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Savings Accounts

Optimising your savings rates

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Savings

Savings Accounts

StashAway

Interest Rates

Is StashAway Simple a good alternative to a savings account?
It'll be one of the choices on hand as an alternative to current bank account / fd ones. For me I'll start with singlife first for the 2% then layer into other cash management platforms. Singlife's application process may take some time though; still pending for approval after a couple of weeks.

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Savings

Savings Accounts

Interest Rates

Robo-Advisors

Are cash management accounts a good alternative to savings accounts taking into account the fees they charge as well?
Yes definitely better than banks

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Savings

Standard Chartered JumpStart Account

Interest Rates

Savings Accounts

With the decrease in SCB Jumpstart's interest rate to 0.40% from 1%, what are some alternative options to grow emergency savings?
Hello there! Do have a go at Singlife ! There's a minimum account value of $100 and receive up to 2% interest per annum for your first $10k deposited. For withdrawals in cash, Singlife's Fast and Secure Transfer ('FAST') allows you to transfer funds from your Singlife account to your personal bank account almost instantly. Singlife also offers a debit card option that incurs zero financial fees and annual fees. There are insurance benefits as well! Do check out Singlife's website for more info: https://singlife.com/manage/ All the best for your studies!

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Savings

Savings Accounts

Standard Chartered JumpStart Account

Singlife Account

Standard Chartered's Jumpstart account recently revised its rates. Used to be a good deal but now maybe not. Anyone moving to Singlife after this announcement also? Maybe Singlife will change too?
J

J

Level 3. Wonderkid

Answered 1d ago

Have been using Singlife ever since jumpstart cut interest rates to 1% in July. Doesn’t hurt to transfer from one account to the other since it only takes a few mins to sign up, transfer money to singlife and back. So I would just open an account in singlife.

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The Conservative Investor

Low risk investments… What are my options?

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2 more comments

Yeap Ming Feng
Yeap Ming Feng

24 Oct 2020

Useful content to get someone started!
Jean

2d ago

Very helpul
Post

Savings

Standard Chartered JumpStart Account

Savings Accounts

Cashback

Is SCB JumpStart removing their 1% cash back on all purchases as well?
There is no information announced by Standard Chartered yet. However, it could be possible that they would decrease their credit card cashback rate. Be that as it may, you may opt to use CIMB credit card as well with 1% with no min. spend for their AWSM card :)

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Standard Chartered

Standard Chartered JumpStart Account

Savings

Savings Accounts

Singlife Account

Now that standard chartered jumpstart account has a drop in interest rate, is it wise to close that account and put in Singlife? Any ideas how to close SC account?
The answers for such financial questions are always, it depends. Now that the rate will drop to 0.4% by 1 Jan 2021 , some may no longer consider "parking" their money there to gain interest. My suggestion for you would be to answer the following questions to help guide your decision: 1. Do you have an alternative account currently offering a better interest rate , for example, SingLife or maybe even DBS multiplier account? 2. What is your age ? (To reopen the account, in the event where the interest rate may go up again, you must be between the age of 18 to 26) 3. Is there any benefit you gain from closing the account? (Reminder: The JumpStart account has NO minimum deposit requirement and there is NO fall-below fee .) Personal Opinion: Take all your money out, leave the bank account balance as $0, put back the money if the interest rate increases back to a rate you are happy with. Best of luck to you bro/sis :D

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Savings

Savings Accounts

Singlife Account

Singlife Insurance

Anyone tried Singlife’s “Get Advice” feature and received the $15 promo? Could you let me know your experience with it?
Will check it out,tks for sharing

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Undergraduate

Education

Savings

Savings Accounts

Hi I'm a 22 y/o in uni. Is it bad if my account balance drops for one month?
Hi Anon! I'm a Uni student as well and it can get quite upsetting whenever I see my account balance drop, but then again as a #brokeunistudent it is quite understandable especially if you're not working. I always try to be mindful about my spending but some months may be tougher than others! I've started investing earlier this year with a robo-advisor, this can be something you can look into to grow your savings whilst you are still schooling and you can decide how much you want to set aside for investing purpose. You can read up more about robo-advisors and investing with the following links: https://blog.seedly.sg/singapore-robo-advisor-investment-comparison/ https://blog.seedly.sg/ultimate-personal-finance-guide-to-investing-singapore/ Hope this helps! :)

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Savings

Savings Accounts

Where should you put money you’ll need in two to 10 years?
Into bonds, insurance savings plan, endowment or equities. Depends on your risk appetite other wise hold as cash

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