Hi all, with the recent drop in bank's savings accounts interest rates, where have you been putting your cash? Is what I am doing enough, or can I do more? - Seedly
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Anonymous

Asked on 05 Aug 2020

Hi all, with the recent drop in bank's savings accounts interest rates, where have you been putting your cash? Is what I am doing enough, or can I do more?

Singlife - $10k

Singtel Dash - $2k/month from salary, started in early July

Etiqa Elastiq - $26k (for $100 encashable credits)

Stocks - $10k

Endowus - $200/month. I put $1k into a 100% stocks portfolio when markets dipped.

Unit trust - $100/month via DBS

I keep my remaining cash in my bank account for liquidity, which includes 6 months of salary. I feel like my portfolio can be consolidated but not sure how to go about doing so.

Thanks in advance!

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Qingling Wu
Qingling Wu, Bachelor in Business at Murdoch University
Level 4. Prodigy
Answered on 08 Aug 2020

Stanchart Jumpstart 1% (<26 years old), CIMB Fastsaver 0.5%. these are the higher rates bank account (w/ no obligations)

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Question Poster

09 Aug 2020

Thank You! I am using SCB Jumpstart as well. I think I will give CIMB a miss for now as OCBC 360 gives me 0.85%.
Thank You!
Can you clarify
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Gabriel
Gabriel
Level 8. Wizard
Answered on 07 Aug 2020

Hey Anon, your allocation looks pretty good in my opinion!

Personally, most of my funds are stored in Singlife (2.5% p.a) and Etiqa Elastiq (2.02%). In the event Singlife lowers the interest (since it's not guaranteed), I'll move the funds over to Elastiq. And in 2022, once the guaranteed 2.02% p.a for Elastiq expires, I will consider moving it to Endowus Cash Smart or whichever has the best rates then.​​​

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Question Poster

07 Aug 2020

Hey Gabriel, thanks for the feedback! I have not read up enough on StashAway Simple or Endowus Cash Smart so I am steering clear of such money market funds for now.
Thank You!
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JL
Joey Lim
Level 4. Prodigy
Answered on 06 Aug 2020

I put my cash in Stashaway Simple! Even though its only an estimated 1.9% interest rate, it's still better than most other bank account interest rates! Or else you can consider going for Standard Chartered's Jumpstart account at 1% p.a.

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Sean

08 Aug 2020

You could consider syfe 100% equity portfolio too :)
Question Poster

09 Aug 2020

Thank You! Don't want to stretch myself by opening up too many robo accounts actually :/ Haha
Thank You!
Can you clarify
I wonder if
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What about
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