Anonymous
How else can I maximise my Joint-Account with my mother?
Since I started working in 2015, I have been giving $500/mth to my mother and we deposit it into a JA account with POSB. She is a housewife and this money would be used in case of med emergencies. To date, there is about 23k in this JA account and this was set up to make easy withdrawals in the event anything happens. However, I was wondering if there is anything else I can do to help her maximise this amount, instead of lying idle in the account. Any advice is greatly appreciated. Thank you!
6
Discussion (6)
Learn how to style your text
Gabriel
07 Jun 2019
Undergraduate at National University of Singapore
Reply
Save
Kenneth Lou
07 Jun 2019
Co-founder at Seedly
Highly recommend the CIMB FastSaver option. For my mum, we also do this.
Reason is simple:
- It is a bank account so we can set up a simple GIRO to the bank account every month
- It is highly liquid so you can withdraw or deposit at anytime
- It is at 1% p.a
Or now there is a new product by Etiqa called Elastiq, which I am considering, but you can also consider it. the 2% p.a and you can simply withdraw and add more at any point in time. Functions abit like a Fixed Deposit.
You can read more here: https://tiq.com.sg/product/universal-life-insur...
Reply
Save
Loh Tat Tian
24 Dec 2018
Founder at PolicyWoke (We Buy Insurance Policies)
Singapore Savings Bond is the really no brainer answer.
Next is CIMB fastsaver.
Or any of the Hig...
Read 1 other comments with a Seedly account
You will also enjoy exclusive benefits and get access to members only features.
Sign up or login with an email here
Write your thoughts
Related Articles
Related Posts
Related Posts
You can consider CIMB FastSaver which gives 1% interest, Singapore Savings Bond which gives slightly over 2% interest, Fixed Deposits (1.90% for 12 months with CIMB) or the new product as suggested by Kenneth - Etiqa Elastiq!