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Anonymous
Hi! Assuming I wish to open either one and not both at the same time, which is better?
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John Smiths
31 Oct 2019
Tax at Local bank in Singapore
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Hariz Arthur Maloy
30 Oct 2019
Independent Financial Advisor at Promiseland Independent
They're two extremely different objectives.
One is savings and the other investment.
So the question is better how? A savings account is guaranteed return while investments give variable returns and your capital can decrease.
So if this is the start of your financial journey and will be your first 100/mth saved, stick to a high interest savings account until you have your emergency funds settled, and then look at investing anything above that.
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POSB Invest-Saver at $100/month is investing but SCB Jumpstart/CIMB FastSaver at $100/month is saving. It's not a matter of which is better. It's a matter of what are you trying to achieve - increase your investments or savings? If you cannot work out the difference, I recommend you put the $100/month into SCB Jumpstart/CIMB FastSaver as savings until you are ready to invest.