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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
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    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
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    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
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    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
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    Answered on 25 Sep 2018

    Ssb has higher interest, go for it

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  • Gabriel Lee
    Gabriel Lee
    Level 6. Master
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    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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