Optimizing your Savings Part 2

Missed part 1? <Click here>

Ok, I’ve consolidated my savings and have more than 100k.

What's next? What's next?

Well….. it depends?

Let’s go through each scenario:

I can’t split my salary.

The only other low-risk options are Tbills or Fixed Deposits

But if I can split my salary :D

Lucky you, you've crossed the main hurdle

I can credit another $1,800: OCBC

With OCBC, the other considerations are :

Can I spend another $500?
Do I have 100K to spare?

If I have less than $75,000,

Salary + Save = Effective interest rate of 3.25% p.a.
Salary + Save + Spend = Effective interest rate of 3.85% p.a.

If I have S$100,000, I can fulfil the following:

Salary + Save = Effective interest rate of 4.05% p.a.
Salary + Save + Spend = Effective interest rate of 4.65% p.a.

I can credit another $3,000: Standard Charted Bank

In SCB’s case, there’s no tiering of balances.

Spending 1.30% + salary credit 2.5% + 3 x Bill payment 0.33% = 4.13%

But if I can’t spend, that’s only 2.88%.

In this case, the ability to spend is quite important. So is it worth the hassle to track another card statement?

I can credit another $6000: Bank of China.

Lastly, in BOC’s rates, there's some tiering at the board rate but not much.

Also, one upgrade is that we can now apply online.
The minimum balance of $200 caught me off guard too.

The key ingredients are salary credit, 3x GIRO payments and the Board rate.

Below is the board rate for the following balances:

Between 5K to below 20K = 0.2%
20K but below 100K = 0.3%
At 100K = 0.4%

Assume I have at least 20k:

With spending: 4.2%
(salary credit 2.5% + 3 x bill payment 0.90% + board rate 0.3% + spending 0.50% )

Without spending: 3.7%
(salary credit 2.5% + 3 x bill payment 0.90% + board rate 0.3%)

I hope this helps :)

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