Why Simplify Bank Accounts | Simplifying Banking in Singapore

Bank Accounts | Singapore

Have too many accounts for many different things? Most probably every month you are surrounded by a pool of bank statements or even worse losing money. Accounts you once signed up for to save money are no more serving the purpose and you are only paying the annual fees for no good. In this blog, we discuss why simplify bank accounts in Singapore.

If you could relate to this, then we tell you four reasons why simplify bank accounts:

More Mileage for your Credit Cards

Most people sign up for credit cards for some immediate rewards or benefits and then later forget about them. Over the years, the rewards/benefits of the credit card change, and the card can end up being no good use to you.

It’s never a good idea to keep credit cards that you no longer use. You will only be paying the hefty annual fees. Always make sure once in a while you sit to check on all the existing cards you have. And how to reap the maximum benefits out of them. Cancel the useless credit cards that you no longer use and consolidate your expenses on the ones that can actually benefit you.

Save Time and Plan Your Finances

You may be spending hours sorting out and simplifying your accounts. But it is better to spend one-afternoon getting things in order than lose valuable time every month. Cancel those useless cards you no more use and you don’t even know what to do with them. Close those unused bank accounts and check on those accounts where you may have cash which is yet to see the light of the day.

You may not immediately enjoy the time savings of simplifying your account. But when you finally decide to make financial plans for the future, having only user accounts will make all the difference.

Less Credit Card Bills

Who doesn’t love credit cards? But credit cards come with some changes. Most of you may agree that sorting out credit card bills for everyone is a pain most want to avoid. If you miss a couple of credit card bills, you would end forgetting to ask for annual fee waivers and having to pay them later with penalty charges.

By getting cleared of all your useless credit cards, you can reduce the number of bills you have to sort every month. In turn, reducing the stress it brings along with it. To make things, even more, simpler you can choose to pay all your bills by interbank GIRO and you will never get fined for late payment again.

Put all your Cash in One Account

Having a multitude of bank accounts for small conveniences is not a good idea. Small comforts may be working for you for the time being. But in the long run, too many accounts will only create confusion and chaos.

Figure out which bank account gives you the most interest and put most of your money into that account. In this way, you will also maximize your interest earnings. It is simple math. Now you know four convincing reasons why simplifying bank accounts can serve the greater good!

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