Then there was this article on the same blog
http://blog.moneysmart.sg/saving/ocbc-3 ... multiplier
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Wd40 wrote:OCBC gives you check book with their 360 account but DBS doesn't give along its money multiplier account. You need to apply for a separate account and that has a $2 fees every month as well as a its own min balance requirement. This pissed me off because I got to know about it only after I applied for the dbs account online. Now once 6 months are up, I will switch to ocbc.
Not that I keep large balances in SG accounts, I actually transfer money to India whenever a chunk of $10k gets accumulated and that earns me 9% fixed interest there.
On your last point, what is the cost and mechanism for those transfers?
I have been reviewing the options, DBS has a number of accounts with lower balances (from $3000 down to $500) and multi-currency options. Have not made a move yet, and one has to wonder how DBS will respond.
At this point I am on the fence but about to make a change. Including credit cards - the OCBC one seems good.
Edit: It seems (so far, need to read more on this) that if you don't have a home loan, OCBC is the more attractive option.
I have never changed banks before, and not so sure I like to do that, but it is an idea I am considering. Then there is the option of having two banks (though only one source of income).
Ape Shall Not Kill Ape.