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Interest Rates

DrWealth

ValueChampion

Savings

Savings Accounts

Hi there, I have a 20k with OCBC savings account and the interest is very low. I'm thinking to close this savings account so that I can put this amount of money to get more interest. Any advice?
Tan Wei Ming
Tan Wei Ming, Writer at Frugal Youth Invests
Level 7. Grand Master
Answered on 09 Jul 2020
The first $10k I will put in Singlife. The other $10k, it really depends on whether you wanna have your funds lock up in Elastiq for 3 months and able to withdraw in multiples of $500 or Dash EasyEarn where it is more liquid than Elastiq but charges you 70 cents per transaction for withdrawal to bank or Stashaway where the 1.9% is just projected returns.

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ValueChampion

Insurance

Savings

Singlife Account

Singtel

What are your thoughts on the new insurance savings plan by Singtel Dash and Etiqa?
Foo Chee Yong
Foo Chee Yong
Level 3. Wonderkid
Updated 4w ago
For withdrawals, you will need to withdraw a minimum of $100 in multiples of $100. Basically you cannot withdraw your interest until you have reached $100(s), and you need to lock in certain amount of fund in order to keep generating interest. Backed out due to this restriction.

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Insurance

ValueChampion

PolicyPal

Personal Accident Insurance

Are there any differences between a personal accident plan from a general insurer and one from a life insurer?
PolicyPal
PolicyPal, Official Account at PolicyPal
Top Contributor

Top Contributor (Aug)

Level 7. Grand Master
Answered on 21 Jul 2020
As they serve the same purpose, the main benefits rarely differ much across different insurers. The insurance plan usually covers the cost involved with hospitalisation, rehabilitation, recovery, and even evacuation. However, if you are looking for coverage for occupational hazards, the pricing might differ across different insurers. In PA plan, insurers classified all the occupations into 4 classes. The higher-class tier you are, the higher the premiums you have to pay to be insured as you run more risks being injured or faces accidents. Most of the insurers have different premium pricing for class 1 and class 2, but AIA is the only insurer that places the same premium rate for class 1 and class 2, hence if you are in class 2 occupation list, you should consider AIA PA, as it's the cheapest in the market If you are interested in comparing across different providers, do get in touch with us.

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8

PolicyPal

MoneyOwl

ValueChampion

Savings

What happens to my money when I die without a will?
PolicyPal
PolicyPal, Official Account at PolicyPal
Top Contributor

Top Contributor (Aug)

Level 7. Grand Master
Updated on 14 Jul 2020
For a person without a will, you will be considered Interstate. Your estate will then be distributed according to the Intestate Succession Act ( With the exception of Muslims as their estate’s distribution will be governed by the Muslim laws and Syariah Court). To kickstart the process, one of your next-of-kins will have to apply for a Grant of Letters of Administration. It provides them the authority to act as the administrator of your estate – which in turn allows them to distribute your estate. We have done a chart to show who will be your beneficiaries in the different scenarios. Do check out our article to find out.

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PolicyPal

ValueChampion

Investments

Insurance

Whole Life Insurance

Term Life Insurance

I am in my mid 40s. I have life insurance 60k, term insurance 100k and Enhanced medishield. I have 800 to spare each month. Should I invest or buy more policies?
Hi anon, Rather than look at it as your coverage for term and life insurance, I would instead look at it as such: - Death/TPD coverage: Do I need it? If I don't have dependents or liabilities, then probably not. If I do, how much cover will I need? How much more do I need to cover the gap? Rules of thumb usually peg the amount of cover at 10 times annual income, or the amount needed to cancel your liabilities and provide for your dependents, whichever is higher. - Critical Illness: I'll need this. How much do I have now? Is it enough, keeping in mind the rules of thumb for the amount of coverage. If not, how much more do I need to ensure a peace of mind in the event I am critically ill? Rules of thumb usually require 5 years of expenses at a miinimum with a additional sum for out of pocket costs. - Medishield Life: Do I have at least an integrated shield plan and a rider? Regardless of whether it allows me to go to private hospitals or only restructured ones, this insurance is important - Long Term Care: If you are a Singaporean Citizen or PR, then you should have Eldershield. But the coverage is not a lot. You could use your Medisave to get supplementary coverage. Take a look at your policies and see which policy covers what. Just because one has a 100K term insurance, doesn't mean it will cover CI. It could only be death/TPD cover (which might be the case). If it has a rider provide accelerated CI cover, then I can consider that you have CI cover of $100K on the term plan. Similarly, a life insurance plan may not cover CI, depending on the policy. You need to understand what is covered, but if you have difficulty figuring out, you might need to speak to an advisor. With the rules of thumb, and knowing what each policy covers (and doesn't cover), you will then be able to gauge your shortfall and decide if you need to insure yourself better, or you can move forward to invest for your retirement. Lastly, an advisor who can distribute multiple company's products would be mostly from an IFA, such as myself.

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Stocks Discussion

Investments

ValueChampion

Bull Market

Online Brokerages

Why is no one bullish on SEA Ltd, the parent company of Garena and Shopee? The stock has been on the rise the past 3 months. Any thoughts?
Aik Kai
Aik Kai
Level 7. Grand Master
Answered on 25 Jun 2020
SEA Ltd is listed in US, which means dividends are subjected to 30% tax. Not very nice ah. besides, buying overseas stocks also a bit troublesome so... In any case, I don't think no one noticed it. It is just that the focus around here centre on SG stocks over other countries' stocks so no one is talking about it much.

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Investments

Trading

SAXO Markets

ValueChampion

Multi Currency Cards

Does Saxo SG have an inactivity fee? I saw this on international websites but not the SG one. Also, does it charge extra fees for corporate actions like stock splits, reverse stock splits?
Anson Chew
Anson Chew
Level 4. Prodigy
Answered on 24 Jun 2020
Hi there, There was a period I didn’t execute any trades for at least 6 months. Saxo only impose a custody fee for my holdings. They did not impose any inactivity fees for my account. I have checked with Saxo support as well. To make sure, you can email their support. Hope that helps.

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Stocks Discussion

Robo-Advisors

ValueChampion

Investments

Online Brokerages

How can I improve my current investments?
Yang Teng
Yang Teng
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Updated on 14 Jun 2020
Personally, I think crypto should be a smaller portion of your portfolio, 10% or less. Cryptos are very risky, not to mention speculative. Having 20% allocation seems a bit high (for me). However, if you are very very sanguine about the prospects of cryptos, by all means. Depending on risk appetite, I feel there can be a higher allocation to equities (and cut down crypto). At 20, you can choose not to have so much emergency funds since you are very dependent on your parents (depends on individual). You can deploy a traditional 60-40, stocks to bond allocation for your portfolio and withdraw from robos to rebalance periodically (100% equities in robos). If you're willing to spend more time to manage and learn, you can also consider having a 3-fund portfolio through DIY.

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Credit Cards

Savings

Savings Accounts

DBS Multiplier Account

ValueChampion

I am a fresh grad. Which DBS credit card for my multiplier account should I sign up for if I spend less than $500 monthly?
Hi anon, DBS points earned on the Altitude card do not expire. It's stated on their website: https://www.dbs.com.sg/personal/cards/credit-cards/dbs-altitude-cards There is also no transaction threshold to cross for the credit card usage as long as your total transactions in all eligbile categories cross $2000 a month. That could be achieve by your salary crediting alone. Thus you need to ask yourself if you prefer to go with cashback or miles. Cashack is for instant rewards, and miles are for aspirational rewards. If you use cashback, the Everyday card should be quite decent. If not, the Altitude is a pretty decent miles card. You may read up more on the milelion website for more details on the card. I am not a cashback person, so I'm unable to comment on the Everyday card. Remember, you should spend because you need to get something, and not because you want to earn the cashback or miles. No point buying something you don't need, in order to jump into a higher 'tier' of bonus interest.

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Investments

Robo-Advisors

Syfe

ETF

STI ETF

ValueChampion

Regular Shares Savings Plans (RSS/RSP)

REITs

Property

StashAway

What can I do to make my portfolio better? Monthly, I have 100 RSP into Nikko, 300 into Stashaway (1 high risk, 1 moderate risk), 240 into Reits with Syfe, and about an extra 80 leftover. Any advice?
Woo
Woo
Level 4. Prodigy
Answered on 14 Jun 2020
Can I ask why you have 2 stashaway portfolio? Because the way i see it, it is an average of high and moderate risk. might as well choose 1 portfolio risk somewhere in the middle? and what is your nikko fund in? if you high risk taker, should be in their growth funds and not the dividend, bonds, reits or STI.

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