Best Singapore Bank Accounts you should consider NOW! - YouTube

dbs online banking services has been down  for more than 48 hours since november 23rd  

of 2021. now if you are a dbs customer and  dbs or posb account is your only banking  

account then most likely it has affected your  personal lifestyle as well as your business  

if you are using only dbs account for your banking  needs since you could not check your transactions  

online as well as carry out your banking  activities so in this video let me share some  

of the other banking accounts that i personally  use so that you can consider diversifying into  

other banking accounts as well so that you  will never face such disruption risk again  

hey guys welcome back to honeymoon sg and in  this channel we're all about building financial  

knowledge share money saving hacks and also help  you lead the fulfilling quality of life so this  

video very simple other than dbs i'm just going to  talk about two other banks in singapore and these  

are uob and ocbc now together with dbs these three  banks are actually our local singapore banks which  

has a wide network of atm and deposit machines  across the country so you don't have to worry  

much about their coverage so let's start off with  uob right there are actually four banking accounts  

that i could recommend them to you but you just  have to choose one of them so out of these four i  

have uob1 current account uob chris flyer account  uob lady saving account and uob stash account now  

the similarities between these four accounts  is that they have an initial deposit of 1 000  

singapore dollars in order to open that banking  account and you would also need to maintain the  

daily average balance of 1000 singapore dollars  or there is a fall below fee that will be charged  

to your bank account but i think one thousand  dollars is a very small amount to maintain an  

account right given that it gives you so much  more convenience in diversifying your bank atms  

and actually if you look around your neighborhood  right there are not many people queuing for uob  

atms or the cash deposit machine which  is a plus point right because you don't  

want to waste time queuing up behind other people  at the dbs atm especially when the payday comes  

right during the month end you'll see a long queue  of people usually queuing up to withdraw money out  

of their dbs or posb atm and i think the reason  why is because a lot of foreigners when they  

actually come to singapore their employers  actually recommend them to set up a dbs posb  

account because it probably doesn't have like any  minimum balance or initial deposit to set up that  

account so why are you as a singapore resident  whether you are a citizen or permanent resident  

fighting with all these foreign workers right  they only can set up a dbs posb account while  

you must go and fight with them for the queue you  can go and set up your uob and ocbc account which  

has no kills which i truly don't understand why  people don't do that i'm sure you could at least  

take out one thousand dollars and put in another  savings account right just so it adds so much more  

convenience to you not difficult as a singapore  citizen or permanent resident yeah so having said  

that right so let's talk about the benefits of  these four banking accounts actually to be honest  

very minimal benefits it's more of the convenience  that it brings you but let's go through some of  

them right okay so for the uob one current account  there's actually a staggered interest rate so this  

uob one current account used to be one of the  highest interest yield account whereby you put  

in like a large balance and you fulfill some  terms and conditions you could actually get a  

lot of interest back every month but with the  worldwide interest rates dropping especially  

during the pandemic right then it becomes not  so attractive anymore but i'm still holding on  

to this account for my uob banking needs now if  you actually spend like a minimum amount of 500  

per month on your uob one credit card and you make  three gyro transactions or a salary credit to your  

uob one account you would then get to earn the  extra interest on your incremental balances based  

on this table over here which is nothing to shout  off really in this low interest rate environment  

so i won't talk too much about the calculations  right because i think cash is trash right now in  

your banking and savings account with the super  low interest rates okay the next account is  

slightly more interesting is the uob chris flyer  account which the main benefit is you could earn  

six mile per dollar if you actually credit  your salary with a minimum amount of two  

thousand dollars but this is actually kept at  five percent of your monthly average balance  

so what this means is that if you actually have  12 000 dollars inside your uob chris flyer account  

because of the five percent cap you will only earn  a max of 600 miles per month so with six miles per  

dollar calculation the max spend you could use is  only one hundred dollars to get the max 600 miles  

so depending on what your valuation of the mouse  is i think this is just a very low valuation  

okay don't get me wrong i think the earn  rates of six mile per dollar is fantastic  

but it's the maximum cap that is really limiting  the potential of this account so for myself  

right 600 miles with my own mile valuation of 1.5  cents per mile that's equivalent to nine dollars  

so nine dollars per month for putting thousand  dollars i think that's just not very attractive  

okay let's move on to the next account which is  the uob lady savings account now this account is  

only limited to women so if you're a man you  really cannot apply for this account unlike  

the dbs women's world mastercard so something  interesting for your wife or your girlfriend  

right they actually provide like free women  insurance and the coverage actually increases if  

you actually increase your savings amount inside  that account based on this table over here right  

so you could see the insurance coverage actually  depends on your monthly average balance so the  

more you deposit into this account the higher is  your coverage so consider it like free insurance  

by just putting money in there of course the  coverage you could expect is really quite little  

right but don't sweat avoid it because it's really  free and lastly is the stash account right where  

you could get up to one percent interest per year  okay to be frank i really never studied much about  

this stash account because it's really so inferior  right one percent per annum on the banking account  

and you want me to go through so many hopes on  this i don't even want to bother going through the  

terms and conditions so out of all these accounts  the only one that i'll recommend is maybe you will  

be chris flyer if you're a male and if you're a  female then just go for the uob ladies account  

and you know why you should sign up for uob  account because right now if you actually deposit  

a minimum of five thousand dollars as a new bank  customer you will get fifty dollars credited into  

your banking account as a sign up gift and if you  have even more money right like at least hundred  

thousand dollars they will give you 150 dollars as  well so that's just icing on top of the cake but  

to be frank signing up for uob account really  not about the sign up gives it's really about  

the convenience that uob actually brings to you so  that's it about uob let me move on to my next bank  

which is ocbc for ocbc i will only recommend one  account which is the frank account now the frank  

account is really easy to sign up right you could  actually sign up online using the link and the  

good thing is there's actually no initial deposit  and let's say if you are a youth below the age of  

26 you actually don't have any daily average  balance or money average balance to maintain  

that account and you will not be charged  any fees if you fall below the requirements  

of course if you are 26 years old and above then  there is some daily average balance to maintain  

and that is just one thousand dollars which is the  same as uob right so you just need to set aside  

one thousand dollars and then now you have another  ocbc frank account that you could use at all the  

ocbc atms and cash deposit accounts island-wide in  singapore and i won't even go and talk about the  

interest rates right because they are so pathetic  but let's talk about the good stuff about ocbc so  

one good thing about ocbc is that you could  almost definitely find an atm machine or cash  

deposit machine in all the ntuc fair price outlets  in singapore and you do know that we have a lot of  

ntuc fair price supermarkets in singapore right  so most likely you'll find an ocbc machine there  

and most of the time it's parked right next to the  posb atm and then you will see this long queue of  

people queuing up at the posb cash machine trying  to redraw cash while the ocbc atm machine actually  

has no people it's a very interesting site in  singapore people always like to queue at the pbs  

and posb atm machine but nobody will queue at the  ocbc one you're going to see so in terms of atm  

network coverage i really think ocbc is not that  bad as well and the good thing is the time savings  

right you don't need to kill behind these people  now one other good thing about ocbc is that there  

are local brand branches right actually open at  the weekends as well so like saturday and sundays  

between 11am to 7pm the banking branch is open  so if you want to do like some over-the-counter  

banking stuff right you could go during the  weekends and don't have to actually take leave to  

go and settle your banking stuff at the weekdays  and one more thing about the ocbc frank is that  

they also have this sign up bonus where you can  get 10 if you are new to bank customer of ocbc  

by using my referral link down below make sure  you also apply for the front debit card as well  

to be eligible so in summary other than dbs please  also go and sign up for those uob banking accounts  

and ocbc banking accounts specifically these two  accounts that i talk about because you don't know  

when is the next day dbs is gonna be down right  so just make sure you sign up with all three banks  

and then you can also get your sign up bonuses as  well so not everything is really about money right  

it's about the time savings and the convenience of  other banks atm that you don't need to kill behind  

other people and then you get less frustrated and  then you get your emotional well-being taken care  

of it will just make you a better person trust me  alright so i hope that you have enjoyed this video  

and found value in it and do consider giving me  a like at the bottom of the video just take one  

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my name is christopher this is honey money sg  steering young adults to financial independence