What is the lowest Fixed Deposit or Endowment Plan in SG for a single person? - Seedly
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Alcander Seow

Asked on 27 May 2020

What is the lowest Fixed Deposit or Endowment Plan in SG for a single person?

Current Poly student, unstable income, savings about $1.2k, no investment, any recommendations to increase savings?

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Heng Kai Le
Heng Kai Le, Mondomover at School Of Life
Level 6. Master
Answered on 29 May 2020

I have a 3-month fixed deposit with ICBC Bank of China that offers 1.3% per annum. Think now the rate is 1.2%, which isn’t too shabby. I started out from $500.

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Alcander Seow
Alcander Seow

30 May 2020

Hi Heng kai Le, thanks for the reply, but I think I'm not ready to go for a fixed deposit with a foreign bank yet, cos I unsure I'll be able to withstand any sudden setback from the bank. thanks for the recommendations either way. 😀😀
Thank You!
Can you clarify
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Yang Teng
Yang Teng
Top Contributor

Top Contributor (Aug)

Level 9. God of Wisdom
Updated on 29 May 2020

Hey, you've been here for quite a while.

As mentioned in my other replies to your questions, I think it is best to put your academics as priority unless you have financial difficulties. If that's the case, you can approach the community centres to seek for assistance from social support programmes. Mathematically, the only ways to increase savings are to increase income or to decrease spending.

" The best time to start was yesterday. The next best time is today."

I feel you should be start by making small steps now and not hesitate about what is the correct approach.​​​

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Alcander Seow
Alcander Seow

30 May 2020

Hi Lok Yang Teng, thanks for the consistent help with my problems, I'm starting to slowly decrease my spending habits, allowing me to save more & increase my savings via the SC Jumpstart account. Thanks once again. 😄😄😀😀
Thank You!
Can you clarify
I wonder if
This is so helpful 👍
What about
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