Asked by Anonymous

Joint savings - CIMB or SSB? ?

I have recently opened a joint CIMB savings account with my BF in June. Our total contribution in the account is $1.1k monthly. Would like to seek advice if I should invest in the SSB using this amount instead? Or should I invest half into SSB and remaining half in CIMB? Plan to withdraw the amount in end 2020 for wedding. Which would be the best way to accumulate - not considering multiplier currently as we credit our salary to our own indiv. accounts. Thanks!

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  • Ck Chai
    Ck Chai
    Level 4. Prodigy
    Answered on 25 Sep 2018

    SSB will defnitely fetch a higer interest, so you can consider 50% / 50% in CIMB & SSB if you want to more flexibility & liquidity.

    Or like Kenneth suggested, to move over your savings to SSB once beyond $X (e.g. $10K) such that it will save the hassle for having to subscribe for SSB every month.

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

    I personally do it with my fianceé via CIMB FastSaver, purely for the ease of liquidity and online banking features!

    $1.1k monthly is impressive! And I also plan to get married in 2020 haha. Same story!

    Maybe thinking about it, once you have beyond $X (eg $10k) you may want to move it over to the SSB to let it sit for 2 years? marginally more interest % in my opinion!

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  • Jay Liu
    Jay Liu, Sleepyhead at Land of Dreams
    Level 6. Master
    Answered on 25 Sep 2018

    Put in SSB in every issue. Collect the coupons payments every month and then put into CIMB. Maybe store renovations funds in CIMB too.

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  • Nicholas Chan
    Nicholas Chan
    Level 5. Genius
    Answered on 25 Sep 2018

    Ssb has higher interest, go for it

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  • Gabriel Lee
    Gabriel Lee
    Level 6. Master
    Answered on 24 Sep 2018

    I think that SSB will be able to get higher interest of around 1.93% as compared to CIMB's FastSaver. You can use this interest calculator to calculate how much of interest you can possibly earn - http://www.sgs.gov.sg/savingsbonds/Your-SSB/Calculator.aspx With that said, you can do half-half so that you can instantly withdraw any money that you all might need from CIMB before 2020

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