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Saving Hacks to make your money work more
Instead of applying for SSB or fixed deposits, do internet banking and apply for Singapore T bills (non competitive allocation). It is now 3.32%, which is 0.5% more than SSB and 1% more than FD. Agree?
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Chin Guo Qiang (CSM / CAL / ITIL4)
07 Oct 2022
Principal Engineer at Defence Science & Technology Agency
Old school way is actually go for Fixed Deposits with your parents' names, so that the money has a safeguard proxy.
Rates are climbing to almost 3% (now at 2.9% with OCBC), just a few days ago.
Check the seedly article for the updates:
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Javier Tan Yan Kai
05 Oct 2022
Actuarial Analyst at AIA
Construct a portfolio to meet 1 month needs all the way to years
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Why not do both? As others have said it depends on your main aim and timeframe...
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T-bill is only 6 months or 1 year which is more of less the FD duration. As T-bill is guaranteed by the Singapore govenment, it is much safer than the FD in theory.