Savings

Bank Account

Asked by Anonymous

Updated on 18 Apr 2019

I have 50,000 spare cash, which bank account in Singapore offers best interest and liquidity? SDIC says to offer safe guarding for our deposit. Anyone have experiences before in this SDIC?

I have 50,000 spare cash, which bank account in Singapore offers best interest and liquidity? SDIC says to offer safe guarding for our deposit. Anyone have experiences before in this SDIC?

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Off-hand I would say that SDIC has not had to pay out since it's inception as I do not know of any incidences where banks/insurers have failed to payout to their clients in Singapore due to default.

With effect from 1 April 2019, the limit has increased to $75,000

https://www.moneysense.gov.sg/articles/2018/10/understanding-deposit-insurance

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I've done a full write up on elastiq plan, comparing it with SSB and Singlife Endowment for 3years. These plans are for liquidity. https://www.theastuteparent.com/2019/01/elastiq-by-etiqa/

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Jean-jok Kuan
Jean-jok Kuan,
Level 3. Wonderkid
Answered on 09 Jan 2019

you can consider ELASTIQ :) flexibility of funds after 90 days at guaranteed 2.02% pa for first 3 years. https://tiq.com.sg/product/universal-life-insurance-elastiq/

or of course, SSB.

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Lok Yang Teng
Lok Yang Teng,
Level 6. Master
Updated on 20 Nov 2018

UOB One Account gives high interest rates (2.43%) only if you can set aside $50,000 as savings deposit and able to spend at least $500 on a participating UOB credit card.

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Brandan Chen
Brandan Chen, Financial Planner at Manulife Singapore
Level 5. Genius
Answered on 20 Nov 2018

I would recommend Citibank MaxiGain if that 50k will remain untouched. The base rate starts at 80% of sibor and increases to 2%.

Let me know if you need an RM to meet you at the place of your convenience to set up the account.

You may PM me at www.facebook.com/brandan.chen should you like me to intro an RM

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Gabriel Lee
Gabriel Lee,
Level 6. Master
Answered on 20 Nov 2018

I would recommend CIMB FastSaver which offers 1% interest per annum for up to $50,000. It is an online savings account and your deposit is insured (SDIC) up to $50,000. It offers liquidity as well since you can easily make a FAST transfer to another bank account via it's iBanking platform, CIMB Clicks.

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Herbert Sidik
Herbert Sidik,
Level 2. Rookie
Updated on 20 Nov 2018

Invest that money in REITs or ETFs (Straits Times Index or S&P500) and easily get about 7-9% (safer, passive option). Also, if you're capable of evaluating good & cheap companies, Stocks can cross over 10%.

Why put that money in a fixed deposit for the bank to give you only 2% when they are using your frozen amount to invest for waaaay higher returns?

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