This is a discussion on Savings Plans within the Financial Asessment and Planning forum, part of the Home Planning Forum category; Anyone knows which company or banks has savings plans that we can terminate anytime without penalty and yet earn a ...
Anyone knows which company or banks has savings plans that we can terminate anytime without penalty and yet earn a good interest?
err.. for banks could be my savings plan .. You can terminate any amount and yet they will auto cut .. at the amount you wanna save.. but .. interest is super low as compare when you engage with company ..I use this account for emergency .. I save up AND i eventually use it when my vehicle broke down or need maintanence or when I am sick need to visit doctor..when the amount hit like above a certain level .. i ll transfer the money over to other my other saving plans that I took from Manulife . then allow me to top up on top of what I already save.. hope this helps .
For the banks, CIMB currently gives one of the better interest rates, 0.8% per annum.... Only problem is they have only 2 branches here. One in Raffles and another in the Orchard area.
Maybank may have rates around this figure too. Do check out their Terms & Conditions too.
Not much choices around... basically, our local interest rates are pathetic.
I was told aviva has similiar savings plans and also covers protection but i didnt ask if its what i want yet.
Generally if you are looking for long term savings.. manulife will offer far better interest than banks.. it is call Flexiplan from manulife which incoporates , saving , coverage and investment. Worth to research on ... hope this helps
I am maintaining my savings since last two years. The savings are really very necessary for any one as they were more useful when we are in requirement. My savings are very easy and I am paying them in easy payments and which are not becoming burden for me financially. Are there any banks providing the savings with best security and with low interest rates?
Try OCBC monthly saving plan. They give good interest rate ... way much better than POSB SAYE.
For savings plans, it is better to look at companies with strong Par funds performance.
Hi mummies, planning for wealth accumulation is more than getting the "one size fits all" product... do speak to the right advisor who understands your profile and needs. If you require any further help on financial products, do feel free to text me .. . Will be happy to help. no stress
Last edited by eileenpxp; 03-08-2012 at 11:53 PM.
It would be good to breakdown your cashflow. Budget how much you need for various items and figure out how much it is you really can save consistently. Then, maybe take xx% of that amount as what you truly would be saving. The remainder yy% keep as a safety buffer. A suggestion could be, xx = 80%, yy = 20%
Of this xx amount, split into 2 types of savings.
1) Bank savings (0.2-0.4%): no strings attached, low interest, full liquidity.
-use for: emergency
2) Longer duration: Fixed deposit (~0.5-1.2%), endowments (~2-3%).
Note that if you truly want no tie down period, then even option 2 is out. However, the idea of splitting your savings into 3 'accounts' may be something for you to consider. (1) your emergency yy%. (2) Bank savings. (3) FD/endowment
If the amount you are saving is small (<$200), then splitting into 2 or 3 accounts may not be feasible.
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This plan you are talking about is an investment linked plan. Breakeven point is usually at 11-12 years from inception. Payout at the point of claim is the higher of your cash value or the sum assured. Not the regular savings plan. Your plan covers for death and total permanent disability and withthe cash value starts accumulatingdrawal of cash value is allowed which is usually after the third year when the cash value starts accumulating.
Much as the 'interest' is higher, it is only beneficial in the long term as it is a regular premium investment linked plan.
You can check out this page
Cheaponana.com - Your guide to save, earn and maximise your money in Singapore | Which savings account should I credit my salary into? | Cheaponana.com - Your guide to save, earn and maximise your money in Singapore
There is a comparison of the banks in Singapore providing higher interest on savings accounts with regular crediting of salary or fixed amount