There are two types of joint accounts:
- joint-alternate which allows both parties to use the savings independently
- a joint-all account requires both parties to approve the transactions.
It’s definitely more convenient to use joint alternate.
I’m looking at two different accounts: UOB One and OCBC 360. Both accounts have minimum balance to maintain:
- UOB One $1000
- OCBC $3000.
If not, you’ll be paying a monthly fall below fee.
General principle: Never allow yourself to incur the fall below fee.
Another note: Each person can only hold ONE UOB One and ONE OCBC360 account. So for example, if you already have a personal UOB One account, then you can’t sign up for the joint UOB One account.
Assume:
Both have your own personal accounts and already credit your salary in a high-yield savings account.
Best Case Scenario for Spending Account: Spend $500 a month on their card and make 3 GIRO bill payments + Do UOB One Salary hack
Winner: UOB One @ 5% for 100K
On top of that, if you use UOB Evol or UOB One to pair with the account, like for common household groceries, you would potentially get around 6.67-8% of cashback on your credit cards too (if you lifehack your way).
Second place: OCBC 360 @ 4.65% p.a.
On top of that, if you pair it with the OCBC 365 Credit Card, you can get an easy 3-6% cashback on all your household combined expenses (Min spend $800)
Credit cards change their T&Cs every so often and it is difficult to stay updated. That’s why I created a Telegram Broadcast where you can receive timely bite-sized updates to get the most out of your spending.
