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-   -   IS it worth continue my saving in POSB SAYE account? (https://forums.hardwarezone.com.sg/money-mind-210/worth-continue-my-saving-posb-saye-account-5931012.html)

smart_alex 05-11-2018 07:40 AM

IS it worth continue my saving in POSB SAYE account?
 
Now I contribute about $500 per month into my POSB SAYE account, I am being lock for 2 years for 2%

is it better to withdraw the money and invest in other thing? like SSB or FD?

https://www.posb.com.sg/iwov-resourc...saye-table.jpg
Quote:

What you need to do:

Credit your monthly salary^ into a POSB/DBS account and select it as the debiting account for the monthly savings contribution into the POSB SAYE Account.
Determine a fixed monthly savings amount from S$50 to S$3,000 (in multiples of S$10).
Choose your preferred monthly savings date (between the 1st and 25th day of the month)*.
Make no withdrawal from the POSB SAYE Account.
Below is an illustration of the interest earned when you make a successful S$100 monthly contribution into your POSB SAYE Account on the 1st day of each month.
https://www.posb.com.sg/personal/dep...accounts/saye#

Panerex 05-11-2018 07:43 AM

Keen to know this too

jacky5297 05-11-2018 12:20 PM

If you intend to contribute 500 sgd per month into SSB, do consider the 2sgd transaction fee in the interest calculation.

I think SAYE still wins SSB, at least for the first 2 years.


Quote:

Originally Posted by smart_alex (Post 117415576)
Now I contribute about $500 per month into my POSB SAYE account, I am being lock for 2 years for 2%

is it better to withdraw the money and invest in other thing? like SSB or FD?

https://www.posb.com.sg/iwov-resourc...saye-table.jpg


https://www.posb.com.sg/personal/dep...accounts/saye#


lowqinghong 06-11-2018 03:32 PM

Quote:

Originally Posted by smart_alex (Post 117415576)
Now I contribute about $500 per month into my POSB SAYE account, I am being lock for 2 years for 2%

is it better to withdraw the money and invest in other thing? like SSB or FD?

https://www.posb.com.sg/iwov-resourc...saye-table.jpg


https://www.posb.com.sg/personal/dep...accounts/saye#

I think SSB is worth considering since next month bond is 1.89% per annum!
Put $10,000 you have earn about $190. Better than the POSB since you are locked down for 2 years?

lowqinghong 06-11-2018 04:18 PM

https://secure.sgs.gov.sg/fdanet/StepupInterest.aspx

This will show you the past months of the interest rates for SSB. I think can worth to consider if you want some stable returns.

smart_alex 07-11-2018 04:34 PM

Quote:

Originally Posted by lowqinghong (Post 117442575)
I think SSB is worth considering since next month bond is 1.89% per annum!
Put $10,000 you have earn about $190. Better than the POSB since you are locked down for 2 years?

I dk leh, anyone using the POSB SAYE account?/

lowqinghong 08-11-2018 02:34 PM

Quote:

Originally Posted by smart_alex (Post 117463390)
I dk leh, anyone using the POSB SAYE account?/

I didn't use POSB SAYE account, I bought SSB and open OCBC 360 account.
Putting salary into OCBC 360 account is good too. Every month earn interest credit.

iamveryguailan 08-11-2018 04:00 PM

Are u under the byob scheme?

I am under this saye byob promo for 2 years, about 4% interest. Every month put in 3k, thinkjink itís quite decent

Garlic & Butter 08-11-2018 09:02 PM

i renewed my POSB SAYE account 3 months back.
The effective rate is 2.27% (for the >$800 tier) so its still not too bad.

qualcom 09-11-2018 06:29 PM

Quote:

Originally Posted by Garlic & Butter (Post 117487654)
i renewed my POSB SAYE account 3 months back.
The effective rate is 2.27% (for the >$800 tier) so its still not too bad.

>$800 tier means every month add more than $800? or keep minimum balance more than $800?

Panerex 09-11-2018 10:19 PM

If i have received the bonus interest at end of 2-years of SAYE, what will happen next?

Will the SAYE auto- continue for a new 2-years cycle with bonus 2% interest at the end?
Or will it be back to normal Low interest rate?


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