Asked on 25 Nov 2019
Would it be possible to offer a few options - considering investment and without?
Agreed with Kenneth. 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/jumpstart/
Alternatively, the CIMB FastSaver is another attractive savings account that you may want to explore (1% p.a. for first $50k of deposit)
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.
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:
Err... You can open more high interest savings accounts? Hahha.
UOB One account doesn't require salary input I believe.
But yes, you should also consider how much liquidity you need. Even if you are highly conservative, there are probably instruments out there that you can leverage to help your savings grow. CPF? SSB? FD?
You should also take into consideration your age, what you might need the money for in your forseeable future, how long you can leave it aside, etc
First question will always to ask yourself if you need that much liquidity. This can be assessed through understanding your cashflow. Here is some info about it: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/
If there is substantial cash lying in the bank that is eroded by inflation year after year, consider alternative tools that is capable of growing your money properly.
If you really need the liquidity, then consider other savings account that is able to give similar interest rate without complex requirements.
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