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Anonymous
I have the following savings account/investment with me. Currently just want to diversify my investment and to earn more money from the increased interest rate.
Should I be putting a part of what I have (~$10k) into fixed deposit accounts for short term investment? Looking at CIMB fixed deposit account as it's 4.1% per annum interest rate is quite enticing and T-bills also offer a similar interest rate and it is much better than the pathetic interest rate that my POSB savings account is holding.
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Yes, take advantage of the high-interest environment.
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cctzjd
23 Jan 2023
Own time own target at Self Employed
CIMB takes long time to open account based on what I
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If I am not wrong, POSB also has this POSB SAYE account that offers higher interest rate for crediting your salary there.
For amount that you expect you do not need in the short term, you can put them into Fixed Deposit or T-bills. Currently Fixed deposit rates are equally similar or better than T-bills so I will prefer Fixed deposit. OCBC happen to have this 8 monyhs FD promo offering 4.08% which is pretty attractive. And the plus side is it is easy to apply through online banking if you have a 360 account
As for investments, it depends on your risk apptite and time horizon.
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Javier Tan Yan Kai
15 Jan 2023
Actuarial Analyst at AIA
Yes if u have no immediate needs...
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I would say it depends on what this cash is. Is it for liquidity purpose? Is it something u can wait for it to be locked up for a short term?
Gotta consider carefully from different perspectives.
All the best!