Be calculative.
Creator: Serene Yeo (v0.1)
This calculator app is meant to help several groups of people -- those who just began their savings journey, those who are too lazy or find it too troublesome to do comparisons, those who need cash assets liquidity and of course, many others who may possibly find this app useful in one way or another.
Its purpose is to help you easily and quickly visualize which is the best allocation of money across the savings accounts in Singapore that has one of the highest interest rates, namely DBS Multiplier, OCBC 360 and UOB One based on the criteria that you can fulfill.
Unfortunately, things don't come free. These banks often require you to fulfill some stated criteria, so be sure to check them out properly.
Once again, this tool is nowhere near perfect, as it makes its fair share of assumptions.
With no further matters, ENJOY!
How best to use this tool?:
I would suggest you to key the entries in, get a good overall feeling about the interest rates you are likely to get, and visit the desired bank's website! Links provided.
Disclaimer:
This is solely meant as a personal exploratory project and it exists for your convenience. You are to rely on the results at your own risk. The creator will not under any circumstances accept responsibility or liability for any losses that may arise from a decision that you may make as a result of using the calculator.
Efforts have been made to optimize the code for screens of various sizes. But, as an amateur, I apologize for any pieces that seem out of place!
Information is updated to reflect the latest policies released on 1 Apr '20 that will take effect from 1-2 May '20 and are accurate as of 1 Apr '20 21:15 (SGT).
Please do note that there will be some slight differences (approximately a few cents [usually for DBS, UOB] to a few dollars off [usually $1-$4 less than actual for OCBC]) with the amount you may get from the interest calculators at the respective bank websites. This is due to some rounding off errors and also the fact that interests are computed in a more sophisticated way (average end-day balance etc.) in actual. P.S. OCBC's calculations are much more complex!
How much savings (S$) do you have now?
Let us also find out what are some of the requirements that you can meet before we proceed with the calculations :)
We would require you to fill in the following figures (S$) for each category that you can contribute to EVERY MONTH. You should leave the input as S$0 if you do not transact in that category. Remember: DON'T leave any entries blank!
DBS: no minimum.
OCBC: minimum $1800.
UOB: no minimum.
DBS: no minimum.
OCBC: minimum $500.
UOB: minimum $500 on selected cards only.
Applicable to DBS and OCBC only.
DBS: Selected policies only.
OCBC: Selected policies only. Extra 0.6% to 1.2% interest only valid for first 12 months.
*Please check the respective websites.
Applicable to DBS and OCBC only.
DBS: Dividends, unit trusts, equities traded on DBS platforms
OCBC: Selected policies only. Extra 0.6% to 1.2% interest only valid for first 12 months.
*Please check the respective websites.
Applicable to DBS only.
Applicable to OCBC only.
At least $500 increase: extra 0.2-0.4%
Applicable to UOB only.
Kindly type Y for Yes and N for No.
Now, this is the estimated monthly interest (S$) you'll be getting.
As we have mentioned before, and as a friendly reminder, this is purely just an estimated monthly amount (total interest per year/12) which differs slightly from the computation done by banks as their interests are computed on a daily basis.
There are guaranteed cashbacks on the credit cards that you use at various banks, that are EXCLUDED from this computation. This is because there are just too many different rebates schemes for all the available credit cards. For example, spending $500 on the UOB One card monthly gets you $200 annual interest but this piece of information is not included in the figures presented to you below.