facebookWhere to put my emergency fund? - Seedly

Anonymous

30 Mar 2020

Saving Hacks

Where to put my emergency fund?

Where should i place my emergency funds in? Jumpstart Account with 2% interest or some other forms of low risk investments but higher returns?

Discussion (3)

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Alvin Teo

30 Mar 2020

Aviva Relationship Consultant at Aviva Affinity Channel

Emergency funds first and foremost requires the money to be accessible anytime and can withdraw anytime without any consequences and quickly.

As such, a savings bank accounts fits this rather than low risk investments.

Not only SSB takes slightly longer to withdraw than regular bank accounts, it’s returns if subscribed now is much lower than accounts like multiplier or jumpstart account or Uob one.

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Pang Zhe Liang

29 Mar 2020

Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)

For the most part, emergency fund should be in a cash-equivalent instrument where you are able to assess it with ease without monetary loss.

As such, bank accounts, fixed deposits are usually the main choices.

If you are between 18 to 26 years old, then you should consider Standard Chartered JumpStart account. This is because it gives an interest rate of 2% per annum for your first $20k balance. Furthermore, there is no fees and minimum balance required in order to maintain the account.

Moreover, it comes with a debit card that gives you 1% cashback on eligible spending. With this in mind, it is certainly a worthy account for a start.

Alternatively, you may consider CIMB FastSaver. This is because it gives an interest rate of 1% per annum for the first $50k account balance. In like manner, there is no monthly fee associated with maintaining the account. Hence, it is worth taking a look as well.

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Hariz Arthur Maloy

28 Mar 2020

Independent Financial Advisor at Promiseland Independent

Any high interest savings account would do. Since you can open a SCB Jumpstart, just use that until ...

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