Click on the link below and watch the short 4 min video clip from OCBC bank.
http://www.ocbc.com/personal-banking/askocbc/ep2.html
In summary:
1) Pay youself 1st Principle (Systematically set a side a portion of 10-20% of your monthly salary in a montly saving acc before paying for anything else)
2) Very often, we end up saving what we have not spent and not save 1st spend later.
3) One part of the saving is for Emergency events like unemployment or some unexpected big expenses
4) Rule of tumb for emergency fund is to save atleast 6 months worth of your monthly expenses
5) The other part of the saving is for big expenses or to be used for investment to enhance your saving.
6) Start manage your Wealth by start saving from todays onwards.
Below are some Monthly / Saving Account (MSA) from various banks with Interest Rates, do check the details with the bank before you commit yourself.
1) OCBC : MSA123 or MSA123 (click on the link to go to OCBC website)
* Aware of the fees for early closure of account
* It is basically a Fixed Deposit Acc with the flexibility of withdrawal during emergency (only with the early withdrawal interest)
* As low as SGD50 per month
2) DBS/ POSB: My Saving Account (click on the link to go to POSB website)
3) UOB: Passbook Saving (click on the link to go to UOB website)
* Aware of the daily minimum balance and the charges.
4) Citibank: Step-up Interest Account (click on the link to go to Citibank website)
* Aware of the montly minimum balance and the account service fees charges.
Enjoy saving your way out!
