This episode is aimed at those who have just started working, or are drawing a regular salary, and want to know how they - and also young married millennial couples - can use bank-and-earn products better, so they can earn more interest with the money that goes regularly into their accounts each month. Helping us to make better sense of it all is Priscilla Joseph, vice-president of consumer banking for DBS.1.
2. Each bank has its own specific product calculators online for you to enter your salary, or minimum credit card spend. What are the key basic criteria you should concentrate on, in order not to overstretch yourself? 3. Do these bank-and-earn accounts serve you best if you have a regular monthly salary? What if you are married and are self-employed or a freelancer in the gig economy?
4. We work through the example of a new-to-the-workforce graduate with a credited median salary of S$2,800 , and a credit card spend per month of S$200, which is manageable in paying back monthly outstanding amounts, to avoid credit debt. With two categories above ticked off, the eligible interest rate is 1.85% p.a. for the DBS Multiplier account, for example.
5. Many accounts give you bonus interest if you increase your bank account balance relative to the previous month. That can be hard to do if you constantly have bills to pay each month or, worse still, some bigger bills that come quarterly, or annually. What is a money hack to manage this? Tune in.Like, subscribe and rate our Money Hacks podcast on:
Loans Loans Latest News, Loans Loans Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: The Straits Times - 🏆 8. / 63 Read more »
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »