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Im a mid 20s fresh in the working scene after NS. Building my base from scratch and only have less than 5k liquid.
Everytime my pay comes in, I will park in Singlife which gives me 3% PA. Any expenses I need to make, I will transfer small amts like 50-200$ into my bank account to spend.
I am considering to shift from Singlife to Choc Finance as it gives 3.6% (1Nov) instead, any thoughts if its just for a short parking of money?
In regards to investing, I do my own DCA with syfe on VOO and Nasdaq and some tech stocks in tiger so I am not worried about growing wealth, Just want to know if parking money for my salary accredition into Choc finance for the next 1year will be better than other options such as banks/ bonds/ T bills/ robos or whatever is in the market.
I am looking to make choc finance my rainy weather parking spot as i am still building up from a very small amt of 2-3k and hoping to have 10k parked there by the next 1 year.
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Hi Oaks,
Thanks for the detailed information in your query.
As you mentioned it is for rainy weather which means it is your emergency fund which means you can not afford this amount to be depleted Period.
So this amount you have to keep in safer /SDIC insured avenues. Since the deposit in Chocolate Finance is not insured, would suggest evaluating other avenues.
T Bills, GXS, Maribank etc.
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Good to check about Chocolate Finance.
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Maybe put in sg govt tbills. safer
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Chocolate is an investment and would not be covered under SDIC so need to aware if you want to park ...
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