One more step in organizing my personal finances. I closed my UOB savings account and consolidated it with my UOB One Account to earn higher interest rates.
Why did i open up the savings account in the first place?
(1) I have the concept of 'paying myself first'. Instead of the formula. 'Income - Expenses = Savings', i try to adhere to the formula of 'Income - Savings = Expenses'. Having that separate account allowed me to transfer money from 1 bank account to the savings, so that i wouldn't touch it.
(2) I'm also quite compartmentalized. So if i designate 1 account for savings/investments, it feels much more neater to me from an accounting perspective. Dividends from investments goes into that account, and EPS to the various brokerage accounts i have are also directed into it.
Why did i have it closed now?
(1) I don't really need it ......