Do you have any savings plans or accounts to recommend for a 20-year-old?

Hi anon,

Adding on, you can consider money market funds, although non-guaranteed but it's around 1.1% p.a. at the moment with no lock in.

I have to clarify though, when you are talking about 5 years, do you mean you want it mature in 5 years? Or you have a budget to save for 5 years and can wait for it to mature about 10-15 years down the road? I'm presuming it's the former....if it is the latter, there are more options available.

• Singlife account: Non-guaranteed 2.5% interest for first $10,000.

• Short-term endowment plans: Tiq 3 year plan @ 2.1%, return guaranteed at maturity

• StashAway Simple: Non-guaranteed 1.9% return, fee of approx. 0.205%

• Fixed deposits: Maybank (min. $25,000) 2 years for 1.4%

• Singapore Savings Bond: 0.57-0.93% for first 5 years (min. $500)