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Optimising your savings rates

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Savings

Bank Account

Lifestyle

Hi anon, Agree with Kelly, I used to go jogging at night, found it very relaxing as there are no crowds and very little traffic, and it's far more cooling. It's a free form of exercise, and part of the stress relief comes from burning off energy and the release of endorphins.

Bank Account

Credit Card

Lifestyle

Citi Prestige Credit Card

Citibank

They are two different products. You don't get Prestige just for having Citigold and must apply seprately Also note Citigold allows fee waivers of Citi credit cards you hold but Prestige (along with Ultima) is considered premium product and isn't eligible for these fee waviers.

Credit Card

Savings

Bank Account

Kenneth Lou
Kenneth Lou, Co-founder at Seedly
Level 9. God of Wisdom
Updated 6d ago
This is super interesting. Seems like a pretty interesting option to be honest! The interest rate looks very competitive against other products with no requirements (eg CIMB FastSaver 1% p.a and SCB Jumpstart for people under 27 years old, 2% p.a for first $20k) ! You can find the full details here: https://vividcard.sg/. I personally have not tried it but I am looking at all the details about this account here. TL;DR: Some things to note: - It is by Singapura Finance (legit listed company) - It is SDIC insured for up to $75k - It comes with a Mastercard which functions like a debit card Unlike other savings accounts that offers high interest rate, the Vivid Savings Account do not has multiple conditions to earn the high interest rates or complicated interest tier. ! As for the Vivid Prepaid Mastercard, unlike credit or debit card, there is no minimum income requirement, no annual fees, no monthly bills or late payment penalty charges to worry about. You spend only what is on the card. And unlike conventional card, the Vivid Prepaid Mastercard comes with a dynamic CVC making it safer for online shopping. !
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Investments

Stocks Discussion

Multi Currency Cards

Bank Account

There are a number of platforms, multi-currency cards etc out there that enables investors to convert currency from one to the other but there is no investing offering after that which will lead to a number of transactions. Through Kristal.AI we enable our investors to convert currency (SGD into USD) at a nominal charge of 5 bps i.e. .05% after which you will be able to invest into the various Kristals (trading strategies) on the platform. In addition up to an amount of 50k USD, no fees are charged (no advisory fees, no transaction fees!

Investments

Savings

Bank Account

Hi anon. I use the CIMB starsaver to hold my emergency funds. It's 1% with no criteria, so I basically let it sit there and grow. If you are able to credit salary, but not spend, then OCBC 360 provides 1.2% to 2% just for crediting salary.

Investments

Savings

Bank Account

Hi Anon, yes you're probably accurate to say savings accounts in other countries may give you a higher interest earned. But also note that you'd have to deposit money in that country's currency. So while you may make a higher interest, you may lose out if SGD strengthens against the currency you chose and will just devalue it when trying to convert back. It is said for Indian Nationals, their interest accounts can give 4+%, but... if they convert Rupee to USD, they'd probably earn the same thing after a year.

Bank Account

Trading

Investments

You can use fsm to trade in Hong Kong, their rates are very competitive and they do not have unnecessary fees.

Personal Finance 101 (LLI)

Savings

Bank Account

Investments

Lok Yang Teng
Lok Yang Teng
Level 8. Wizard
Answered on 27 Dec 2018
Starting pay for uni grad is about 3.4k, roughly 6 month's equivalent for emergency funds would be 21k (can be lesser if you have a bond/secured a job for x number of years). The approx. 20k can be put in high interest savings account (CIMB) or savings+current account (OCBC 360, DBS Multiplier). Now you're left with about 10k. You can allocate (100 - age formula) 75% in equities, with the remaining 25% in bonds. For stocks, you can choose to go with either ETFs, roboadvisors or buy the stocks individually. The former two are less time consuming and much more friendlier choice for first-time investors. However, do note that market sentiment has been weakening so returns will be rather limited with whatever options you go with. As for bonds, you can go for Singapore Savings Bond (SSB) though I feel it's oversubscribed. You can take your time to explore different various options available. A reminder not to lump investments and insurance together.

Credit Card

Multi Currency Cards

Bank Account

If you want unsecured lending - will be very challenging...banks need some assurance they will be paid back after all But if you want a credit card as a payment method - banks usually accept some security deposit (ie place with them 10k and you get a credit card with 10k limit) and that can get you want you want.

Investments

Insurance

Career

Bank Account

Stocks Discussion

Property

Hi Jasper, Incidentally, I just answered a question that's somewhat similar. I'll link you to my answer. https://seedly.sg/questions/i-am-a-25-yo-and-have-90k-in-a-dbs-multiplier-account-i-have-no-financial-investment-knowledge-and-was-wondering-what-would-be-good-for-me-to-invest-my-savings-in
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