Anonymous
Savings or cash management accounts - Which is better?
Which one has higher saving interest rate? I'm looking to park some of my savings into somewhere where I can:
- enjoy high interest
- take out anytime
- stacking interest rates with credit cards, salary, and others
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Singapore Government Bonds, latest yield 3.2%
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Tony
Edited 04 Oct 2022
Computer Engineering at Nanyang Technological university
Based on the 3 critirea you listed, it appears that you are leaning more towards savings accounts. There is a review
https://blog.seedly.sg/best-savings-accounts-si...
It's very much depends on your lifestyle such as credit card spending habit etc to see which account suit you the most, that you can maximize the interest rate.
Cash management accounts may not have those stacking bonus interest rate. Also, note that many of these are invested in money market fund, which carry some risk of losing capital.
the liquity, may not be as good as savings accounts as it depends on the company offering the cash management accounts. some may take 2 or 3 days to take out your cash.
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Chin Guo Qiang
02 Oct 2022
Assistant Vice President, IT EUC at OCBC
If have enough funds, put to both sides and see is effects of 3 to 6 months, before swinging over to your preferred choice. 😀
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I would recommend using MooMoo Cash Plus and subscribe to the Fullerton SGD Cash Fund. It is current...
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Savings because can avoid market volatility.