Savings Plans
- Thread starter veronica
- Start date
Stormblessed
Member
Hi Veronica, do you have an investment time horizon of how long you can set aside the money for this plan?
What kind of risks can you tolerate? Capital loss possible or must be capital protected.
Please be aware there is a risk-return tradeoff you have to make.
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.
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.
Do you need to tied down with manulife for xx years? Is the interest better than banks?
actually no thats why do not wish to tie down with a contract time. Cannot take risk too just want to do a savings with no strings attached but at the same time earn some interest.
I was told aviva has similiar savings plans and also covers protection but i didnt ask if its wat i want yet.
Stormblessed
Member
Both manulife and aviva offer savings plan. In insurance terms, they are called endowment plans. You basically commit to paying $x per mth/year for y no. of years. After a certain term of say 20 yrs, they pay you back a lump sum. You have to commit to paying regular premiums for these endowment plans so not to sure if they meet yr needs?
williamrayan
New Member
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?
Sgwealthmanager
New Member
For savings plans, it is better to look at companies with strong Par funds performance.
eileenpxp
New Member
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
no stress
Last edited:
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.
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.
Kaykay2009
Member
Hi wepo,
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.
cheaponana
New Member
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
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