Savings Plan

[moooze]

Hi All,

I am looking into purchasing a savings plan however I have a feel doubts that I would like to clear, would appreciate it if anyone can help me clarify. Thanks in advance!

1) Are there any savings plans that are purely just for savings or do they all come with some part of insurance coverage in it?

2) Are savings plans also called endowment plans?

3) Any savings plans that are recommended or I can look into?


In addition, I am looking into Singapore Saving Bonds too, for me to start I would need to create a CDP account first as per stated on their website right?

Thanks again!

 

[oceanicmanta]

endowments r a type of savings plan

stay away from savings plan unless there is a Guarantee return - then compare this Guarantee return against other risk free instrument eg SSB

ChinaLife - 5yr, 2.25% guarantee (comes with 1% insured amount)
GE - 3yr, 1.68% guarantee

 

[Darkzi0n]

singapore saving bonds (2+%): low/no risk, low return, high liquidity, capital guaranteed
high interest acc e.g. OCBC360, UOB one, maxigain (1+% to 3+%): low/no risk, low return, high liquidity, capital guaranteed
regular investment plans on bonds/equity ETF e.g. POSB Invest Saver: low to moderate risk, low to moderate return, high liquidity, not capital guaranteed

endowment plan: paying hawker $20 for a $4 chicken rice.
insurance linked policy (ILP): paying hawker $20 for a $4 chicken rice. the hawker eat half ur chicken.

 

[akwl88]

Hi All,

I am looking into purchasing a savings plan however I have a feel doubts that I would like to clear, would appreciate it if anyone can help me clarify. Thanks in advance!

1) Are there any savings plans that are purely just for savings or do they all come with some part of insurance coverage in it?

2) Are savings plans also called endowment plans?

3) Any savings plans that are recommended or I can look into?


In addition, I am looking into Singapore Saving Bonds too, for me to start I would need to create a CDP account first as per stated on their website right?

Thanks again!

1) how much % returns do u want to get for your savings?

2) do you prefer your money to be locked in for a period of time or want instant liquidity?

3) ssb is capital guranteed. avg 2%+ for 10 years. 1 month liquidity period. if redeem early, can get back capital plus some interest

 

[bibu00]

http://deluxeforums.hardwarezone.co...ead-before-buying-endowment-plan-5218527.html

 

[Shion]

Don't think of it

 

[K|muRa^84]

I have taken to the idea of treating your CPF SA monies as the bond portion of your portfolio

 

[kindman1]

Looking to save for retirement.
Other than saving through CPF, what is recommended?

 

[anfielder]

Looking to save for retirement.
Other than saving through CPF, what is recommended?

DCA into a bond/equity etf portfolio

 

[SBC]

Can consider SRS. Not CPF, but is gov related scheme though.

Good to consider for those above 35 and earning well.

 

[SBC]

Got a good article on Sunday Times by Low Keng Fatt.

All are good except getting an ILP.

 

[jacky5297]

Second that, started my SRS last year...

Can consider SRS. Not CPF, but is gov related scheme though.

Good to consider for those above 35 and earning well.

 

[moooze]

Hi All,

Thanks for all the reply!

Seems like most of the replies are against getting a savings plan unless there is a guaranteed return.

I am currently looking at Aviva MyWeathPlan - Correct me if I am wrong, but this are one of the plans that have a guaranteed returns right?

Sadly, the China Life SaveReward 101 Series II for SGD is closed as it is fully subscribed.

As for the SSB, lets say I start of with SGD5,000.00 am I able to purchase more every month? Etc, SGD500.00 every month? Thanks again!

 

[Perisher]

Hi All,

Thanks for all the reply!

Seems like most of the replies are against getting a savings plan unless there is a guaranteed return.

I am currently looking at Aviva MyWeathPlan - Correct me if I am wrong, but this are one of the plans that have a guaranteed returns right?

Sadly, the China Life SaveReward 101 Series II for SGD is closed as it is fully subscribed.

As for the SSB, lets say I start of with SGD5,000.00 am I able to purchase more every month? Etc, SGD500.00 every month? Thanks again!

I suggest you read this thread
http://deluxeforums.hardwarezone.com.sg/money-mind-210/singapore-savings-bonds-5006693-38.html

Yes, buying $500/mth is possible but it's better to buy with bigger amount so you might wanna consider saving up before purchasing. Also note that the % returns of each new application changes every month.

 

[Nofear40]

I have taken to the idea of treating your CPF SA monies as the bond portion of your portfolio

Me too

 

[akwl88]

Hi All,

Thanks for all the reply!

Seems like most of the replies are against getting a savings plan unless there is a guaranteed return.

I am currently looking at Aviva MyWeathPlan - Correct me if I am wrong, but this are one of the plans that have a guaranteed returns right?

Sadly, the China Life SaveReward 101 Series II for SGD is closed as it is fully subscribed.

As for the SSB, lets say I start of with SGD5,000.00 am I able to purchase more every month? Etc, SGD500.00 every month? Thanks again!

the plan guranteed xirr is only 1.25% based on 5 years annual premiums of 18.11k and after 10 yrs, guranteed payout of 100k

if your non guranteed returns achieve 4.75%, the xirr becomes 3.34%

 

[Shion]

Hi All,

Thanks for all the reply!

Seems like most of the replies are against getting a savings plan unless there is a guaranteed return.

I am currently looking at Aviva MyWeathPlan - Correct me if I am wrong, but this are one of the plans that have a guaranteed returns right?

Sadly, the China Life SaveReward 101 Series II for SGD is closed as it is fully subscribed.

As for the SSB, lets say I start of with SGD5,000.00 am I able to purchase more every month? Etc, SGD500.00 every month? Thanks again!

All saving plans will have a guaranteed return - It is a matter of whether the guaranteed portion is on-par or more than the total premiums paid, or is it significantly lesser than total premiums paid

 

[eboy]

Hi All,

I am looking into purchasing a savings plan however I have a feel doubts that I would like to clear, would appreciate it if anyone can help me clarify. Thanks in advance!

1) Are there any savings plans that are purely just for savings or do they all come with some part of insurance coverage in it?

2) Are savings plans also called endowment plans?

3) Any savings plans that are recommended or I can look into?


In addition, I am looking into Singapore Saving Bonds too, for me to start I would need to create a CDP account first as per stated on their website right?

Thanks again!

1) What is your time horizon?
2) do you need coupon option? ( reason is coupon withdrawal endowment has lower yield in general)

You need to answer these 2 qns first