With effect from 31 October 2023, the Business I-Banking service will be terminated and will be replaced by our new Baiduri b.Digital Business service. To help you with your transition, email us at [email protected].
Why do we need an emergency fund?
Preparing for the unexpected

An emergency fund should be an essential component of every person’s financial plan. Unexpected tragedies can catch us by surprise, and an emergency fund can oftentimes be the difference between having a much-needed peace of mind and security or struggling to recover.

As the name suggests, an emergency fund is a separate account to be used only in the case of true emergencies such as medical bills or car and home repairs. While there isn’t a fixed amount to how much you should keep in your emergency fund but having between three to six months’ worth of your income is a good goal to have especially if you keep the most costly emergency, unemployment, in mind.

Steps in building an emergency fund

Set your initial target low

It can take some time to save even a single month’s worth of expenses and setting a target that’s too high and may demotivate you along the way. You could start with a target of saving $500. Depending on your income, you can achieve this in 3 to 4 months without it affecting your lifestyle in a big way.

Set a monthly goal

Now that you’ve set a goal, break up that goal into smaller and feasible monthly deposits. This way, you not only get into the habit of saving, but it makes the task a lot less intimidating.

Separate accounts

Remember that you should use a separate account from your emergency fund so that you’re unlikely to get tempted to spend that money. It’s important to leave the emergency fund alone until you really need it.

Make it automatic

You’ve already done the math and know how much you can afford to put in your emergency fund monthly, now make this task easier by having this amount automatically transferred from your checking account to your savings account. Another option is to have your bank automatically deposit a fixed amount into your savings account every time your salary rolls around.

Trim your expenses

Just because you spend $2000 a month, it doesn’t mean that it would take that much to survive. You’ll find that your critical expenses are much lower than your current spending if you take entertainment and dining out into account.

Chances are, you’re paying for multiple subscriptions like Netflix, Spotify and gym memberships. It’s time to cancel any subscriptions that you don’t use regularly and ones where you’re not getting your money’s worth.

If you don’t have an emergency fund, start building one today. Open a savings account and make your first deposit. Cut your expenses, save “found” money and prioritise saving to build your emergency fund as fast as possible.

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Important update
19 September 2023

We would like to inform you that with effect from 31 October 2023, Business i-Banking service will no longer be operational, and this will be replaced with our new Baiduri b.Digital Business service.

If your company has not transitioned to b.Digital Business, please ensure that every existing user provides the following by 8 October 2023 through the Business i-Banking Inbox:
  • User’s full name
  • User’s valid Identification Card (IC) or Passport
  • User’s mobile number
  • User's company assigned email address (General company email is not accepted e.g., [email protected])

Alternatively, you can complete the b.Digital Business Amendment Form and submit the form(s) directly to Baiduri Digital Hub, Ground Level, Baiduri Bank Headquarters.

Every user will receive a notification email at their registered email address, once they have been migrated and activated on the b.Digital Business service.

Companies who have not moved to b.Digital Business after 31 October 2023 can re-apply as a new subscriber to the b.Digital Business service. This will require additional documentations to be submitted as part of the application. Refer “Required Documents” here.

Important notice: Our Business i-Banking service will be deactivated soon. To ensure continued access and a smooth transition to the new Baiduri b.Digital Business, please provide your full name, IC, email address and mobile number via Business i-Banking Inbox. If we do not receive updated details from all authorised users, your company will not be migrated to the new platform and a fresh application will be required. For assistance, contact us at [email protected] or call 2268 637/8/9 during business hours. Thank you for your cooperation.

To strengthen our online security measures, effective 8 January 2024, we will introduce the cooling period feature on our Baiduri b.Digital Personal web and mobile app to prevent unauthorised access.

Click here for more information.

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