I’d been using POSB’s MySavings Account (MSA) to pay myself first since I started working way back in 2010. Then in March this year, I switched to a variant of this scheme, eMSA (which was available for only a limited period), as the interest rates were slightly better.
But then, over the past few months, as I started my journey of growing wealth, I began to realize that I didn’t really need this special account anymore as I had the discipline to do it myself. Also, because I kept withdrawing funds from it, so the remaining money earned very low interest.
So early afternoon last Saturday (19 July) I popped by the nearby POSB branch to close my eMSA account, and informed the teller that it was because I had outgrown it. I had already transferred everything inside to my normal POSB account, but to the greatest amusement of both the teller and me, there was actually still $0.02 in interest left.
I had been considering applying for OCBC’s 360 account for some time, as one could earn potentially 3.05% interest on a maximum of $50 000 by fulfilling three conditions. A couple of weeks back, my big boss M and I chatted about savings and he mentioned that he had a 360 account, and that the three conditions were pretty easy to satisfy. So I took that as a sign (haha), and immediately went to the nearest OCBC branch that weekend to apply for one.
But I still needed to make up that $50 000. I had an OCBC fixed deposit which would mature next March. After doing some calculations, I realized that if I moved the money to the 360 account, I could probably earn the fixed deposit’s total interest in about four months. So late afternoon last Saturday, I went to that OCBC branch, terminated my fixed deposit (which had earned $8.82 in interest) and moved the funds to my 360 account.
So that day I was $8.84 richer in total. :D