Savings Account for Youngsters| Accounts for First Jobbers |Singapore
Bank Accounts | Savings Accounts | Singapore
by Priyadarshini
19 March 2021
Everyone is thrilled to receive their first paycheck! Finally, you have secured a job, and become independent and self-sufficient. And with financial independence comes a long list of things you always want to buy. All you need is a suitable savings account that can help you maximize your savings. However, finding that perfect savings account can be an overwhelming task in a myriad of banks. In this blogs, we tell about the best savings account for youngsters.
How to Maximize Your Savings?
Sometimes the maximum interest rates advertised by banks can be misleading to customers. There are many criteria you need to fulfill before you are eligible to get high-interest rates. Usually, you need to have high amounts of transactions to earn an interest of something like 3.88%. Rather than going for advertised interest rates it is best to figure what your needs are and your income.
Banks have websites where you can easily calculate the interest rate basis your income. Some of the criteria can be achieved easily by just crediting your salary into that account. Other criteria may look like a minimum of $500 expenses on the card every month or having a minimum balance of $10,000 in your account. However, the latter may be too unrealistic for a new jobber.
Best Savings Account for Youngsters
DBS Multiplier Savings Account:
No minimum amount is required and the only criteria are that you need total transactions of $2,000. That will surely reduce a lot of stress on you. You don’t need to spend on unnecessary things if you don’t want to. So, there is no stress to meet the credit card minimum spend required by the other two accounts.
OCBC 360 Savings Account:
Crediting a salary of at least $2,000 by GIRO gives will guarantee you 1.2% per annum. And spending at least $500 on OCBC credit cards gives you an additional benefit of 0.3%. If you are disciplined enough in increasing your account balance by $500 as compared to the last month, you will get an additional 0.3% per annum. And that means you get a total of 1.8% per annum. A pretty good deal, isn’t it?
UOB ONE Savings Account:
If your in-hand pay is under $2,000, the UOB One account is good for you. It will still give you a decent 1.5% interest on your savings and if you spend $500 on your credit card. If you credit at least $2,000 and spend at least $500 gets you 1.85% per annum which is similar to that of the DBS bank. Now, you know all about the best savings account for youngsters in Singapore.
