What is the best option to keep your savings?

[Utonian]

that is in the past, bro.
what about now?

now have

Great eastern - GREAT SP 1.8%, 2yr
Tiq 3 year endownment plan - 2.1%
Elastiq by Tiq - 1.8% guaranteed for 3 yr - only 90 days lock in

 

[Thoreldan]

Same here too, still researching on which platform to invest. Only invest couple times with FSM, now looking at Stashaway and Syfe, any recommendations? Thank you~

For a start can pick up shiny things ebook. Adjust your investment strategy when you become more familiar

 

[Dystopia]

now have

Great eastern - GREAT SP 1.8%, 2yr
Tiq 3 year endownment plan - 2.1%
Elastiq by Tiq - 1.8% guaranteed for 3 yr - only 90 days lock in

which one have u tried personally?

 

[Utonian]

which one have u tried personally?

Personally using Elastiq cause suits me better, slightly less interest but freedom to withdraw and topup.

 

[Dystopia]

Personally using Elastiq cause suits me better, slightly less interest but freedom to withdraw and topup.

thanks for the reply

likely i will sign up one also... need more reading on it first.

 

[Utonian]

thanks for the reply

likely i will sign up one also... need more reading on it first.

No worries, read through and feel free to pm me any question.
I have pm'ed you a referral code

 

[hub8246]

Why no one is interested in boc? The interest can go up to 3.5%.

 

[TiedInsurer]

Why no one is interested in boc? The interest can go up to 3.5%.

Because the salary credit requirement is nuts and will disqualify the vast majority of people.

 

[silverbomb]

Because the salary credit requirement is nuts and will disqualify the vast majority of people.

BOC is 2k minimal salary crediting.

 

[alexsoon1984]

My monthly take-home salary credit is above 6k but i already entrenched into the DBS multipier account. And all the hassle of opening an account with a new bank totally puts me off.

The 3.55% offered by BOC SG is conditional upon many conditions - crediting 6K salary will fetch you 1.2%, clocking $1500 monthly spend on BOC SG CC will fetch another 1.6%, additional 0.35% if you manage to pay 3 bills of SGD30 each via BOC SG e-banking or Giro and additional 0.6% if you managed to fulfill any one of the 3 conditions stated.

Monthly insurance premium all tag to DBS CC. Only bill payment is Singtel Internet cum phone bill. So to me at least, the rates offered by BOC SG is more of 3.4%

But to reach 3.4%, i need to call up insurance company change payment method to either monthly bill payment via BOC e-banking or tag to BOC CC to help achieve that $1500 to hit the 1.2%. Then all the hassle of moving $100K from DBS to BOC SG + informing HR to change salary details to BOC SG.

Wah lan, i not so hard up for the extra 3.55% - 2.3% = 1.25%

 

[TiedInsurer]

BOC is 2k minimal salary crediting.

Yes, but if you do that the interest rate becomes crap.

 

[Trazora]

Yes, but if you do that the interest rate becomes crap.

Not really, still can get up to 3.15%

 

[a4973]

Hi, for BOC salary crediting, is the requirement similar to ocbc 360 & DBS Multiplier? Ie SAL Giro or Pay Giro something like that? Thanks

 

[Trazora]

Hi, for BOC salary crediting, is the requirement similar to ocbc 360 & DBS Multiplier? Ie SAL Giro or Pay Giro something like that? Thanks

salaries credited via GIRO with transaction descriptions "IBG-SALA" or "SALA"

 

[pcmdan]

Because the salary credit requirement is nuts and will disqualify the vast majority of people.

nutss meh.... think u need to read it again carefully.
Unless u classify 2k salary crediting is nuts...

 

[pcmdan]

Why no one is interested in boc? The interest can go up to 3.5%.

false statement. Have been with BOC ever since they have the smart saver account.

 

[siyingmichelle]

Can consider singlife for 10k

 

[pcmdan]

My monthly take-home salary credit is above 6k but i already entrenched into the DBS multipier account. And all the hassle of opening an account with a new bank totally puts me off.

The 3.55% offered by BOC SG is conditional upon many conditions - crediting 6K salary will fetch you 1.2%, clocking $1500 monthly spend on BOC SG CC will fetch another 1.6%, additional 0.35% if you manage to pay 3 bills of SGD30 each via BOC SG e-banking or Giro and additional 0.6% if you managed to fulfill any one of the 3 conditions stated.

Monthly insurance premium all tag to DBS CC. Only bill payment is Singtel Internet cum phone bill. So to me at least, the rates offered by BOC SG is more of 3.4%

But to reach 3.4%, i need to call up insurance company change payment method to either monthly bill payment via BOC e-banking or tag to BOC CC to help achieve that $1500 to hit the 1.2%. Then all the hassle of moving $100K from DBS to BOC SG + informing HR to change salary details to BOC SG.

Wah lan, i not so hard up for the extra 3.55% - 2.3% = 1.25%

yup....not hard up don't do it den....save urself the trouble

Less people know better also...too many, burst bank budget, they reduce rate den no gd liao..

BOC only have 4 conditions
1. the more savings balance u have the better
2. 2k salary crediting at least
3. Credit card spend
4. 3 bank bills.

Eligible transactions from BOC ($6k + 1.5k + $90 = $7,590)

DBS to get 2.3%
1. the more savings balance u have the better
2. u need income to be credited
3. u need 2 conditions, credit card spend/home loan/insurance/investment

Eligible transactions at $15k at least

Spend more to get more interest. Not sure net net earn or lose also

 

[TiedInsurer]

Not really, still can get up to 3.15%

Oh. Sorry, i noob haha. Read it really closely now, and seems like the main barrier to most people will be the salary credit (0.4% reduction if cannot credit $6k), and card spend (0.8% reduction if cannot spend $1.5k/mth on BOC cards)

So realistically, the interest rate would be 2.35% for most people.... which is still hella competitive. How's the foreign exchange spread offered by BOC? I heard ICBC's spread is really close to VISA's, so it's a great card for foreign spend, but I never hear anything about BOC.

 

[RedsYWNA]

I think BOC Smartsaver is the clear-cut choice. If you are smart & creative, earning > 3% is easy for almost everyone. But can only put in max $60K, and its OTP sucks, plus you cant do auto-giro.

That said, DBS Multiplier isnt too bad, with a potential to put in $100K at > 2% interest. But a lot of hoops: dividend, cc spend, loan/insurance, investment.

UOB One has become the laggard but 1.8% for $75k isnt really that bad nowadays for 3 Giro + $500 cc spend.

The clear laggard is likely to be Maybank isav when July rates are unveiled, forcing people to put money into the stock market at a dangerous time.