Banking cheat sheet (2018)

Couple of weeks back I blogged about going for low cost banking accounts when writing about the Importance of Financial Habits. As I had some time to spare in the past weeks, did some research on banking services and decided to come up with my 2018 banking cheat sheet for Singapore. With rising cost in the picture, it would definitely make sense to maximise value with minimum cost when it comes to banking expenses. While some of these accounts tends to be very “a la carte” based, it is still noteworthy depending on your spending, saving and investing habits.

Savings account

  • CIMB Star Saver Account
  • This account is very hard to miss considering that all you need is deposit S$1,000 leave it there and you get 0.8% pa. Not too bad for a stash away rainy day fund for starters.
  • However, if you are into the daily/monthly ritual of spending, paying bills, credit salary etc, then you could consider alternatives like OCBC 360, DBS Multiplier, UOB One Account, Standard Chartered BonusSaver, Maybank SaveUp accounts.
  • Investment

    • Maybank KE MIP
  • Still an all time favourite for me considering the ultra Low cost of S$1 or 1% per trade executed with a minimum of S$100 for any counter from 5 countries – SG, HK, MY, TH and US. It’s hard to not notice this for the Super Low cost.
  • Of course there are the other low cost brokerage accounts such as Maybank KE Pre-funded, Standard Chartered online trading, Dbs vickers cash upfront, OCBC Blue Chip Investment Program, Poems Share Builder.
  • Credit cards

    • CIMB Platinum Visa Credit Card
  • The most genuine $0 annual fee credit card that provides for rebates and reimbursement on overseas card transaction fees levied by the bank. Cool stuff!
  • If you recall the ANZ Switch card from years ago before they sold their Singapore business to DBS group. It is similar in the $0 fee yet different in the perks offered.
  • Thank for taking time to read :)! Have fun exploring the financial cheat sheet.
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