How do I know if I should open these accounts- DBS InvestSaver, OCBC Blue Chip, StashAway, Unit Trusts?

Hello, I'm a 19Y/O and have some questions about the investment accounts mentioned. Can I open the accounts without investing in any of them first? I want to invest at a later date but open the accounts first. Which accounts are suitable for me. Other tips & advice for a novice like myself to build up my knowledge in finance, wealth, etc

Details of my finances:
https://seedly.sg/questions/what-to-do-for-a-19...

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Tee Hon Eng

07 Mar 2020

Hi Alcander

It is good that you are considering such options. You may choose to open such accounts without investing in them first. However, some companies may choose to send you reminder to add funds before they proceed to close your account after certain months.

Looking at your previous question, it looks like you are entering the National Service and intending to enter university after that.

Not sure why you would like to get a car at this point of time as it seems like a huge liabaility.

With that in mind, looking at a captial of $500 or less a month, I would recommend that you look into robo-investor as OCBC Blue Chip would have a higher fee and you Unit Trusts options would be limited.

Robo-investor would do most work for you, and you could look into investing maybe 2 years down the road where you have read more about investing and have a bigger captial.

We that being said, while fund for your investment, I would suggest for you to top up your jumpstart account till $20,000 to make full use of the 2% interest as invest in small amount would result in high expense ratio for transaction fees.

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