09 May 2021
My wife and I have struck a windfall. We wanted to donate 100k to charity. rather than lump sum, we wanted to an annual donation of 10k (for the tax relief) Where is the good place to park and earn some interest in the meantime?
We went to a few bank, they are suggesting put a portion for 6 to 12months FD the rest for longer tenor. Thank you.
Just FYI, if you donate the 100k in one lump sum, you won't necessarily "lose out" on the excess tax relief. Unutilised donations can be carried forward to offset future income, up to a maximum of 5 years.
But having said that, it's probably still better to spread out the donations than to do it in one shot, because you won't get your usual personal reliefs if the lump sum donation is sufficient to fully offset your annual income.
Singapore savings bond is the best you can get for the liquidity and interest rate
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