Savings Accounts - Seedly
Seedly logo
 

Savings Accounts

Optimising your savings rates

Questions answered
  • Recent Activity
  • Unanswered
  • Trending

Savings

Savings Accounts

How many bank accounts should I have? One for savings, one for emergency funds and one for spending? What banks should they be?
Summer Lee
Summer Lee
Level 3. Wonderkid
Updated 2w ago
Generally, people have 2 bank accounts - 1 for savings (the one that is used for crediting salary) which can also be used for emergency, and another 1 purely for spending. I would suggest you to do some research on the various banks, and see which one fits your needs best, and which you are able to easily fulfill the criteria to reap the highest interest rates possible. DBS multiplier, OCBC 360 & UOB One are some popular ones for a start.
👍 1

Savings

Investments

Stocks Discussion

Savings Accounts

What should I do with my bank savings?
Billy Ko
Billy Ko
Level 7. Grand Master
Answered on 13 Jan 2020
For a 24 year old, $60k isn't a small sum hahaha So first off, savings - Not sure if you've heard of it but Stanchart's Jumpstart Savings Account offers 2% interest paid monthly for the first $20k. This will ensure that your money is kept liquid yet being able to grow adequately as compared to putting it in other saving accounts! With another portion of your cash, you could consider investing into a reputable REIT to offer you a respectable cashflow (approx 5-8%) since you don't really require the money right now and furthermore REITs / Stocks are relatively liquid instruments hence you are able to convert these holdings to cash rather easily too!
👍 2

Investments

Savings Accounts

What is the best invesment portfolio as an NSF that will go into university next year?
Tinexxxx
Tinexxxx
Level 4. Prodigy
Answered 32m ago
I generally feel ILP has more disadvantages than advantages as the returns are not really guaranteed & sometimes after 10years... negative returns :/ or just low returns in general :x there’s better place to invest :)) If you’re a beginner, try using Robo Advisor like StashAway/ Syfe -> higher returns and can withdraw your money anytime!!! 🌟
👍 0

Savings Accounts

Savings

How do you manage your bank accounts? Do you keep your money in one or two accounts or segregate them based on different goals?
Gordon Lim
Gordon Lim
Level 5. Genius
Answered 2w ago
1. POSB Invest Saver 2. Syfe REIT+ Portfolio 3. Singlife 2.5% 4. SC Jumpstart 1% (2% pre covid) I'm only just started investing so most of it is still in high-interest savings. I also use the Seedly app to keep tracking (manually unfortunately) I watched this video https://www.youtube.com/watch?v=XCcmzsdsB9A I like the guy's idea of 'paying yourself first' i.e setting aside your money for needs, savings and investments and then see what wants you can afford with the remainder.
👍 2

Singlife Account

Insurance

Savings Accounts

Savings

Hi, say if I have opened a SingLife account with the minimum amount of $500, and say weeks later I would like to deposit in extra money, is there a minimum amount that I need to adhere to, or does any amount work?
Hello, the app indicates that there is a min. transfer amount of $500 as well for subsequent deposits into the account but you can probably check with their customer service to clarify.
👍 1

Investments

Online Brokerages

Savings Accounts

Stocks Discussion

I will need in the next 2-3 years for my tuition fees / studies, any good place to put 200k and upkeep?
Hi anon, Please don't put $200K (or any amount of money, for that matter) into anything with a lock in if you think you might need it in the next 2-3 years. The only exception may be a 2 year or 3 year short duration endowment, but even that has risks, for example, what if you need the money a little earlier? You can split your money into a few tranches, say 4 parts. Beyond keeping one part liquid in a high interest saving accounts without any criteria, you can divide the rest amongst money market funds, FDs, and the previously mentioned short duration endowment. These should ensure a balance between liquidity and maximizing growth of the funds without taking on undue risk. I won't recommend investing these funds in equities, ETFs etc, as you might have to liquidate at a low if the markets crash right before you need the money.
👍 4

Savings Accounts

Retirement

Savings

Lifestyle

Family

I've been working full time for about 3 years, part time since my poly and uni days, started to do FD and built up my savings quite significantly by being frugal. Now my family member has some debt and needs money. Any advice?
I think first and foremost, good to sit down and discuss it with this family member. Basically, it is to have a common understanding that this is your money that you're talking about, and the gravity of returning the sum. If he/she understands it, over time there may be lapses. So if you decide to lend money to the person, be prepared that you may not get back whatever is lent, should you decide to preserve this family relationship. However, if you feel this person's character is questionable (i.e. does not respect the relationship) but still want to ensure you get back your money after lending, I'd suggest to get free legal advice and maybe see if it's reasonable to draft a legal document to enforce repayments, as well as understand what will happen in terms of cost and proceedings, if this borrower doesn't repay. The person may think twice of borrowing from you, if he/she needs to sign a legal document, because the issue now has more weight to it and it is a legal one at that. If he/she decides to proceed, it will give you a piece of mind. https://www.lawsocprobono.org/pages/community-legal-clinic.aspx Do not let anyone treat you in a way you do not want to be treated, not even family.
👍 0

Savings

Fresh Graduates

Payments

Savings Accounts

COVID-19

How much do you spend a month? Incl. expenses, insurance, leisure, debt, etc.?
Here is a guide that you may find useful: Understanding Your Personal Cash Flow Generally, Total Expenditure = 50% to 60% of monthly income Insurance = 10% to 20% of monthly income Savings & Investment = 20% to 30% of monthly income How much insurance coverage should You have? Basic Life Cover = 10 times your annual income Critical Illness Coverage = 5 times your annual income I share quality content on estate planning and financial planning here.
👍 0

Savings

Savings Accounts

Singlife Insurance

Promo Codes

Does Singlife have any referral code or fees?
Damian Yeo
Damian Yeo
Level 4. Prodigy
Answered 2w ago
Hi you can join using my referral link for free $10! https://app.singlife.com/rDf1Nd6Xt8
👍 8

Robo-Advisors

Investments

Fresh Graduates

Savings Accounts

Hi, I'm a 25 years old, just entered the workforce with a salary of $2.5k/month. I have about 20k to use. I was thinking of getting a long term endowment plan (20~40 years). Any advice?
For this purpose, you may wish to look at AIA Wealth Pro Advantage. Featuring a limited premium period of 5 years, 15 years, or 25 years, the money in your policy continues to grow for life. On the whole, half of your capital is placed into the insurer's participating fund. Thereupon you will receive both guaranteed cash value and non-guaranteed bonuses every year. More Details: What is a Participating Fund? For the other half of your money, you may invest it into the insurer's investment-linked policy funds. This is their latest fund performance: AIA Singapore Investment-Linked Fund Performance Take note that this data is based on the current economic climate. All in all, I will suggest for you to speak with your agent or an experienced consultant to do a comprehensive financial portfolio review. This allows us to accurately determine whether such plans fit into your needs. I share quality content on estate planning and financial planning here.
👍 0
Load more questions