Asked by 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!

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  • Kenneth Lou
    Kenneth Lou, Co-founder at Seedly
    Level 8. Wizard
    Answered on 25 Dec 2018

    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-insurance-elastiq/

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    • Loh Tat Tian
      Just went through the product brochure. The new product is endowment like. There are exclusions from suicide, death from pre-existing conditions which you need to take note. the good thing is there are no additional fees and charges other than fall below amount of $5,000. It is thus covered under SDIC. You are only allowed to purchase one ELASTIQ policy per tranche and hold one ELASTIQ policy at any time. Kindly note that a re-purchase of ELASTIQ within the same tranche is not allowed once you have free-look / surrendered your policy. The policy invest mostly in bonds.
      25 Dec 2018
    • Question Poster
      Thank you! Is this an example of a non-participating fund like endowment plan?
      25 Dec 2018
  • Gabriel Lee
    Gabriel Lee
    Level 6. Master
    Answered on 26 Dec 2018

    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!

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    • Question Poster
      Yes I read that! Thank you!
      26 Dec 2018
  • Loh Tat Tian
    Loh Tat Tian
    Level 6. Master
    Answered on 24 Dec 2018

    Singapore Savings Bond is the really no brainer answer.

    Next is CIMB fastsaver.

    Or any of the High interest savings account.

    For Singapore Savings Bond, do put half of it only as it takes about 1-2 months to withdraw if require emergency use.

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