DBS Save as you serve acc (SAYS) GIRO dilemma.

Hi, I'm a current NSF, getting about $650/mth allowance. I'm currently splitting my allowance as such, $100/mth - Parents' allowance, $100/mth Save as You Serve ACC, balance = $450. I'm currently in a dilemma as I don't know if I should amend my SAYS ACC GIRO from $100 to $300/mth, to earn more interest. As I have a SC Jumpstart ACC, I don't know which route I should take to earn more interest n save more $$;

Route 1: Continue GIRO $100/mth into SAYS till ORD + 1mth = 25mth lock up to earn the full interest rates (0.25%/mth, 2% on total accumulated balance at the 25th mth, unsure about it)

Route 2: Amend GIRO to $300/mth into SAYS till ORD + 1mth = 25mth, Use SC Jumpstart cash flow to offset the balance, for the time being, SC Jumpstart balance remain ard ($1k), to earn the 0.4% interest rate.

Any suggestion or advice that you can provide? Much appreciated. 😊😊

POSB SAYE Account Standard Chartered JumpStart Account DBS/POSB Multiplier Account

4

Discussion (4)

What are your thoughts?

Learn how to style your text

Missing Q

05 Aug 2022

How about this, I suggest a route 3 for you.

Route 3,

Put most of your money in SCB Jump Start.

Every month DCA into Stock like S&P500 (IVV) or Realty Income (O) via syfe trade. Or you can use Syfe Equity100 if you dont know how to invest.

Trust me, Investing is better than the interest.

if you want, you can consider getting a singlife as well. You can park your emergency funds in Singlife.

For me, I'm also NSF,what i do is that,

Once my pay comes in,

$100 goes to OCBC BCIP, UOB.

Then I will set aside the remaing 20% for SingLife , then the rest is my descretion. Such as Investments, Insurance and other expenses etc.

Reply

Save

James Lee

16 Mar 2022

Investment at DIY Investor

Frankly, all your choices don'r make a difference because the interest rate is so low. Given the small sum, it's probably enough to go to a movie. Since you are young, try investing. Don't take a short term view. Some of the robos are generating 4% to 5%. There is one Squirrelsave which apparently achieved 25%. Can invest with a few dollars, it seems. So easy for us to try out. https://www.squirrelsave.com.sg/blog/squirrelsa... They use AI, so maybe it is smarter than humans? lol!

Chez! I invest myself - so I know very hard to get decent returns. But guess I am too emotional to let go when stocks are high. Then when it falls, regret! Look long term if you're young.

Reply

Save