Asked by Anonymous
Asked on 21 Jun 2018
Try the method mentioned in the deadly article on DBS Muliplier ! I think this works well for a couple
I recommend you DIY yourself. Have a high yield savings account like e.g. CIMB fastsaver. Or you can use one of your DBS multiplier to hit the interest rate. Alternatively, you can put it into SSBs for every $1000 accumulate in the savings account.
You can consider a POSB SAYE account which gives you 2% interest after 2 years, assuming that you do not make any withdrawals. It functions like a fixed deposit account, but note that you can make withdrawals should you need the money, just that you'll have to forgo the additional interest that you could have earned. Otherwise, it's a great way to save and earn that extra interest :)
You can check it out here https://www.posb.com.sg/personal/deposits/savings-accounts/saye?cid=sg:en:cbg:bsd:sem:goo:na:na:casa:cen_casa_sem:na:posb+saye&gclid=EAIaIQobChMI8KeBq8nE3QIVTyQrCh19wAgfEAAYASAAEgKlMPD_BwE&gclsrc=aw.ds
Honestly, there's not much to be earned due to the low interest rate environment we are in as well as the monthly quantum. Since its about a 2 year period, maybe can look at posb's save as you earn programme?
Hi, suggest that you guys can do below:
1) DBS Multiplier:
Assuming you both earn about 3k per month, either one of you have a DBS / POSB Credit card, spend $1 or more every month. You can try DBS Multiplier Account:
Just the salary credit into your respective own DBS account (link to multiplier account belongs to both link), it consider as 6k salary credit, and spend on DBS credit card $1 or any amount , you get 1.9% p.a interest for your savings in the DBS multiplier credited "Monthly"! (Note: min saving is 3k or else will have charges)
Hence if you put in 600 x 12 = 7.2k , at 1.9%, you'll get about $135.05 for the first year. 2nd and 3rd year onwards compounded even more since you will add $600 more monthly.
2) SSB - Singapore Savings Bonds
Assuming $300 each, so monthly is $600. For 12 months is $7200 and If you top up another $300 get $7500 (the SSB calculator limitations). Now borrow 7.5k from you own savings first and put into SSB and both of your repay your own savings monthly $600 and buy the 7.5k SSS Now and do the same trick with the same $ for year 2 and year 3 once a year. In 3 years time when you want to get marry / take out, you get 2.01% p.a interest credited every 6 months (http://www.sgs.gov.sg/~/media/SGS/SGS%20Announcements%20pdf/SSB%20PDF/2018/old/SSB%20FAQs%20Full%20set.pdf at page 5, clause 12 ) . Total interest about $453 (That's 7.5k for 3 years only). Year 2 and 3 you will put in another 7.5k x 2 = $15k on top of the 7.5k and your interest will be compounded even more!
Happy savings for marriage :) haha!
Clearly the CIMB Fastsaver! DIt gives you the best flat rate interest at 1% p.a and it is also liquid (ie you can withdraw the amount any time)
You can read the real user reviews here to understand why also: https://seedly.sg/reviews/savings-accounts/cimb-fast-saver
A very simple to use savings account. Designed for the person who is just keen to save up and earn 1% up to the first $50k. Also, many people may not know but actually it is SDIC $50k insured and the CIMB Clicks Online interface is not too shabby as well! Online approval is quick.
~300 each a month is probably not a significant amount of money to compare interest rates per se, at least not for the first 2 years. Perhaps what you can focus on would be which credit card may be more offer more rebates/mileage for you when paying for wedding/BTO/reno/kids/education, and when your savings accumulate or you credit salary, what's recommended would probably change...
It may be a hassle but u can try putting in SSB till you need the funds.
Otherwise you may consider CIMB Fastsaver or even Citibank MaxiGain (if you can borrow some capital from your parents)
1) CIMB FASTSAVER: 1% interest, no conditions to fulfill. Just a minimum of 1,000 to remaining getting the interest.
2) this is not a dbs savings account per say. However, with salary crediting to posb joint account, it will count as salary crediting criteria with individual multiplier account. With combined salary, you all can be eligible to a higher bank interest.
Hi there, would recommend getting a savings plan or an investment plan to growth your wealth. Savings plans are at (3% interest) and investment plans can have interest as high as 10% or higher.
If you're interested you can PM me, i might be able to recommend you something you need and add value to you!
Disclaimer, i'm not an insurance agent.