short terms savings plan?

[d3n]

hi guys,

any recommendation for a regular savings plan for 10-15 years? something like save $xxx till 10-15 years with higher interest than normal savings (but capital protected)?

 

[d3n]

received quite a no of pm.

will appreciate if u guys can post here instead so i can go thru easier cos not possible to meet up everyone to compare.

my budget is about $500 every month, to save for a period of 10-15 years.

 

[Aerial86]

received quite a no of pm.

will appreciate if u guys can post here instead so i can go thru easier cos not possible to meet up everyone to compare.

my budget is about $500 every month, to save for a period of 10-15 years.

Hi,

Do you have any specific objective or amount that you are aiming for or just purely saving for the sake of it?

By identifying that, it will help in determining if the instrument that you've chosen is suitable and I will be able to provide advisory exactly on what you needed. I can get you quotes from multiple insurer so you will save a lot of time on comparing.

 

[d3n]

Hi,

Do you have any specific objective or amount that you are aiming for or just purely saving for the sake of it?

By identifying that, it will help in determining if the instrument that you've chosen is suitable and I will be able to provide advisory exactly on what you needed. I can get you quotes from multiple insurer so you will save a lot of time on comparing.

just purely saving. but more importantly my capital must be protected (eg $500 per month x 10 years = $60K).

looking at savings plans that offers higher than 1%pa (now CIMB starsaver highest for non deposit savings...)

 

[Jwlng]

Hi d3N,

You have to understand that every plan will have slightly different conditions. While banks offer typically less than 1% interest per annum, they also offer you the flexibility of liquidity. In the market there are many different instruments which will give you guaranteed returns of easily 2-3% minimally as well as guarantee your principle. But of course there will be charges involved when you try to take out your money after only a few years. It is impossible to base your decision on a few replies on your post without understanding your circumstances and financial situation, not to mention running into compliance issues on our part.

It will be best if you speak to a financial planner whom you can trust, maybe even get a second or third opinion before commiting to a long term savings plan and how it fits into your long term financial plan.

 

[d3n]

Hi d3N,

You have to understand that every plan will have slightly different conditions. While banks offer typically less than 1% interest per annum, they also offer you the flexibility of liquidity. In the market there are many different instruments which will give you guaranteed returns of easily 2-3% minimally as well as guarantee your principle. But of course there will be charges involved when you try to take out your money after only a few years. It is impossible to base your decision on a few replies on your post without understanding your circumstances and financial situation, not to mention running into compliance issues on our part.

It will be best if you speak to a financial planner whom you can trust, maybe even get a second or third opinion before commiting to a long term savings plan and how it fits into your long term financial plan.

my intention is not to take out my money until the savings plan ends. not keen in the yearly cash out too.

i seen some plans like you save 5-7 years then let it run to 10-15 years. more keen in these.

 

[starfish.starfish]

Take a look at SIngapore savings bond.

 

[chopra]

read through money mind subforum for your own goodness sake, before you get brainwashed by the financial agents.

DIY Is the way to go.

 

[Shiny Things]

hi guys,

any recommendation for a regular savings plan for 10-15 years? something like save $xxx till 10-15 years with higher interest than normal savings (but capital protected)?

I'd recommend not getting a regular savings plan. Over 10-15 years, you'll most likely get a much higher return (and pay way less in fees) by investing in a 50-50 stock-bond mix. An RSP is just going to sit there earning a couple of percent for ten years; that's not going to be very useful.

 

[MikeZhang]

my intention is not to take out my money until the savings plan ends. not keen in the yearly cash out too.

i seen some plans like you save 5-7 years then let it run to 10-15 years. more keen in these.

Aviva MyWealth plan. Pay for 5 or 10 years and let it run for 15 years, the return is higher than Capital guaranteed. The irr of the guaranteed return is around 2.2% to 2.4% excluding bonus.

 

[Perisher]

Aviva MyWealth plan. Pay for 5 or 10 years and let it run for 15 years, the return is higher than Capital guaranteed. The irr of the guaranteed return is around 2.2% to 2.4% excluding bonus.

What is the guaranteed EIR?
Consider that one pays for 10 year,all add together.

 

[MikeZhang]

What is the guaranteed EIR?
Consider that one pays for 10 year,all add together.

If is 5 year pay, the irr is 2.35%. Eir is 2.37%
If is 10 year pay, irr 1.79%. Eir is 1.805%

5 year pay has better return.

*rough calculation

 

[Perisher]

If is 5 year pay, the irr is 2.35%. Eir is 2.37%
If is 10 year pay, irr 1.79%. Eir is 1.805%

5 year pay has better return.

*rough calculation

What makes it better than SSB which gives guaranteed higher EIR over 10 years?

 

[Lewis.T]

What makes it better than SSB which gives guaranteed higher EIR over 10 years?

Regular saving vs lump sum
500 per month for 10 years is also above the 50k limit of SSB, much less 15yrs
Small insurance coverage
Bonus declarations above the guaranteed amounts done yearly

Cons are you are 'locked in' for the period of time. (Big con, so set aside a comfortable amount for this purpose and don't throw all your money in)

 

[Broadwalk]

Can buy Aviva my wealth on line?

 

[bigmice]

GE golden saver 5 year plan 2.53%/year
prosperity Saver 5 year plan 3.68%/year for those who buy regular premiun plan druing Jan and Feb.

 

[AuGtiMuS]

hi guys,

any recommendation for a regular savings plan for 10-15 years? something like save $xxx till 10-15 years with higher interest than normal savings (but capital protected)?

All these interests based on projected returns in all benefits illustrations, thus maturity value are based on future market values.
They are many sets of instructments available by many insurance companies, even banks are distributors of them.

Engage someone you trust like your current agent to seek his/her recommendation.

Mod:Unsolicited Content (Commercial solicitation / Ads / Referrals / Spam)

 

[evolute8]

bookmarked.

 

[ksyksyksy]

hi guys,

any recommendation for a regular savings plan for 10-15 years? something like save $xxx till 10-15 years with higher interest than normal savings (but capital protected)?

If based on your preferred savings method,
AXA MaxSaver 8, whereby you'll save for 8years only, and plan matures on the 15th year.
Assuming a person of age 30,,
Save about $500+/month ($6k+/yr),
Would have saved about $50k, and mature value of approx. $72k.

Let me know if you have any further enquiries.
Hope it helps

 

[akwl88]

Diy ba unless u dont mind pay for others' overseas holidays, luxury cars and condos