Stashaway Simple or a traditional savings account?

Hi Amelia,

It really depends on the kind of savings that you intend to have. I split my savings into 3 different types:

1. Emergency fund

2. Short term goals

3. Long term goals

For an emergency fund, I'm using both SC JumpStart and SingLife Account. SC Jumpstart has better liquidity, but SingLife Account has a higher interest rate for the first $10k (you can read my review on the SingLife Account here). I would prefer to use a bank account for my emergency fund as it has the best liquidity of any options.

For short term goals such as education or housing, I place my funds in StashAway Simple and Elastiq. These accounts have slightly better returns with the trade-off being that the money inside these accounts are less liquid. However, since you'll only need them a few years later, having a lot of liquidity is not as important. (I have a review on Etiqa Elastiq here)

For long term goals, I would choose to invest my funds. Investing has the greatest potential for returns, but the greatest risks as well. Since it is a long term goal such as retirement, I have a long time horizon to ride out the short term volatilities to be able to get good returns in the long run.

Hello, after having Singlife account, you can probably look at Etiqa ELASTIQ, they give guaranteed 1.8%pa interest rate on your first 3 years. Hope this helps!