I debated adjusting my expenses for the rebate that I get from my savings account and credit card. It doesn’t seem prudent to do so given that these little savings won’t add up to much, but provides slight buffer towards financial independence planning.
In any case, I took a look at the savings rate I’m earning from OCBC’s 360 savings. It looks fine when evaluated on its own. 2.25% which comprises 0.05% base interest rate, 1.2% from salary crediting, 0.5% from paying three bills via giro, 0.5% from spending $500 per month on credit card.
I changed my mind after I look at BOC’s smartsaver account. 3.10% which comprises 0.35% from base interest rate arising from savings above 20k to below 50k (it’s tiered, highest being 0.4%), 0.8% from salary crediting (1.2% if the net amount being credited into BoC is above $6k), 0.35% from paying three bills, 1.6% from more than $1500 credit card spend (0.8% if above $500 but below $1500).
Based on a $30k savings, that’s $255 per year just by changing bank and I have yet to start on the credit card component. $255 is not shabby, it can fund a quick weekend getaway or a couple of good meals.
Lioness likes making her war chest monies work harder