Standard Chartered JumpStart Account
CIMB FastSaver Account
Asked on 20 Jun 2020
I already have Singlife(10k), CIMB fastsaver (joint acc with my boyfriend) , SC Jumpstart (20k) , a 3 year 2.1% endowment plan (10k) and investment in ETF via DBS.
I will be bto-ing and getting married in 2/3 years time hence would prefer to have my $$ accessible
Hey Anon, you should consider Etiqa Elastiq which offers 1.8% guaranteed interest p.a for the first 3 years. The lock-in period is relatively short at 3 months, as compared to 3 year endowment plans. After 3 months, it works like a bank account, just like the Singlife Account where you can make withdrawals or top-up/deposit into the account, giving you that flexibility and convenience you're looking for.
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)
It's 1% if you transfer the remaining to Singlife. You can consider Stashaway Simple. The projected rate is ~1.9%. Your monies will be invested in a money market fund that typically consists of short-term debt securities. It is meant to be liquid and relatively safe as compared to other financial assets like ETFs. However, it is not covered by SDIC so that's something to consider.
Alternatively you can consider the DBS multiplier account. For eligible monthly transactions of 2.5k to 5k the interest rate is about 1.6% which isn't too bad also, and it is covered by SDIC.
Hope this helps!
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