Asked by Anonymous
Asked on 21 Sep 2018
I'll rather DIY myself by using high yield savings account, bonds, FD than paying high premiums to agents and only break even after 1X years.
Would go for CIMB Fastsaver (1%), Fixed Deposit or Singapore Savings Bond as all of these are safe and capital guaranteed and offers more than the little 0.05% interest
It's projected. What if it doesn't come true?
Are there any fees involved?
Find out what the plan invests in. I generally do no trust any invesment plans giving such high returns.
I'd rather invest myself honestly. Do some research, read some books!
You have to look at the fees involved for going with the investment plan. It might not be your 7-10% after the fees
You can consider accounts with higher int such as Uob one or DBS multiplier
savings plans have very low returns and long time frames I would rather choose SSB
(1) Save with an ILP (investment link plan) or pure investment plan, the stated projected rate is 7 to 10% but not guaranteed rate. Should check the guaranteed rate.
=> I wouldn't because i prefer to save it with people who's main business is investment , not side or part of the business is investment only.
(2) save in bank with interest of 0.05% p.a only ?
=> no. way too low.
(a) DBS mulplier can fetch 1.85% p.a (interest credited monthly!!!) with salary credit any credit card spend of min $1.
(b) CIMB fast saver 1% p.a with no string attach.
(3) Savings plan at 3% p.a.
=> No! For same reason as #1. Though higher interest here at 3% for the plan but it is a plan so I'm tied to it. if I want to be tied, i'll go for FD at close to 2% for 12 months or SSB at 2.21%+ for 10 years.