What should I do with my bank savings?

For a 24 year old, $60k isn't a small sum hahaha

So first off, savings - Not sure if you've heard of it but Stanchart's Jumpstart Savings Account offers 2% interest paid monthly for the first $20k. This will ensure that your money is kept liquid yet being able to grow adequately as compared to putting it in other saving accounts!

With another portion of your cash, you could consider investing into a reputable REIT to offer you a respectable cashflow (approx 5-8%) since you don't really require the money right now and furthermore REITs / Stocks are relatively liquid instruments hence you are able to convert these holdings to cash rather easily too!

First of all, good going for 60k of savings at 24!

I would put it in the equity markets, since 60k is not enough for downpayment for property, and you would likely not spend it all in one asset class. ​​​

How much risk are you willing to take and what is your expected returns.

Wow, outstanding work to have saved 60k at the age of 24! When I was 24, I was literally living on $2 char siew rice everyday.. Lol

For a start, it would be wise to keep aside an emergency fund, roughly 6 mths of your salary. If you are not working, I would think $20k is fair enough. Technically, the remaining $40k is up to you. For me, I still give a little buffer for daily expenses and the occasional entertainment, and the others I invest in stocks that can generate me 2%/annum (why 2%, because that's the average interest rate if you put in a bank). Some options you can consider is STI ETF (top 30 blue chips in SG), or even REITs (though they are overvalued now).

Invest in the STI ETF is my recommendation. This is because the STI etf is self investing counter across 30 learge companies of Singapore which are diversified across industries and geopgraphy. The long term return is good at 6-7% per annum.

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Conversely, if you are risk adverse, consider UOB one account paired with UOB one credit card, it is easy to attain 2% per year interest using UOB one card+ grab and parking your $60k in the UOB one account​​​

Firstly, we need to have a complete understanding on our cashflow. Through this process, we will understand our earning ability and spending habit. Here is a guide to help you: https://www.blog.pzl.sg/understanding-your-personal-cash-flow/

Next, determine how much you need as liquid savings (i.e. emergency funds). In general, it will be 3 to 6 months of your monthly expenses.

Thereafter, take time to understand yourself and your goals in life, e.g. car, wedding, house, retirement.

Then understand the best options for your money to grow in the most efficient manner to achieve your goals, e.g. savings, annuity, investment.

There are various channels in the market that is capable to help you grow your money. If you are open to understanding how I help my clients grow their wealth, send me a coffee invite: https://www.work.pzl.sg/#coffee

Here is everything about me and what I do best.

If you want something safe, Standard Chartered Jumpstart account will be good for 20k at 2% interest. High interest savings account like DBS Multiplier, UOB one and so on are also good if you can hit their requirements.

If you can stomach some risks, you can also take a look at ETFs or robo advisors like Stashaway, Autowealth, Endowus, Moneyowl, Smartly and so on. But you have to do abit of research about them before putting your money in them.

You can start with this link https://blog.seedly.sg/singapore-robo-advisor-investment-comparison/