Anonymous
We notice that most savings account that offer “multiplier” interest rates require the crediting of salary by GIRO. However my wife receives her salary by cheque. So it seems that she can’t enjoy the lucrative interest rates from these hurdle accounts.
What other options does she have? We are looking at the fixed deposit account from CIMB which is currently offering a promotional rate of 1.9% p.a.
What about Singapore Savings Bond?
Appreciate any input!
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Hariz Arthur Maloy
07 Jan 2019
Independent Financial Advisor at Promiseland Independent
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SSB is a good alternative. Even putting your money in for one year would beat that 1.9%! If you can put your money in SSB for a longer period of time, the interest rate would only go higher. Would recommend!
Alternatively, you can waiting until the CNY period to see if any banks offer better promotional rates. Sometimes banks do!
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Hey Anon,
If your wife has at least a 5 year horizon, she should potentially try investing in a globally diversified portfolio provided by an FA or a Robo Advisory.
I would also suggest choosing a portfolio that distributes dividends as a means to start and see her money growing and provide cashflow. It will make any newbie more confident in investing as well.
These portfolios are fully liquid and are considerably cost efficient as well plus a means to achieve a much better return to the other options you've mentioned (which are fine picks too, especially SSB). :)