Joint savings - CIMB or SSB? ?

Question

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!

Ck Chai · Accepted Answer

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

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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.

Gabriel Lee · Answer

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

Nicholas Chan · Answer

Ssb has higher interest, go for it

Jay Liu · Answer

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

Kenneth Lou · Answer

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

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

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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!

Joint savings - CIMB or SSB? ?

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