Randy Chai - Seedly
Randy Chai

An Entrepreneur, Digital Marketing and Technology Enthusiast. Banking & Finance Graduate and Business Management Diploma holder.

Randy Chai

40Upvotes

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An Entrepreneur, Digital Marketing and Technology Enthusiast. Banking & Finance Graduate and Business Management Diploma holder.

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Randy Chai

40Upvotes
  • Answers (12)
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  • Reviews (1)

Lifestyle

GOMO

Mobile Plans

Randy Chai
Randy Chai
Level 4. Prodigy
Updated 4w ago
Not for me, but I'm on Singtel's Combo 3 plan, thinking of switching to a sim-only data plan in August. Btw, do check out all providers' reviews here: https://seedly.sg/reviews/telco-mobile-plans

Savings

General

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 26 Jul 2019
Hi there! When it comes to, "How much should I have saved by the age 30", I'll like to think of it this way - What would I possibly need to spend or rely on when I hit the age of 30? ! And that for an average Singaporean could be dependent on 3 requirements: 1. Be able to have 6 months worth of emergency funds 2. Be able to afford downpayment for a BTO (25% of the property price, 5% must be in cash) 3. Fulfilling our partner's dream of getting married before 30 Here are the breakdown and assumptions. 1) Be able to have 6 months worth of emergency funds Say you're making an average salary of a Singaporean between the age of 25 to 30 and that's S$4K (inclusive of employer CPF contributions). Which means that you will need S$24K in savings to overcome any short term adversity in your life. Breaking that down into 60 months (12 months 5 years) you will find that you need to save at least S$400 per month to check this requirement. 2) Be able to afford downpayment for a BTO (25% of the property price, 5% must be in cash) Say you're merely looking at a 3-room BTO with the assumption that the property will cost S$200K. Also, you will like to pay all 25% in cash and not touch the savings in our CPF. Which means that you will need to folk out S$50K cash in downpayment (Well, you might be able to share this load with your partner, case by case basis). Breaking that down into 60 months, (12 months 5 years) you will find that you need to save at least S$833 per month to check this requirement. 3) Fulfilling our partner's dream of getting married before/on 30 Well, I won't go into detail on why the average cost of weddings in Singapore is S$27K You can read about it here https://blog.seedly.sg/cost-of-wedding/ ! Once again, Breaking that down into 60 months (12 months 5 years), you will find that you need to save at least S$450 per month to check this requirement. This is an important requirement that you would want to check especially if you are with a "marry-or-flight" partner. In summary, if you're just like me, then these are the 3 things that will bother you when you're on your way to 30. Which means to check all three requirements, you'll need to save at least S$101K (S$1,683 per month) to achieve this goal. I say it's insane but achievable. Alternatively, just pick the requirements that are most important to you and work towards your goals. 1) 6 Months Worth Of Emergency Funds Total Savings Target: S$24K Monthly Savings required for the next 5 years: S$400 2) Downpayment For A BTO Total Savings Target: S$50K Monthly Savings required for the next 5 years: S$833 3) Getting Married Before/On 30 Total Savings Target: S$27K Monthly Savings required for the next 5 years: S$450 I hope this helps!
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Bank Account

Investments

Savings

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 20 Jul 2019
Hi Alcander! Taking the assumption that you're a student and thus, would not be able to qualify for Salary Crediting, Credit Card Spend, Home/Car Loans and/or Investments. Here are the top 3 Saving Accounts you can go for with the highest interest rates. P.S. Calculated/Researched based on this formula (Base Interest + Bill/Giro Payment + Other Bonuses) ! 1) Maybank's Save Up Programme Base interest rate: 0.3125% - one Maybank product or service, Giro Payment Bonus (of at least $300): 0.3% Total attainable interest: 0.6125% ! Source: Maybank 2) Bank of China's SmartSaver Base interest rate: 0.25% - Payment Bonus (3 bill payments of at least S$30 each): 0.35% Total attainable interest: 0.6% Source: Bank of China 3) CIMB FastSaver Account - Base interest (First $50, 000): 1% Base interest (Next $25, 000): 1.5% Base interest (Above $75, 000): 0.60% ! Source: CIMB Based on our assumptions and interest rate formula, CIMB's FastSaver Account will provide you with the highest interest rate at 1% which will be ideal for you at this juncture. However, don't just hear this from me, do check out what our community have to say by reading their reviews: https://seedly.sg/reviews/savings-accounts Also, for a more detailed breakdown for all available savings accounts, do check out our Best Savings Account Cheat Sheet here: https://blog.seedly.sg/best-savings-accounts-singapore/ Last but not least, do note that you can use Seedly's Savings Account Calculator to find out which service provider is best for you: https://seedly.sg/tools/savings-account-calculator ! I hope this will help!
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Electricity Market

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 12 Jul 2019
Hi there! The benefit of a fixed price plan is that you get to lock in a predetermined price for the entire length of your contract. Which means that you get to know for sure the amount you're paying for per kWh of electricity. For discount off regulated tariff plans, your prices may fluctuate every quarter when the EMA updates their prices. The % discount off the regulated tariff is set and fixed by the electricity retailers. ! You can also consider non-standard price plans where the rates are lower during off-peak hours (11pm to 7am) and higher during on-peak hours (7am to 11pm). I've left a more detailed explanation of each plan type below from one of my previous answered questions. Meanwhile, do note that you can now use Seedly's comparison tool to filter and sort which plan/plan type would be most feasible for you. ! I hope this would help! Important fact and assumption to note: Fact: Regulated tariff in Q3 2019 = 0.2592/kWh Assumption: Average monthly consumption of 500 kWh 1) Fixed Price Plans (Standard Plans) This is the most straight forward plan type. As the name suggested, you pay a constant rate (e.g. $18.00/kWh) for electricity throughout your contract duration. However, the rate may be higher or lower than the regulated tariff during the contract duration as the regulated tariff is reviewed every quarter. This plan will be suitable for you if you prefer prize certainty or if you speculate that the kWh price is at an all-time low. Top 3 cheapest Fixed Price Plans in the market: a) iSwitch's "Chope" the Rate Plan (12-month contract) - Fixed-rate of 17.67c/kWh - Monthly electricity bill payable $88.35 b) Geneco's Give Us A Try Plan (6-month contract) - Fixed-rate of 17.68c/kWh - Monthly electricity bill payable $88.40 c) Union Power's Fixed Saver Plans (12 or 24 months contract) - Fixed-rate of 17.70c/kWh - Monthly electricity bill payable $88.50 2) Discount Off Regulated Tariff Plans (Standard Plans) Short-form DORT, you get to enjoy a fixed discount off the prevailing regulated tariff (e.g. 20% - determined by the retailer) throughout your contract duration. This plan is suitable for users who do not mind their electricity rate changing every quarter. Do note that the regulated tariff is reviewed by SP Group on a quarterly basis (approved by the EMA). Top 3 cheapest DORT plans in the market a) Ohm Energy's Discount Plan (6 or 12 months contract) - 25% off the regulated tariff - Monthly electricity bill payable $97.20 b) Diamond Electric's Saver Plans (12 months contract) - 25% off the regulated tariff - Monthly electricity bill $97.20 c) Sunseap's Sunseap-One Plan (6 months contract) - 23% off the regulated tariff - Monthly electricity bill $99.80 3) Non-standard Price Plans This plan would be the best for night owls, users who consume more/or the majority of their electricity during off-peak hours between 11pm to 7am as compared to on-peak hours between 7am to 11pm.
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Electricity Market

General

Family

SeedlyTV EP08

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 04 Jul 2019
Hi there! Before thinking if you should switch to an electricity provider, it is good to know what are the different type of plans available in the market. Do note that the comparison made below is solely based on plan prices, filtered from OEM's price comparison tool. However, you probably should not make your decision solely based on plan prices. Do check out all electricity retailers' reviews here on Seedly. ! Important fact and assumption to note: Fact: Regulated tariff in Q3 2019 = 0.2592/kWh Assumption: Average monthly consumption of 500 kWh 1) Fixed Price Plans (Standard Plans) This is the most straight forward plan type. As the name suggested, you pay a constant rate (e.g. $18.00/kWh) for electricity throughout your contract duration. However, the rate may be higher or lower than the regulated tariff during the contract duration as the regulated tariff is reviewed every quarter. This plan will be suitable for you if you prefer prize certainty or if you speculate that the kWh price is at an all-time low. Using the comparison tool from the open electricity market and filtering down by price you will find the top 3 lowest price plan from Geneco "Give us a try" plan, iSwitch 'Chope' the Rate Exclusive plan and Union Power's Fixed Saver plan. Top 3 cheapest Fixed Price Plans in the market 1a) Geneco "Give us a try" Plan (6 months contract) - 17.68/kWh (Fact sheet updated 30th June 2019) - 6 months trial plan at $88.40 but there's a catch. - You will only get to enjoy this price for the first 6 months and it's only applicable for the first 2000 customers. 1b) iSwitch's "Chope" the Rate Exclusive (12 months contract) - 17.69/kWh (Fact sheet updated 28th May 2019) - 12 months plan at $88.45 monthly 1c) Union Power Fixed Saver (24 months contract) - 17.70/kWh (Fact sheet updated 3rd May 2019) - 24 months plan at $88.50 monthly 2) Discount Off Regulated Tariff Plans (Standard Plans) Short form DORT, you get to enjoy a fixed discount off the prevailing regulated tariff (e.g. 20%) throughout your contract duration. This plan is suitable for users who do not mind their electricity rate changing every quarter. Do note that the regulated tariff is reviewed by SP Group on a quarterly basis (approved by the EMA). Top 3 cheapest DORT plans in the market 2a) Diamond Electric's Sure Save Plus Rebate Plan (12 months contract) - 25.00% off the regulated tariff (Fact sheet updated 1st July 2019) - 12 months plan at $97.20 monthly 2b) Ohm's Discount Plan (6, 12 months contract) - 25% off the regulated tariff (Fact sheet updated 28th June 2019) - 12 months plan at $97.20 monthly 2c) Sunseap's SUNSEAP-ONE plan (6, 12, 24 months contract) - 23.00% off the regulated tariff (Fact sheet updated 26th June 2019) - 6, 12, 24 months at $99.79 monthly

SeedlyTV EP07

General

Randy Chai
Randy Chai
Level 4. Prodigy
Answered on 27 Jun 2019
Sure it would be! You can always return to this page to watch or rewatch the entire episode: https://seedly.sg/questions/topic/seedlytv-ep07

Electricity Market

Best Electricity

Keppel Electric

DBS Electricity

Diamond Electric

Ohm Energy

Senoko Energy

Geneco

SeedlyTV EP08

Tuas Power

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 25 Jun 2019
Hi there! If you've been following our community you would probably find that we've already covered the cheapest electricity retailer and the terms & conditions you should consider when it comes to choosing the ideal retailer. If you've yet to do so, do click on the respective links and read for your own good :) A couple of considerations beyond prices and promotions would be, services, usability and how environmentally friendly theses retailers are. So which electricity retailers are actually environmentally friendly? ! Carbon Neutral Electricity Retailers iSwitch - All of iSwitch's electricity plans are 100% green. They have this iSwitch2Green Carbon Credit Offset scheme that is applicable for both businesses and residential households. These carbon credits are issued with the aim of reducing the equivalent emission of greenhouse gases into the atmosphere. Households can use these credits to offset their use of electricity to become carbon neutral, helping you do your part for the environment! Do note that iSwitch has six electricity plans to choose from, 3 Fixed Price Plans and 3 Discount-Off-Tariff (DOT) Plan. Source: https://iswitch.com.sg/green-electricity-iswitch-online-price-plans/ Geneco - Geneco has a plan (Get It Green Plan) that produces zero carbon footprint for a one-year period. However, do note that all users can purchase carbon credits with Geneco at an additional cost of S$0.005 per kWh, which will be reflected on your monthly bill. Which represents that If your household consumes 500 kWh per month, and you have signed up with us for a 24-month fixed rate plan at S$0.1620 per kWh, your electricity bill would be S$81 per month. If you choose to purchase the carbon credits to offset your electricity consumption at a cost of S$0.005 per kWh, you would only be paying an additional S$2.50 per month. Which is not too steep of a price to pay to reduce your carbon footprint! Do note that Geneco has a total of seven electricity plans to choose from, 4 Fixed Price Plans, 1 Discount-Off-Tariff (DOT) Plan and 2 Non-Standard Fixed Price Plan. Source: https://www.geneco.sg/reduce-carbon-footprint/ Sembcorp Power - All Semcorp Power's regular plans provide carbon offset 50 kWh of electricity per month. P.S. For every successful contract sign-up with Sembcorp Power, they claim to pledge $5 to selected charities to offset their electricity bills. Wow! Solar Energy Plans/Retailers Geneco - 100% clean solar energy plan (Get Sunny) for 18 months. However, do note that your contract will be renewed under a standard 24 months Fixed Plan. View fact sheet here Sembcorp - Unique non-standard solar energy price plan (Sunshine Plan) that provides you with green energy from 7am to 7pm only and regular energy after this period. Do note that the prices vary as well. You will pay 21.40c/kWh from 7am to 7pm and 18.65c/kWh after. View fact sheet here Sunseap has three Fixed-Price Plans and three Discount off Tariff Plans that you can choose from which runs on 1%, 50% and 100% solar energy respectively View source: https://www.sunseap.com/residential/electricity-plans/ P.S. You can also check out and compare reviews of all 12 electricity retailers here: https://seedly.sg/reviews/electricity-market I hope this will help!
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Career

General

Fresh Graduates

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 18 Jun 2019
Hi there, Breaking down your question into 2 parts: 1. Would you intern at a new small startup with reputable founders and investor backing? 2. Would you intern at a company that has just started your department and haven't even hired your direct superior yet? My personal opinion is that you should choose an internship/company that puts you in the best possible learning environment/position to gain knowledge and experience that can be the most beneficial for your personal and future career development. ! Some questions that I often ask myself prior to choosing an internship: 1. Am I able to learn and/or gain sufficient knowledge and/or experience in this role, from this company? 2. Am I able to learn and/or gain sufficient knowledge and/or experience from my mentors in this company? 3. Would there be a chance that I will come back to this company as a career option when I’m done with school? You should consider your internship objectives and what you see yourself doing for a career after you’re done with school. For example, if you are a fresh graduate and aspire to work in a bank, it’s good to know that a bank will more likely hire a fresh graduate that has done at least one internship with a bank/financial institution as compared to a candidate that has not done an internship with a banks or financial institution. Next, what is your career interest? E.g. Operations, Sales, Marketing, Accounting, Engineering or Design? Generally speaking, roles don’t really matter if you’re interning at an early stage Startup (Series A and lower). As more often than not, your job scope will consist of multiple roles across various functions. However, for a later stage Startup, it would matter more as your role will tend to be much more defined and focused. The good thing about joining smaller Startups is that very often you will be able to work closely with the founders. You will be able to gain hands-on and in-depth experience on building a company, starting something from scratch with limited resources, running a department and/or launching a product. This would be a great learning experience for you which money can’t buy and no schools can teach! As compared to working for a larger scale startup/company, you tend to experience less as your job scope and task are much more defined, lesser responsibilities and cross-functional tasks (but more in-depth). Also, a larger scale startup/company would tend to have sufficient or surplus of resources which allow them to hire every necessary/available position in their company while a smaller scale startup/company often have to bootstrap and have their employees/interns stretched across multiple roles. Overall, it is important to understand that there will be higher risk and uncertainties involved when working for a startup as compared to working for an SME/Corporation. Therefore, it is good to be aware of/understand the fundraising stages and financial health of the Startup. As from there, you can work backwards the potential runway that the Startup has, which would be rather important if you’re doing a longer-term internship, i.e. 6-12 months duration. In conclusion, if you find that the role matches your interest and you're able to learn and gain sufficient knowledge/experience from the founders, then you should definitely take on this internship opportunity. However, the only red flag here is that usually, a company would first bring in a lead/manager (who will be in charge of this new department) and then have the lead/manager to hire his/her own team. This way the company can reduce the risk of having a mismatch of personalities/working relationships between its managers and his/her team. I hope this will help. Have fun jumping onboard this Rocketship!

Bank Account

Savings

Family

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 09 Jun 2019
Hi there, Great question as I’m about to embark on this journey as well! Was doing some research and I've shortlisted the top 3 savings accounts you can consider that should provide you with the highest attainable interest rate. Some honourable mentions are: UOB One account, DBS Multiplier account, POSB SAYE account and Standard Chartered BonusSaver account ! a) Maybank's Save Up Programme If you're choosing based on the highest base interest rate, then Maybank's Save Up Programme will be the best for you at 0.3125%. What's good about Maybank's Save Up Programme is that to qualify for their bonus interest you have the flexibility to choose at least 1 out of their 9 products and services (max 3). The most common and attainable products/services are Salary crediting and Credit card spend (usually just $500). These are some of the ways that banks attempt to upsell and cross-sell their products. Attracting consumers with higher savings account interest rate if they are able to utilise more products and services. ! Source: https://info.maybank2u.com.sg/saveup/#product b) OCBC's 360 Account Though their base interest is rather low at 0.05%, however, you will get to earn higher bonus interest if you are able to use three of their products and services (Salary crediting, Credit card spend and Monthly increase of your account balance). What's great about OCBC's 360 Account is that you will earn even more interest with each product and services after your first $35,000. ! Source: https://www.ocbc.com/personal-banking/accounts/360-account.html c) Bank of China (Boc) SmartSaver If you are able to obtain the max bonus interest and the base interest, you will be able to earn up to 3.55% of interest. What's special about BoC SmartSaver is that you get to enjoy 1% base interest if your account balance is above $60,000 . This is good as your bonus interest is capped at $60,000. To enjoy the 1% base interest, you will have to fulfil at least one of these three criteria, Salary crediting, Credit card spend or payment. ! Source: http://www.bankofchina.com/sg/pbservice/pb1/201611/t20161130_8271280.html Do note that you can use Seedly's savings account calculator to find out which service provider is best suited for you. You can also read and compare product reviews for the savings account category here: https://seedly.sg/reviews/savings-accounts ! I hope this will help!
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Credit Card

Randy Chai
Randy Chai
Level 4. Prodigy
Updated on 07 Jun 2019
Hi there, Unfortunately, you will not be able to convert Citi Miles to Citi ThankYou points. However, you are able to transfer ThankYou points to your frequent flyer program at no additional charge (1 Citi ThankYou Point = 1 KrisFlyer Mile). ! Citi Miles are earned through usage of your PremierMiles credit cards (either with Citi's PremierMiles Visa or American Express® Card) while Citi ThankYou Points are earned through usage of your Rewards credit cards (either with Citi Rewards Card or with the Prestige Card). Source: Citibank's credit card page It's good to note that for every S$1 spent locally will earn you 3.35 ThankYou Points (which is equivelent to 1.3 Citi Miles). Which means that If you're on the Citi Prestige Card, 30, 000 ThankYou Points will cost you roughtly S$ 8955 while 30, 000 Miles will cost you roughly S$ 23, 076. Also, do note that CitiMiles earned through your Citi Cards are not considered as true air miles. They are like reward points which you can convert to KrisFlyers mile with a 1:1 conversation rate. If you're interested to learn more about this topic, do check out this article, "How to redeem Citi ThankYou Points for KrisFlyer Miles" written by Get.com here. Alternatively, you can read more Q&As on this topic within the community or simply by searching for these keywords, "KrisFlyer Miles" or "PremierMiles" on Seedly. Could you also share with me why you're looking to convert your Citi Miles to ThankYou Points? I hope this will help!
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