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Anonymous

09 Mar 2020

General Investing

Would it be a better choice to invest in SSB or put my money in a fixed deposit?

SeedlyTV S2E07

Discussion (7)

What are your thoughts?

Hi members, i recently went to OCBC to opened up my son kid savings account :) of $530+. I saw this cardboard on the counter showing fresh fund minimum $20,000 for 1.75% p.a. The saying...Sad to say (The rich get richer. The poor will get poorest). unless you are really struggling to save bit by bit for years for this minimum funds. How many of us will be able to save this amount of moneys and how long will it take. It took me from 2012 to last year 2018 save up to $11,000 (7 years) with $200 set aside every month with beginning 1st year $100 monthly. Last month i saw Maybank offer a little better with $20,000 for 2.05%. With smaller fund I feel SSB is still better than parking your extra funds in your original savings account. For me personally I'm placing any as my wife is from Vietnam. I be flying there to place a fix deposit for 7.8% p.a. if not given a options SSB is still better than bank offer.

Rais M

Rais M

09 Mar 2020

Level 9·Accountant at SME

It depends. You really need to compare the interest rates for both SSB and FD at the very point of time you are going to invest. Obviously, choose the ones that will give the better interest rate.

In the recent periods where the interest rates for SSB has been falling, short term fixed deposits h...

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