Can anyone advise on POSB SAYS account? Besides the SAYS account, anything else I can do to upgrade myself in NS?

Hey Anon, this question brings back good old memories, exactly the same question I had two years back.

Firstly, it's important to note that the amount you set to put aside and deposit into SAYS account are funds that you wouldn't need within the next 2 years as should you withdraw from the account, you'll be ineligible for the 2% interest at the end.

• If no (you need the funds), then the POSB SAYS is not for you.

• If yes, proceed to the second consideration.

Secondly, have you maxed out the 2% interest p.a on your first $20k with Standard Chartered's Jumpstart account?

• If no, then make use of the Standard Chartered Jumpstart account instead of POSB SAYS as it offers 2% interest p.a which will be credited every month, whereas the POSB SAYS only offers a bonus 2% interest p.a on the overall balance at the end of two years. At the same time, having that liquidity without having to lock-in your funds for 2 years.

• If yes, go for the POSB SAYS. You can also consider the Singlife Account which currently offers 2.5% interest p.a (non-guaranteed).

Personally, I signed up for the POSB SAYS account at the start, but terminated and moved all of my funds over after Etiqa Elastiq was introduced, which offers 2.02% interest p.a, credited monthly.

On a side note, they'll try to convince you to sign up for the DBS Safra Debit Card which provides rebates on quite a number of categories. However, I advise you to only sign up if you go to SAFRA frequently as the rebates are in the form of SAFRA $ and you'll also have to pay some fees for the membership. Do not be "convinced" by their free watch (worth $xxx), which people end up selling on Carousell for a much lower value.

As for upgrading, do take the time to make use of the free resources online for skills upgrading or read up on things you're interested in, whether it is for your school/education in the future or personal interest. There's this programme called ePREP which gives you around $300+ worth of credits where you can use it to take some courses and offset the fees payable. From April 2020, the credits can be used to offset 100% of the course fees, assuming the fee is lesser than the amount of credits you have. For this, I'd advise to go for a proper course from one of the local Universities, usually costing between $200-$300+, instead of going for those $20-$40 courses, which is really short and not as in-depth. Yes, you may get more certificates if you go for cheaper courses, but what's the point if it's not as valuable. More certificates don't necessarily equate to a better portfolio.

All the best!​​​

In retrospect, I would probably save this programme till when im working and earning higher income since it is valid once per person.

During NS, it is a great time to pick up new skills and hobbies. You can start learning basics of investments through books available online (NLB) or through personal finance blogs. Upgrading yourself doesnt have to be continously investing and trading, it can be building up your skillsets. There is also an ePrep scheme (available one year prior to ORD) that offers certificational, professional and vocational courses by various providers which are 90% subsidised. A $100 course would cost only $10.