Do you have recommendations for starting a long term savings plan with a savings and expense account?

I do suggest to have at least two account which is saving and another one for expenses. You can referring to this http://sgbeyourownboss.com/3-ways-to-save-money....

For saving, DBS, OCBC, BOC, UOB and SC are offering quite a good interest saving accounts you may consider them too. You can referring to this http://sgbeyourownboss.com/dbs-3-8-high-interes.... Currently, I park my saving in this account.

Another one for long-term, I would recommend Singapore Saving Bonds. It is low risk.

Since we are talking about savings so I not considered the investment.

Hi Anonymous,

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I read this article and assumed that you also made the same question for the credit card question 1st August and you posted the link wrongly. Do take the opportunity to fix that.

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In relation to this question, let's have some definitions so as to not create misunderstanding:

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Expense Account: Typically something with crazy high outflow, like your typical 0.05% interest account.

Savings Account: Typically something with decent high outflow, a bunch of nonsense criteria to meet salary injected, monthly expense hit 500, insurance, credit card, yada yada

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Long Term Savings Plan: Typically 10 or more years, with 1) conservative return and 2) capital preservation. I will not delve into any plans of investment nature due to answering your question directly, despite it being both my specialty and advocating it for younger people. Some people just do not have huge risk profiles.

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For expense accounts, pretty much anything will do. I think DBS is the most convenient by far.

For savings accounts, DBS Multiplier, OCBC 360 and UOB One have their pros and cons. I like DBS Multiplier because you won't always meet the bunch of conditions. Yes, thats right, I said it. To myself - I'm not sure about others - convenience is everything in a bank account. If I want to make money, I can invest it effectively and I invest like a machine. The few dollars lost in between all the transactions of interest is of small matter to me, because people forget: Time = Money. You can start by having your salary sent there and work your way up.

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For a long term savings plan: I do recommend a perpetual savings plan called Manulife ReadyBuilder. Its an upgrade on current versions of savings plans where instead of 'Pay 10 and receive at 15' , you can just pay 10 and have the interest roll at a capital guaranteed, conservative rate where the returns increase exponentially over a long time in order to reach an annualized yield of about 4%, in later years the interest is actually 5+% despite it being a conservative plan. Cash flow is easily accessible and flexible like a savings account post-premium term, except even better.

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I've attached potential returns as well as par fund returns, where Manulife hasn't missed a 4.75% bonus payment since it was recorded - and thanks to smoothening, that rate is undoubtedly set for another few years.

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So you can 1) pay for only a limited time 2) achieve a high return, flexible and long term savings plan 3) Capital guaranteed 4) High guaranteed return rates

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You can always message me if that is something worth looking at. It's an excellent choice for conservative people such as yourself, to get both capital guaranteed, beat inflation and have something for retirement or to pass down to your children.

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