Thursday, 1 February 2018

Bank Accounts Restructuring (DBS Multiplier, CIMB StarSaver and UOB One)



I have recently done a restructuring of my bank accounts to fully maximise the interest that I could garner for my passive funds. In all, I have set up 3 accounts for my passive funds which is DBS Multiplier, CIMB StarSaver and UOB One Account. It prompts me to write this post as I hope it provides useful information to help your passive or emergency funds work harder in terms of returns.

DBS Multiplier Account

For normal folks whom giro your salary to your DBS/POSB account and either you have some spending on your DBS credit cards or have a home loan with DBS, you will be able to get returns from 1.8 percent to 2.2 percent for funds in your multiplier account. The maximum you can get is up to 3.5 percent which is the highest tier and not easily attainable. There is a cap for funds up to 50k.

Find more details through this link:
https://www.dbs.com.sg/personal/landing/dbs-multiplier/?cid=sg-dbs-vanity-others-dbs-multiplier

UOB One Account

As for the UOB One Account, you will be able to get returns of as high as 3.33 percent but it is on a tier basis and not on the full amount. You have to either credit your salary or have 3 giro transactions tagged to the account. On top of that, you have to use your UOB One credit card and clocked in 500 dollars per month. If you are able to get up to 5 transactions for your UOB One card, you will benefit from further cash rebate for your credit card. There is a cap for funds of up to 50k.

Find more details through this link:
http://www.uob.com.sg/personal/save/chequeing/one-account.page

CIMB Star Saver Account

If you still have excess funds, CIMB Star Saver Account is good as it can work as a checking account and you get 0.8% interest on funds in it.

Find more details through this link:
https://www.cimbbank.com.sg/en/personal/products/accounts/current-accounts/cimb-starsaver-account.html

Happy Saving.

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