My wife and I have struck a windfall. We wanted to donate 100k to charity. rather than lump sum, we wanted to an annual donation of 10k (for the tax relief) Where is the good place to park and earn some interest in the meantime? - Seedly
 

Bank Account

Asked by Anonymous

Asked on 28 Sep 2018

My wife and I have struck a windfall. We wanted to donate 100k to charity. rather than lump sum, we wanted to an annual donation of 10k (for the tax relief) Where is the good place to park and earn some interest in the meantime?

We went to a few bank, they are suggesting put a portion for 6 to 12months FD the rest for longer tenor. Thank you.

0

Answers (8)

Sort By

Most Upvote

  • Most Upvote
  • Most Recent
Gerard Ong
Gerard Ong, Tax consultant at Ernst & Young
Level 4. Prodigy
Answered on 29 Sep 2018

Just FYI, if you donate the 100k in one lump sum, you won't necessarily "lose out" on the excess tax relief. Unutilised donations can be carried forward to offset future income, up to a maximum of 5 years.

But having said that, it's probably still better to spread out the donations than to do it in one shot, because you won't get your usual personal reliefs if the lump sum donation is sufficient to fully offset your annual income.

0 comments

3
Nicholas Chan
Nicholas Chan
Level 6. Master
Answered on 28 Sep 2018

Invest in SSB, withdraw annually

0 comments

3

Singapore savings bond is the best you can get for the liquidity and interest rate

0 comments

1
Good Day Every Day
Good Day Every Day
Level 7. Grand Master
Answered on 29 Sep 2018

Invest in Singapore Saving Bond or a fixed deposit.

0 comments

0
Jonathan Chia Guangrong
Jonathan Chia Guangrong, Fund Manager at JCG Fund
Level 8. Wizard
Answered on 28 Sep 2018

Cimb fastsaver for a flat 1% interest rate. Citibank's maxigain would work as well, as the base interest rate is 0.8% of 1 month sibor, bonus interest of 0.1% every month (max 1.2%) if balance is untouched

0 comments

0
Gabriel Lee
Gabriel Lee
Level 8. Wizard
Answered on 28 Sep 2018

CIMB FastSaver (1%)

Singapore Savings Bond

Fixed Deposit accounts

High interest savings accounts like DBS Multiplier, UOB One or OCBC 365

0 comments

0
Jeff Yeo
Jeff Yeo, amateur Social contributor at School of social sharing
Level 7. Grand Master
Answered on 28 Sep 2018
  • Cimb 1%

  • ssb - 1ish if you sell off early

  • Citibank maxigain 2ish peg to sibor​​​

0 comments

0
Yong Kah Hwee
Yong Kah Hwee
Level 8. Wizard
Answered on 28 Sep 2018

You can look at Singapore Savings Bond, FD, as well as high interes savings account :)

0 comments

0