What are some savings plan/endowment plan and fixed deposits you all will recommend?

Hi Anon,

I think it really depends on what your financial goals are, and whether you are okay with taking certain forms of risk as endowment plans do have certain risks and the bonuses that come with it are non-guaranteed in nature. Also, will you be able to fund the premiums throughout the whole term?

Also in regards to this cash that you intend to save, how long is the duration you would like the money to be kept and grow?

It all depends on your investment objective, timeframe and goal.
I will generally avoid any savings plan / endowment plans as they usually come attached with high fees. You need to keep a close watch on costs because that portion is guaranteed, while your projected returns are never guaranteed.
In the current market, I will also avoid fixed deposits because I would like to deploy my capital sometime soon (awaiting for a market downturn) and fixed deposits levy an early redemption fee.

Having said that, here are a number of short-term instruments you can consider which at least match, or beat the current fixed deposit rates :)

1. Hurdle Savings Account

There are many articles written about these; but since we are on Seedly, I will recommend reading this: https://blog.seedly.sg/best-savings-accounts-si.... Bonus: There is even a savings account calculator which you may use.
2. Non-Hurdle Savings Account

There are a number of non-hurdle, yet decently yielding savings account out there.

The first one I'd definitely recommend is the SCB Jumpstart account. It pays 2% p.a. interest for balances up to $20k. One condition is that you have to be between 18 - 26 years old. https://www.sc.com/sg/save/savings-accounts/jum...

Alternatively, the CIMB FastSaver is another attractive savings account that you may want to explore (1% p.a. for first $50k of deposit)

https://www.cimbbank.com.sg/en/personal/product...

3. Singapore Savings Bond

If all else fails, the Singapore Savings Bond is always there for you. Latest issuance yields 1.71% p.a. if held over ten years. One good thing about SSB is that there is no early-redemption penalty unlike Fixed Deposits.

https://www.mas.gov.sg/bonds-and-bills/Singapor...

4. Money Market Funds

If you have spare funds above all of these, you may also want to explore Money Market Funds. Fundsupermart has a relatively low-cost offering for this:

https://secure.fundsupermart.com/fsm/funds/fact...