You still need to send back some money to Malaysia for your family, your house instalments, your insurance, your unit trust top up, etc. Thus, in your initial month in Singapore, you have left with limited amount of net cash for investment. Nevertheless, we still need to have saving ourselves. By the way, there is no CPF, EPF for non-Singaporean, for us when we started work without PR. We must have discipline ourselves to save for our golden age.
With this limited amount of net cash flow, I choose to go back to basic...Saving in Bank. In Singapore, there are bank with special deposit scheme where you can earn higher interest rate by making monthly regular deposit. I have made comparison as below:
As a result, I choose to deposit in CIMB StarSaver. I noticed that banks originated from Malaysia are normally giving a higher interest rate. Just that the number of branch in Singapore is not many. For example, CIMB bank just has two branch in Singapore. But I felt that this type of saving is for long term and no withdrawal, so I made a deposit in CIMB Raffles Place branch.
And by using GIRO interbank fund transfer, I can transfer extra deposit of SGD500 per month to enjoy the 0.8% pa or if I am short for that month I still can enjoy 0.5% pa interest. I think this is the best rate I found in Singapore so far.
hello! looks like life in Singapore has been treating you well :) I like the way you compare and make informed decisions (read your iPhone entry just now). Have fun and all the best!
ReplyDeleteZhuangli :
ReplyDeleteThanks! Just sharing...(^^)
You too, enjoy yourself in Singapore!
u shld chk out OSBC MSA 1-2-3
ReplyDeleteoffers higher interest rates. pretty flexible
JuZ JZin,
ReplyDeleteI tried to search for the plan that you mentioned...I cannot find it even in OCBC Bank...not to say OSBC?
JuZ JZin,
ReplyDeleteNow I found it. It is the OCBC MSA123. The Interest Rates are
0.5%pa for tenor of 13 months
0.8%pa for tenor of 24 months
1.0%pa for tenor of 36 months
Seems like CIMB is still better...
hey, why don't u convert back the SGD to RM and deposit it in Malaysia fix deposit which is 3%. 0.8% is extremely low.
ReplyDeleteAnonymous,
ReplyDeleteWhat you said is true, but do take note that you loose in term of FOREX when you convert back to RM.