Asked by Anonymous
Cherie has touched on the technical aspects of the savings plan!
What is your objective on getting the savings plan? They are still popular in the market today because some people just want to put their money outside of their bank at a higher interest rate with certain guarantee to have their capital back.
Again, educate yourself by reading more about investing. If you simply have no interest in learning about finances, work with a trusted financial advisor!
Hi there, I'm presuming that you are referring to an endowment plan, I have listed down some of the pros and cons to it.
There are also non-guaranteed returns
It disciplines you to save regularly
Long commitment period
Some may prefer doing their own investment as it provides more flexibility and control at lower cost, some may prefer investing into Singapore Saving Bonds and some might prefer endowment plan as it of a more disciplined structure. There are many tools around that will help encourage savings, ulltimately, it is important to know what your goals are and what you want to achieve while doing so. Here we have laid out the basics on saving plans, but please do your own due diligence before making any commitments!