Best Places to Park Your Money Right Now

Introduction

• Objective: Discuss best places to park money for highest returns
• Audience: Fixed income and non-fixed income individuals
• Additional Info: Best promos and places for mid-term savings
• Resources: Detailed spreadsheet available
• Call to Action: Join 9,000 members Telegram chat for discussions and questions

Best Bank Accounts for Short-Term Savings with Monthly Salary

UOB One Account

• Requirements:
  • Credit a minimum salary of S$1,600
  • Spend at least S$500 on UOB One Card, UOB Lady’s Card, or UOB EVOL card
• Interest: 3% - 4% effective interest rate
• Pro Tip: Fulfill salary crediting criteria with a S$1,600 PAYNOW transfer marked as SALA

OCBC 360 Account

• Requirements:
  • Credit a minimum salary of S$1,800
  • Increase average daily balance by at least S$500 every month
• Interest: 3.2% base, additional 0.6% for spending a minimum of S$500 on eligible OCBC cards (total 3.8%)
• Disclaimer: PAYNOW salary hack does not fully work

Best Accounts for Non-Fixed Income Individuals

MariBank

• Interest: 2.7% without any requirements
• Valid Until: 31 December 2024

Trust Bank

• Interest: 2.75%
• Requirements:
  • Have $100k in savings
  • Make at least 5 S$30 spends on the Trust Card
  • Be an NTUC member

Promotions for Bonus Interest

UOB One Account Promotions

• Nation of Savers:
  • Register by 30 September 2024
  • Deposit minimum S$20,000 in new funds
  • Maintain funds for 5 months
  • Cashback: Up to S$1,500
• SalaryPlus Promotion:
  • Register before deadline
  • Fulfill bill payment, dividend crediting, and salary crediting criteria
  • Cashback: Up to S$160

HSBC Everyday Global Account

• Promotion: Earn up to 4.6% interest for July
• Requirements:
  • Send an SMS to participate
  • Deposit at least S$2,000
  • Make at least 5 eligible transactions
• Interest Breakdown:
  • 0.05% base
  • 3.55% on incremental average daily balance
  • 1% on incremental average daily balance by fulfilling Everyday+ Rewards Programme criteria

CIMB FastSaver Account

• Promotion: 3.5% interest till the end of September 2024 for maintaining S$5,000
• Other Promotions:
  • StanChart’s Bonus$aver: $168 cashback
  • SC e$aver: 3.55% interest

Strategy for Maximizing Interest

• HSBC EGA: Start with fresh funds to earn 4.6% interest
• Next Month: Move funds to SC e$aver, OCBC 360, or CIMB FastSaver for promotional interest
• UOB One Nation of Savers Promo: Lock funds for 5 months to earn up to S$1,500 cashback
• Recycling Funds: Repeat the process once HSBC EGA balance resets

Recommendation for Less Effort

• Cash Management Accounts: Invest in money market and bond funds (non-SDIC insured)

Options

• Chocolate Finance: 4.2% fixed return till end of year, instant withdrawal up to S$20,000
• Other Brokers: Moomoo, Tiger Brokers, Webull, Syfe Cash+ Flexi, Wise (3.6% - 3.8% return)
• Higher Volatility Options: Endowus Cash Smart Ultra, StashAway Simple Plus, UOBAM Cash+ Xtra (for mid-term savings)

Low-Risk Options (No Risk)

Singapore Savings Bonds (SSB)

• Interest: 3.22% 10-year average
• Tool: ILoveSSB for projections

T-Bill and SGS Bonds

• Latest T-Bill: 3.7% cut-off yield
• 5-Year SGS Bond: 3.22% cut-off yield
• Tool: ilovessb.com

Bank Fixed Deposits

• Current Best Rate: 3.5% by Bank of China
• Tool: sgfd.neocities.org for the best FD rates
• Other Options: Syfe Cash+ Guaranteed, StashAway Simple Guaranteed (3.3% - 3.75%)

Promotions in Collaboration

Webull

• Options Trading Promo: US options free commission for trading minimum 100 contracts monthly
• Welcome Promo: Up to USD 400 cash vouchers for new sign-ups
• Other Benefits: Up to 7% P.A. yield for USD Moneybull for up to 90 days, transfer-in promo benefits

Conclusion

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