Anonymous

11 Feb 2020

∙

Does it make sense for me to open a POSB SAYE account for the additional 2% interest rates, or should I buy SSBs instead?

But I have to lock in this amount in 2 years. Is it worth it? Or am I better off buying SSBs or something?

POSB SAYE Account

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Yang Teng

11 Feb 2020

Personally, I discontinued SAYE since StanChart JumpStart (up to 20k) provides an alternative with better liquidity. The issue for me is the bonus interest is only credited on 13th and 25th month from 1st deposit so during which the account is basically earning minimal interest. And if you accidentally transfer out/withdraw money from the SAYE account, no bonus interest will be given. In essence the account works more like a time deposit rather than a high interest account.

Considering you're using SAYE which needs a 'SAL'/'PAY' component, you can use Seedly's savings account calculator to find a savings account that suits you the most. There are those e.g UOB ONE/OCBC 360/... which requires salary crediting and meeting some transaction requirements which you can use to hit more than 2.5%.

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The core inflation rate is around 1.4-1.9% in Singapore, which is higher than many saving accounts interest rate. Do you think it makes sense to invest instead of keeping money in saving accounts?

Can I close and repoen the POSB SAYE account to get the 2% additional interest for another 2 years?

Hi, I have recently opened the DBS Multiplier account. I would like to increase the interest rate by making transactions in the investment category. What are some possible unit trusts to consider if I already have the POSB Investsaver? ?

Should I close my OCBC and move over to CIMB? How many banks is too many for a student? I have 2 bank accounts, OCBC and POSB now, both are the basic savings accounts with super low interest rates?

I have 30k in UOB acc including 5mth emergency fund. I want to hit 50k to max my interest. Does it make sense to use say 10k from it and use it in SSB / STI ETF and cash out instead? Mid 20s here.