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Optimising your savings rates

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SCB Jumpstart

Standard Chartered

Bank Account

Jia Hao Liew
Jia Hao Liew
Level 3. Wonderkid
Answered 2d ago
It's 2% per year. You get interest on the last working day of each month if I'm not wrong.

Lifestyle

Bank Account

Family

Hi Ann, sorry to hear about that. I'd first try to see if you can qualify for any form of government assistance. You can approach a social worker to describe your situation. I'm also unsure on how bad is your disability but if you're able, youmay want to try food delivery as a means of employment. You can also participate in market research in the form of online surveys and focus group discussions. For your hobby work, start an instagram or a pinterest account and start creating an offer and marketing to friends and family and work on a referrals basis. It doesn't have to cost you any money working out of these platforms. It would be hard to truly dissect pennies so working on adding even a few hundred a month from part time work, financial assistance, or side hustles as mentioned could maybe help things out. Since you're already giving plasma, maybe there could be other areas you could lend your body for medical research? I really hope you get through this Ann. All the best.

Bank Account

Savings

Expenses

Fresh Graduates

DBS Multiplier

SCB Jumpstart

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/ Next, I will suggest for you to have a maximum of two bank accounts for budgeting. The best way to do this is via automation and this is how I do mine: https://www.blog.pzl.sg/how-to-create-a-monthly-budget/ For the salary account, you may consider one of the high yield salary crediting accounts like DBS Multiplier or UOB One. Either way, do your own analysis by understanding your cashflow and choose one that fits into your needs. For the expense account, Standard Chartered JumpStart works well or another other accounts with zero minimum balance works fine. If you plan it right, you won't need three bank accounts or bank accounts for three purposes. In your case, if you were to plan savings and expense within the same account, then there exists temptation to use more money than you actually need. (Check the post on how to create a monthly budget for more details.) Here is everything about me and what I do best.

OCBC 360

Savings

Bank Account

Family

OCBC

OCBC 365 Credit Card

Hi anon, I would just skip the wealth tier altogether. You should be earning the extra interest as a result of your actions (i.e., salary crediting, spending on credit card, etc) instead of letting the extra interest guide your actions (e.g. purchasing an investment product or insurance policy that might not serve your needs). It's all well and good if you find something that suits you, but do understand that your insurance options will be extremely limited since OCBC partners with GE, and you might want to know what other insurers can offer (work with an independent financial advisor for that). On the investment side, it's usually on unit trusts, but OCBC has (as of this time of writing) a little over 500 funds to choose from. Other platforms such as POEMS will have more funds for you to choose from, and you won't have any sales charges as well. TLDR; I would just pretend the wealth tier doesn't exist and focus on salary crediting, CC spend, and increasing my average monthly balance by $500/mth.

Bank Account

Savings

OCBC

OCBC Frank

Standard Chartered

DBS Multiplier

Lky
Lky
Level 4. Prodigy
Updated 11h ago
You should move all your funds out of OCBC. You can consider keeping most of your savings in SCB JumpStart if it gives a higher interest than your DBS Multiplier and use DBS as the current account. You can always do instant FAST transfer between them! I keep my FRANK account with little to no balance as my savings like you are in accounts with higher interests, most likely to be cancelled before I turn 26. I use it mainly for withdrawals without my debit cards using the PayAnyone app

Bank Account

Savings

I believe that's your dividend from one of the ETFs you hold.

Savings

Investments

Bank Account

Standard Chartered

Wow that's a lot of cash. Unless you're planning for an extremely huge purchase (like a down-payment for a property) using that money within the next 3 years, it should be invested. Since you're a parent I would say at max, hold a year's worth of expenses in cash for emergencies, and any money needed within 3 years. Everything else should be invested. I would suggest to hire a financial advisor to manage your investments with you. You should be looking to build a globally diversified portfolio that matches your risk profile. Build this asset to eventually provide you with financial independence so you can fund your retirement and your child's education. Just investing 200k from your 420k and hopefully getting a 7% compounded return over 25 years would give you 1m at the age of 56.

Investments

Savings

Bank Account

Payments

Lifestyle

DBS Multiplier

SCB Jumpstart

SW
Shaun Wq Lim
Level 6. Master
Answered 4d ago
Please be aware that there are some changes to the DBS Multiplier account from 1 Feb 2020. Salary and dividend credit will be grouped under income category. And cap of $25000 for salary + 1 other category interest rate. Something you may want to think about after the 12 months recognition for the investment RSP ends.

Lifestyle

Savings

Bank Account

Payments

Hi anon, You can get new or 'almost new' notes from most banks. It's probably the queue that turns most people off. I believe that is really the only way of assuring yourself of a new or almost new note. Short of that, try the ATMs. I just drew some cash and it came out with the crisp feeling of a brand new note. I was surprised, and certainly not expecting it. Note that you should just withdraw cash as part of a need to, and not go around testing ATMs till you find one loaded with new notes!

Savings

Bank Account

Investments

Singapore Saving Bonds (SSB)

Junus Eu
Junus Eu
Top Contributor

Top Contributor (Dec)

Level 9. God of Wisdom
Answered on 29 May 2019
If you only want to put it into a place where your capital does not decrease, you can consider the following: High Yield Savings Accounts While not technically an investment, a high interest rate yielding savings account can give you a 2-3% p.a. interest rate. Additionally, if it's not conditional on minimum spending, it's very easy to manage since there isn’t much to do after opening your account. Fully Secured Bonds Fully Secured Bonds are another excellent low-risk investment option. Certificate of Deposits A Certificate of Deposit is also considered to be a pretty safe investment. When you invest in term CDs, the bank assures a guaranteed interest rate over a specific time period, or variable-rate CDs where the interest rate is tied to some type of index – like a stock market index. Fixed Deposits This is a financial instrument provided by banks or NBFCs which provides investors a higher rate of interest than a regular savings account, until the given maturity date. It ETFs Slightly higher risk then the previous options mentioned, ETFs look to give you exposure to a basket of underlying assets, to create an index that mimics the market index or a market theme. The benefit is that they provide instant diversification. You could look at the various robo advisors to help automate the investing process for you.
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