Asked by Anonymous
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!
Highly recommend the CIMB FastSaver option. For my mum, we also do this.
Reason is simple:
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/
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!
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.