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Anonymous
Where should we park our cash for our wedding?
My partner and I are budgeting for a wedding.
We’re both fresh grads and we’ve started working for about a year now.
We’ve both agreed to deposit a total of $2500/month into our wedding funds to reach our targetted $40000 by June 2022.
Where should I place the monthly savings of $2500? Syfe Cash+ or StashAway simple or a simple savings account? Are there better alternatives?
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Zac
19 Feb 2021
Noob at Idiots Invest
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Hello! If I recall correctly you only get 1.5% on the first $10,000 for singlife. Afterwards the interest drops. Might wanna check for the rest. You might end up using all 4 of them for 40k
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Congrats in advance. Since it's a very short window of 15 months (now till Jun 2022), it's better no...
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To simplify it, you have two alternatives:
If you're conservative/very risk averse, leave it in a high interest savings account as that guarantees your capital.
If you're okay to stomach a little risk, leave it in cash management solutions. Syfe Cash+, StashAway Simple, Endowus Cash Smart - pick your poison. These invest in money market funds. Projected return closer to 1-2% p.a. with small risk of making a loss on that investment.