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Optimising your savings rates

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Stocks Discussion

Investments

Savings

Bank Account

Career

Alan Kor
Alan Kor
Level 5. Genius
Answered 1d ago
The title refers to a story about a visitor to New York who admired the yachts of the bankers and brokers. Naively, he asked where all the customers ' yachts were? Of course, none of the customers could afford yachts , even though they dutifully followed the advice of their bankers and brokers. Just subsitute the bankers and brokers with insurance agents. !
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Bank Account

Investments

Savings

Randy Chai
Randy Chai
Level 4. Prodigy
Updated 1d ago
Hi Alcander! Taking the assumption that you're a student and thus, would not be able to qualify for Salary Crediting, Credit Card Spend, Home/Car Loans and/or Investments. Here are the top 3 Saving Accounts you can go for with the highest interest rates. P.S. Calculated/Researched based on this formula (Base Interest + Bill/Giro Payment + Other Bonuses) ! 1) Maybank's Save Up Programme Base interest rate: 0.3125% - one Maybank product or service, Giro Payment Bonus (of at least $300): 0.3% Total attainable interest: 0.6125% ! Source: Maybank 2) Bank of China's SmartSaver Base interest rate: 0.25% - Payment Bonus (3 bill payments of at least S$30 each): 0.35% Total attainable interest: 0.6% Source: Bank of China 3) CIMB FastSaver Account - Base interest (First $50, 000): 1% Base interest (Next $25, 000): 1.5% Base interest (Above $75, 000): 0.60% ! Source: CIMB Based on our assumptions and interest rate formula, CIMB's FastSaver Account will provide you with the highest interest rate at 1% which will be ideal for you at this juncture. However, don't just hear this from me, do check out what our community have to say by reading their reviews: https://seedly.sg/reviews/savings-accounts Also, for a more detailed breakdown for all available savings accounts, do check out our Best Savings Account Cheat Sheet here: https://blog.seedly.sg/best-savings-accounts-singapore/ Last but not least, do note that you can use Seedly's Savings Account Calculator to find out which service provider is best for you: https://seedly.sg/tools/savings-account-calculator ! I hope this will help!
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Investments

ETF

Bank Account

Kenneth Chia
Kenneth Chia
Level 3. Wonderkid
Answered on 11 Jun 2018
Never heard of any advantage in the method that you mentioned haha

Bank Account

Savings

Yinghua Liu
Yinghua Liu
Level 4. Prodigy
Answered 3d ago
Card spend can be via debit card as well. Criteria of $500 is spending on anything other than what is stated in their exclusion list https://www.uob.com.sg/web-resources/personal/pdf/personal/save/tnc-cts.PDF (refer to pg25) Giro transactions can be income tax, property tax, mobile bills, town council bill, utilities bill, charity etc

Credit Card

Bank Account

DBS

DBS Multiplier

DBS Live Fresh Card

POSB Everyday Card

Hi there, if you are opening a DBS multiplier account, you really should pair it with a credit card to earn the bonus interest. Between those two cards, it doesn't matter too much, but be aware that the cash backs are subjected to various limits and criteria, and the annual fee is also payable (although you should be able to waive it). An alternative is to consider a miles card like DBS Altitude where you can earn miles on your first dollar with no restriction and save them up for aspirational travel. Annual fee payment on a miles card will also earn you additional miles.

Property

Investments

Bank Account

I've studied IQuadrant intensely after taking some interest in it from a highly amusing advertisement they had. In my spare time I try to write about it - I want to write a small book and see Germaine's reaction, maybe meet her in person. The trio is interesting. While the methodology is claimed to be taken from Marko (the comments on Marko's video ads have openly suggested this, to which Marko has agreed), I'm not sure if its exactly the same. They have a whole slew of calculation errors for their net profits - which if MAS heard of in its entirety would probably ban - and they also don't have a viable solution for the fact that most industrial properties don't appreciate like residential properties. I can't comment whether its worth the time and money, but if YOU can figure out and put in the work to get 'No Money Down' I can help take that money and outperform iQuadrant net of fees pretty easily. ...okay to be fair to the polarized index investors here, you could even use a Robo or the SNP500 (both of which my clients have outperformed for a while no) to do it. That's actually how low the net return is. Some common no money down methods are: 1) Wholesaling 2) Seller Financing 3) A loan, investor or partner 4) A lease option 5) A collective investment scheme (3 on a bigger scale) I'd rather not digress too much in public, but we could always have a private conversation. https://www.facebook.com/luke.ho.54

DBS

Savings

Bank Account

Yinghua Liu
Yinghua Liu
Level 4. Prodigy
Updated 2w ago
1. You can open a DBS account online but to add a joint name to the account, you have to head down to the bank with the other person and his/her NRIC. 2. POSB Everyday Savings, DBS Multi currency account. 3. For account with less than min amount, fall below fees are as indicated in the link. https://www.dbs.com.sg/personal/support/bank-deposit-accounts-fall-below-fee.html

SeedlyTV EP03

Savings

Bank Account

General

There are many ways to enjoy better interests rate via your bank accounts. Need not necessarily be through a joint savings account. I recommend a couple (engaged or married) to have a joint savings account mainly for these 3 reasons. 1. Its a commitment towards the relationship and their future 2. It helps the relationship as both parties work together towards a common goal 3. It helps to keep track of the family expenses and separate it from individual expenses Ultimately, the joint savings account can help the relationship through behavioural finance.

Insurance

Family

Bank Account

As a guideline, you should not be spending more than 10% of your income on coverage. At $2.7K, this is 9% of your annual income. Hence, the question I would like to ask is, what are you spending the remaining $7.3K on? Insurance is risk management. No family history does not imply that one will not contract any critical illness. Should such a situation occur to you, your financial burden will be tremendous and that is where your policy will relief you of financial burden while you cope with recovery. I would never invest without insurance coverage as there is no way I can conjure up $200K from the markets overnight should something happen to me. I would suggest reviewing your portfolio to see what is essential and what is not, as I know that cashflow can be tight when 1/3 of your income is going to various policies. Let me know if you need a second opinion.

OCBC Securities iOCBC

DBS Vickers Securities

AMA Investment Moats

Bank Account

Investments

Kenichi Xi
Kenichi Xi
Level 6. Master
Updated on 07 Jun 2019
Most Stock Brokerage Account are linked to One CDP account. That's make buying and selling possible with different brokerage and for you will be OCBC and DBS. The only downside is transactions are not updated on the brokerage side if the buying and selling are not from the same brokerage. At all time, you should login to your CDP account to check your holdings. The downside about CDP is the pricing on average up or down is not reflected accurately so you can refer to the existing pricing reflected in your OCBC account before you delete any records from your OCBC portfolio record. From there, you can use the record you confirmed and type it into DBS portfolio record. Bear in mind you should delete the record which are redundant or are sold off by the different brokerage you used. In an event, you saw x shares in OCBC portfolio but you already sold off x shares using DBS portfolio. And if u sell the x shares with no x shares in CDP, it will be classify as short selling and you will be fine by SGX after paying the losses or receive the gain (unlikely) in the process. 我是不是很棒棒?
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