Anonymous

09 Sep 2020

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Hi, I'm a final year poly student & have around 7-8k to spare. More below. Which option is best?

I'm looking for a savings plan as fixed deposit rates are quite low now, although I'm not sure if I will be able to pay the yearly premium since I still want to continue my studies. Another option I heard is to put it in CPF as the interest rate is high but I will need to wait till 55 to get part of the money. I'm not sure which option is best, can anyone share? 😄 Thank you!

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Joey Lim

09 Sep 2020

Hi! I'm a final year poly student too!

I personally put my savings into Standard Chartered where they have a 1% interest rate p.a, which is quite good. You may also choose to use Singlife as they're the next best high interest savings account!

I store some of my money in Stashaway Simple as well as Stashaway's General Investing, as these are a few easier options to keep your money safe.

Good luck!

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Samuel Don Oh

08 Sep 2020

Hey there!

You can consider Singlife if that works for you! The other alternative is to get a savings plan through an insurer. Some offer cash coupons payout after a certain time eg. AIA Flexi Rewards so you can have a certain level of liquidity at least. You can choose to either opt for a monthly or annual form of payment to see which works best for you.

I won't recommend CPF for your age since the runway is quite long and there is little liquidity.
Financial planning is an integral part of life. You can reach me here to find out more.

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