I am 24 years old with 50K in my traditional account (POSB). Where should I put my savings to maximise them? I would like to save for housing/wedding/car. Any advice? - Seedly
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Anonymous

Asked 3w ago

I am 24 years old with 50K in my traditional account (POSB). Where should I put my savings to maximise them? I would like to save for housing/wedding/car. Any advice?

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JC
JC
Level 5. Genius
Answered 3w ago

Adding on to what ZhiHao said, you could also consider Elastiq by etiqa. Gives you a guaranteed 1.8% interest rate for 3 years and you're able to withdraw the money from day 91 onwards.

https://www.tiq.com.sg/product/universal-life-insurance-elastiq/

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šŸ‘ 3
ZhiHao
ZhiHao
Level 2. Rookie
Answered 3w ago

If this is money that you intend to use for big purchases in future, I would not put it into anything that bears good amount of risk. With the little information you provided, I will make two assumptions; 1) You have a monthly salary credit $2,000, 2) You cannot meet a minimum credit card spending of $500/mth.

I would recommend you put $10,000 in SingLife (2.5%/annum interest), and the rest in a DBS multiplier account. With a salary credit and meeting one other category, you would be able to get at least 1.6%/annum on the deposit.

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P
PillowCase
Level 5. Genius
Answered 2w ago

Hey there.

If you are considering high-interest savings accounts, CIMB has recently announced today that they will be revising their interest rate for FastSaver. You might want to take a look here.

Other alternative choices that do not require spending/minimum sum include:

Singlife Account (2.5% p.a, capaital guaranteed, interest non guaranteed)

FSM Auto-Sweep Account (1.05%p.a, interest rates may be revised)

Stashaway Simple (1.9%, capital non guaranteed, interest non guaranteed)

SCB JumpStart (1%p.a, only for aged 18-26)

Crypto Earn (Depending on currency, as high as 16%p.a (CRO) without any prior staking. However, do take note of the volatility of cryptocurrencies. For higher interest rates, a fixed duration of 90 days is imposed before withdrawal can be made. Intetest is paid out every 7 days)

Crypto Exchange (20%p.a for CRO currency. Similar to Crypto Earn, just that fixed duration is set at 180 days. Interest is paid out daily)

Vivid Account (1.05% p.a for first 10k, 1.30% for 10k-20k)

Tiq 3 Year Endowment Plan (2.10%p.a, guaranteed)

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šŸ‘ 0

High interest savings account can only get you so far with 1-2% interest(e.g Singlife's 2.5% interest up to 10k). To make your money work harder for you, you got too look at investing or increasing your income level by consistently upgrading yourself and being better at what you do month over month, year over year.

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