What is the best passive savings account for parent's allowance? - Seedly
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Anonymous

Asked on 23 Mar 2019

What is the best passive savings account for parent's allowance?

My parents have asked that I put their monthly allowance (~1K SGD) into a savings account as they'd rather I help them save it for a rainy day. We are unlikely to touch the money for a while.

I'm debating between CIMB FastSaver, Citi Maxigain and maybe even SSB.

  1. Leaning towards Maxigain due to the higher bonus interest rate (no 70k) vs FastSaver.
  1. I like SSB but am not sure how I'd "deposit" my parent's monthly allowance using SSB.

Any thoughts or experiences? :)) Thank you.

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SSB I think too much admin as you would need to do monthly purchase.

For Maxigain - it does have a min. of 70k for the bonus interest (which you highlighted but still leaning?), so I would actually think CIMB is better

You might find the article below helpful as a broader comparison as well:

https://blog.seedly.sg/best-savings-accounts-singapore

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