Asked 2w ago
My salary is 3.7k without cpf deduction now. My liquid cash in a posb is only 3k plus minus before my salary comes in. I have normal contribution of $600 to my parents, $400 to a joint saving acc, $700 DCA monthly contribution to robo advisor.
If you are considering high-interest savings accounts, CIMB has recently announced today that they will be revising their interest rate for FastSaver. You might want to take a look here.
Other alternative choices that do not require spending/minimum sum include:
Singlife Account (2.5% p.a, capaital guaranteed, interest non guaranteed)
FSM Auto-Sweep Account (1.05%p.a, interest rates may be revised)
Stashaway Simple (1.9%, capital non guaranteed, interest non guaranteed)
SCB JumpStart (1%p.a, only for aged 18-26)
Crypto Earn (Depending on currency, as high as 16%p.a (CRO) without any prior staking. However, do take note of the volatility of cryptocurrencies. For higher interest rates, a fixed duration of 90 days is imposed before withdrawal can be made. Intetest is paid out every 7 days)
Crypto Exchange (20%p.a for CRO currency. Similar to Crypto Earn, just that fixed duration is set at 180 days. Interest is paid out daily)
Vivid Account (1.05% p.a for first 10k, 1.30% for 10k-20k)
Tiq 3 Year Endowment Plan (2.10%p.a, guaranteed)
Hello there! Insurance and emergency funds should come first before you DCA your $700 into a robo advisor. Perhaps you can rethink about what is important to you.