decisions.

So in order to get as many people as possible on the right track, it’s important that they get their basics right.

To do this, they created this Savings Account Calculator:

They’ve also managed to do this without the backing of any bank or financial institution. And they deliberately chose to do so in order to create a calculator that is unbiased and that will truly identify the best savings account with the highest interest rates for you.

Yep.

That means that they’re not sponsored in any way for the creation of this calculator.

How Can The Seedly Savings Account Calculator Help Me?

The interest rates of savings accounts differ widely between bank to bank.

Some banks even have different savings account with varying interest rates.

Naturally, the highest interest rates are awarded only if you fulfil certain criteria like:

credit your monthly salary
spend a certain amount every month
have an investment account and actively make monthly investments
take a housing loan
own insurance policies

Once you get all of this information, you would have to compare the savings accounts in order to find out what is the highest interest rate you can qualify.

The problem with doing this manually is that it’s an extremely tedious process.

Ain’t nobody got time for that.

Enter the Seedly Savings Account Calculator – a simple tool that can help you calculate the highest interest you can potentially get.

How Do I Use The Seedly Savings Account Calculator?

Integration With Seedly’s Main Site

What if you’re still unsure about the recommended choice?

Well, you’ll be pleased to know that the calculator is also integrated with SeedlyQnA and SeedlyReviews.

This means that you can click on “More Details” and the dropdown list will display questions which other people have asked (and answered) as well as user reviews about the particular account you’re recommended.

That way you can make a more informed decision.

Get a $28 cash Hong Bao from DBS/POSB when you open a new Deposit Account or an eMySavings/SAYE Account online! Promotion ends 28 Feb 17

Most of us have a savings accounts with POSB/DBS.

This Lunar New Year, you can receive a prosperous S$28 Hong Bao from DBS/POSB when you open a new Deposit Account or an eMySavings/SAYE Account online!

Promotion ends 28 February 2017. Terms and conditions apply.

This is easily achievable if you create a new Deposit Account as you can just deposit a minimum of S$3,000 into your newly opened account and maintain a minimum average balance of S$3,000 for at least 6 consecutive months.

You can create a new Deposit Accounts such as:

Multi-Currency Accounts: Multiplier Programme
Day to Day Accounts: POSB Everyday Savings Account
Current Account: POSB Current Account
Special Savings Accounts: POSB SAYE Account or POSB eMySavings Account

Most of us have a POSB Passbook Savings Account, so you can simply open a new account (i.e POSB Everyday Savings Account) and deposit $3K into it (without withdrawing it for 6 months) to earn the S$28 cash hong bao.

Each customer is only entitled to 1 Cash Gift. All Cash Gift will be credited to the Deposit Account or eMSA/SAYE Account before 30 April 2017. Eligible customers will receive a notification SMS after the Cash Gift is credited into their account.

DBS is entitled to recover the Cash Gift by debiting the same from any account that the customer has with DBS/POSB without prior notice, if during the 6-month Period:

(a) the Deposit Account or eMSA/SAYE Account is closed;
(b) customer fails to maintain a minimum average daily balance of S$3,000 for the Deposit Account or customer fails to have salary crediting into the Deposit Account;
(c) the monthly contribution of eMSA/SAYE Account is lowered or not successfully credited in any of the months or withdrawal is made from the eMSA/SAYE Account.

For more information on this promotion, click here.

Share this news with your friends and loved ones!

2016’s Most Profitable Savings Accounts In Singapore

In Singapore, savings accounts predominantly require a minimum amount of deposit. The amount ranges from S$0-1000. To get most of the benefits of your savings account some encourage you to transact more while others encourage you to withdraw less.

That said, here are 2016’s Most Profitable Savings Accounts In Singapore as they offer the highest interest rates to date…

4. BANK OF CHINA SGD SAVINGS ACCOUNT

The Bank of China SGD Savings Account is a passbook savings account that offers its clients with up to 0.48% interest. To open an account, you must initially deposit a minimum of S$1,000 and maintain a balance of S$2,000.

Whether you are planning to open it as a single or as a joint account, you can access your account anytime and anywhere. This is because Bank of China enables its clients to withdraw from their account thru BOC Internet banking, telephone banking services, and ATMs. Nothing beats flexibility and convenience!

Eligibility: For Singaporeans, Singapore Permanent Residents, and Foreigners holding NRIC.

Apply here: bankofchina.com/sg

3. MAYBANK PRIVILEGE PLUS SAVINGS ACCOUNT

Being the first savings account that gives its clients with attractive rates and insurance coverage, Maybank Privilege Plus Savings Account is truly one of a kind. For privileged individuals aged 50 and above, you can avail this passbook savings account and receive an interest of up to 0.50%. The minimum initial deposit is only S$500 for locals and S$1,000 for foreigners.

What’s more? It includes Free Accidental Medical Reimbursement Benefit and Accidental Permanent Disablement Benefit insurance coverage (T&Cs apply).

Eligibility: For Singaporeans, Singapore Permanent Residents, and Foreigners holding NRIC.

Apply here: info.maybank2u.com.sg

2. CIMB STARSAVER SAVINGS ACCOUNT

CIMB StarSaver Savings Account requires a minimum deposit of S$1,000 with S$0 maintaining balance. With this savings account you can get up to 0.8% of interest per year as long as you deposit at least S$100 more to your account every month. On the other hand, you will get an interest of 0.5% per year for balance under S$100.

Wait…there is more! Funds transfer to CIMB Malaysia is free. And there are no withdrawal fees from CIMB Group ATMs across ASEAN countries.

Eligibility: For Singaporeans, Singapore Permanent Residents, and Foreigners holding NRIC (Employment Pass and Work Permit).

Apply here: cimbbank.com.sg

1. DBS MULTIPLIER PROGRAMME

DBS Multiplier Programme follows a different scheme. The more you use your account for transactions, the higher interest you shall receive. If your banking transactions adds up to more than S$7,500 a month then, you are eligible for an interest of up to 2.08%. But if your monthly transaction is less than S$7,500 monthly, they will still reward you with 0.05% interest.

With it, you can enjoy the flexibility to withdraw and deposit any time with no lock-in period. Feel free to save and transact in Singapore dollars and up to 12 other foreign currencies too!

facebook.com/dbs/timeline?ref=page_internal

Apply here: dbs.com.sg

Sources:1 & 2

5 Things You Should Consider Before Opening A Savings Account

According to Investopedia, Savings Account is an account managed by the bank which provides principal security and a moderate interest rate. Personally, I value this financial tool because it serves as an accessible shield to cover the immediate expenses. Before you open your own savings account, here are the 5 helpful and feasible things you should consider…

1. HOW MUCH TO SAVE

Having enough money in reservation, especially in an expensive country such as Singapore, is very important not just for you but for your family too. A savings account with an emergency fund can pay for the unforeseen expenses instead of using credit cards or applying for loans. You need to ask yourself this: “How much do you need to save?” Consider your needs and that of your family.

2. CHOOSE YOUR BANK WISELY

The first thing you should look out for aside from your eligibility to open the savings account, is the initial fee and the maintaining balance requirements. For example, UOB’s passbook savings account has an initial fee of as low as S$500 (for Singaporean/PR) and a maintaining balance of S$500. While, OCBC’s passbook savings account has an initial fee of S$1,000 (for Singaporean/PR/Foreigner) and a maintaining balance of S$1,000.

3. ATM AND BRANCHES AVAILABILITY

It is important that you can withdraw the cash from your savings account at your convenience once the need arises. Be sure to examine the bank’s ATM locations. Are there ATMs near your home, workplace, or frequented shopping malls? Also, if you are traveling a lot then, a bank with branches around the world is a better option.

4. SCOPE OF FACILITIES

In today’s world, most banks allow Internet banking and even Mobile App banking to check your savings account balance and to make various transactions. Consider this. Also, know whether your savings account comes with a passbook, a debit card (e.g., with VISA, NETS, or MasterCard), or an ATM card. This will help your options to narrow even more.

5. ESTABLISHING THE SAVINGS

To establish your savings, it is better to have a fixed amount to put inside every month. First, you must set a long-term goal about the money you can accumulate. Second, you must set a time frame that allows you to complete your goal.

Image Credits: Ken Teegardin via Flickr

Do not forget that different banks have varied interests rates that may affect your savings.

Free? Really Meh?

How Can The Seedly Savings Account Calculator Help Me?

How Do I Use The Seedly Savings Account Calculator?

Integration With Seedly’s Main Site

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