Savings Accounts and Credit Cards Nov 2020 (XIRR)

 

Savings Accounts:

With the low interest rates globally, not many choices to maximize your savings account compared to last year but these are the few that I still use:

BOC Smartsaver

Cap at S$80,000 gives 1.45% p.a if you credit at least S$6k salary, pay three $30 bills and spend $1,500 in a month. For credit card spending, you can top up any wallet and it will be counted. The pay three bills method, you can pay $30 three times to the same payee and it will still be counted. Still a useful account, which beats all three of our local banks. 

Singlife

I have written about this account here. It has recently been nerfed from 2.5% to 2%. It is a savings plan where you can fund your account and start earning approximately 2% pa interest for the first $10k and 1% pa for the next $90k. Really a hassle free park and forget account.

Dash Easy Earn 

I have written about this account here. It has recently been nerfed from 2.5% to 2% for the first S$20,000. Do note that those who opened the account after 25th September will only get 1.8% pa for the first year. Another hassle free account to park your excess money. One down side is that you can only fast out your interest without penalty when it reaches $100.

Others that I am not using

DBS multiplier is still a good account if you have a home loan with them or if you do ETF dollar cost averaging through them. With salary and credit card spending only, your interest will be low.

From Nov 2020 onwards max EIR from UOB One is down further from 1.2% to 1.0%. Really bad.

Singapore Savings Bond is worse at only 0.87% pa for 10 years(0.24% year 1 - 1.63% year 10).

Credit Cards:

My credit cards arrangement has shrunk quite a bit. It basically still revolve around the Grabpay app. 

Use Maybank F&F to get 8% rebate for Redmart or any online/offline groceries. 8% for train rides(tag the card to simplygo). 8% discount for all petrol station in Singapore and Malaysia(Stack with Sinopec 23% direct discount). For dinning and fast food there is a list on hwz forum that shows which one entitles you to 8% etc. Paying directly using this CC via grabfood and other food delivery also entitles you to 8% rebate. As long as minimum spending hits at least $800. Max cap of $80 cash rebate in a calendar month. 

One of the best credit card out there now, but dinning/fastfood wise is a bit tricky need to keep track of whether the restaurant you plan to eat at entitles you to the 8% or not.

Use American Express TCB card to top up Grab wallet to get 1.5% cash rebate then find grab challenges to complete to get extra bonus points. Buying shopping vouchers from Capitastar app is counted as spending for some of the challenges. 

Use CIMB World Mastercard for miscellaneous spending like Dinning(2%) or everything else(1.5%)

That is about all I use for now to maximize spending.

Snap shot of my portfolio performance as of today: Total profit S$10,464.45(2020)