facebookI am 24 years old with 50K in my traditional account (POSB). Where should I put my savings to maximise them? I would like to save for housing/wedding/car. Any advice? - Seedly

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Anonymous

28 Jun 2020

Retirement

I am 24 years old with 50K in my traditional account (POSB). Where should I put my savings to maximise them? I would like to save for housing/wedding/car. Any advice?

Discussion (4)

What are your thoughts?

Adding on to what ZhiHao said, you could also consider Elastiq by etiqa. Gives you a guaranteed 1.8% interest rate for 3 years and you're able to withdraw the money from day 91 onwards.
https://www.tiq.com.sg/product/universal-life-i...

If this is money that you intend to use for big purchases in future, I would not put it into anything that bears good amount of risk. With the little information you provided, I will make two assumptions; 1) You have a monthly salary credit $2,000, 2) You cannot meet a minimum credit card spending of $500/mth.

I would recommend you put $10,000 in SingLife (2.5%/annum interest), and the rest in a DBS multiplier account. With a salary credit and meeting one other category, you would be able to get at least 1.6%/annum on the deposit.

Hey there.

If you are considering high-interest savings accounts, CIMB has recently announced today...

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