In this video, I’ll be sharing where are the best places to park your money right now so that you can earn the highest possible return on your money, whether you are someone with a fixed income, or without a fixed income. Not only that, I’ll also talk about what are the best promos that you can take advantage of to earn extra returns. As well as the best places to park your mid term savings to lock in a high yield for the next few years. You can also find everything mentioned in this video, in this super detailed spreadsheet. But before I start, do join my 9,000 members Telegram chat group to discuss or ask any questions that you may have. Alright, let’s first talk about which are the best bank accounts to park your short term savings, if you have a monthly salary. The first account is the UOB One Account. So, as long as you can credit a minimum salary of S$1,600, and spend at least S$500 on either the UOB One Card, UOB Lady’s Card, or UOB EVOL card, you can then earn a minimum of 3% interest, up to an effective interest rate of 4%. Pro tip, their salary crediting criteria can be fulfilled by making a S$1,600 PAYNOW transfer with a transaction reference of SALA ya. Otherwise, you can also check out the OCBC 360 account. So if you can credit at least S$1,800 salary in, and increase your average daily balance by at least S$500 every month, you’ll already earn a 3.2% interest. Then, if you can spend a minimum of S$500 on one of the eligible OCBC cards, you’ll earn another 0.6% interest, bringing it to a total of 3.8% interest. But, just in case you are wondering whether PayNow Salary hack works on OCBC 360 or not, from what I know, it does not fully work, so try it at your own risk ya. So, those were the 2 best bank accounts to use if you have a monthly salary. But, if you are someone who doesn’t have a fixed monthly salary, like a retiree, a freelancer, or a stay at home tai-tai, MariBank would be your next best choice. Right now, MariBank is giving a 2.7% interest, without needing you to fulfill any requirements. Though, this will only last till 31 December 2024, after which they will probably come out with another new rate. But, if you are someone who has $100k in savings, is able to make at least 5 S$30 spend on the Aunty Card, I mean Trust Card each month, and is a NTUC member, then Trust Bank would be the better choice as you can get a slightly higher 2.75% interest. Now, besides the usual savings interest, some of these savings accounts actually let you earn some bonus interest via their promotion. The first account is by UOB One. Currently it has 2 ongoing promotions which lets you earn up to S$1,660 worth of cash. The first promo is called Nation of Savers, where you need to register your participation by 30 September 2024, then deposit a minimum of S$20,000 in new funds, and keep the funds there for at least 5 months. They count new funds as additional funds as compared to your June 2024 Monthly Average Balance. So for example, if in June you have $10,000 in UOB One, then you need to top up the balance to at least $30,000 in order to qualify for the promo. Besides that, they also have the UOB SalaryPlus Promotion, where if you can register your participation before the deadline, and fulfill their bill payment, dividend crediting and salary crediting criterias, you’ll get up to S$160 in cash. Moving on, the second account is the HSBC Everyday Global Account. So every month, they will come out with some promotion to let you earn bonus interest. For example in July, you get to earn up to 4.6% interest. To participate, all you need to do is send them a SMS before the deadline, You’ll then earn a 0.05% base interest on your account balance. A bonus 3.55% interest on incremental average daily balance, as compared to the previous month. Then another 1% interest on your incremental average daily balance if you can fulfill the Everyday+ Rewards Programme criteria. Which is just to deposit at least S$2,000 into the account, then make at least 5 eligible transactions, such as credit card spends, giro bill payments and fund transfers out to a non HSBC account. Otherwise you can also check out, CIMB FastSaver account, which is giving a 3.5% promotional rate till the end of September 2024. when you deposit and maintain S$5,000 in the account. Besides that, StanChart’s Bonus$aver has a $168 cashback promo, while SC e$aver 3.55% interest promo when you fulfill their criteria. Ok, with so many promotions going on, which one should you go for? Ok, here’s how I would do it. Since HSBC EGA is giving the highest interest of 4.6%, that would be our first account to focus on. The strategy here is to first move all our fresh funds into HSBC EGA, so that we can earn their 4.6% interest. Then in the next month, we can then move these fresh funds into either SC e$aver to earn their promotional interest, or OCBC 360 to earn their bonus 1.2% interest, or CIMB FastSaver to earn their promotional interest. Or, if you are ok with locking up your money for 5 months, you can move it into UOB One to qualify for their Nation of Savers promo and earn up to S$1,500 in cash. Then once that is over, since HSBC EGA balance is now so called resetted, you can then repeat the whole process again by moving the fresh funds back into HSBC EGA to earn their bonus interest. Otherwise, if you have any leftover funds, you can also take part in the SC Bonus$aver sign up promo to earn up to S$168. Quick pause, if you are looking to trade options, you can check out Webull. Webull charges a low fee of just USD 0.55 per contract and 0 platform fees*, which is cheaper than many of the other brokers out there. Besides that, Webull also lets you streamline the options trading process by having a whole corner of the app dedicated to options. For example, there’s the options statistics and probability analysis tools, where you’ll be able to view data such as volume distribution, volume analysis to help you better analyze your probability of success even before making a trade. There’s also the 0 DTE Options center, where you’ll be able to easily track net premium trends of long and short option contracts to quickly locate investment opportunities. Right now, Webull is running an Options Trading promo, where both new and existing users will get to enjoy US options free commission whenever you trade a minimum of 100 options contracts monthly. If you trade options, Webull would be your best option and you should not miss out the opportunity to get this great perk. In Webull’s latest Welcome promo, if you use my exclusive link to sign up, fund and trade, and fulfill the respective criteria, you will be eligible to get up to USD400 cash vouchers*. You can also get up to 7%^ P.A. yield for USD Moneybull when you fund a cap of USD 100,000 for up to 90 days*, where you can potentially untap a yield of USD 1,750. This promotion is eligible for new users only. Otherwise, if you are an existing user who has not transferred any shares into Webull before, you can take part in the Transfer-in promo where you can get anywhere between USD50 to USD1500 trading vouchers when you fulfill the requirements. So, if you are interested in taking your investing to the next level, do sign up to Webull using my link down below. Alright, let’s get back to the video. Now, if you find all these criterias are hard to fulfill, or you are just too lazy to move your money here, move your money there every other month, an alternative check out cash management accounts. Essentially, cash management accounts let you earn a return by investing your money in money market funds, as well as bond funds. So, the key word here is investing, which means your money is not capital guaranteed, the returns are not fixed, and it’s not SDIC insured. But looking at their historical performance, I would say that most of the time, you can expect them to be very stable and pretty low risk. But low risk doesn’t mean no risk, so you’ll need to be comfortable with them before using yea. Here, there are a whole bunch of cash management accounts that you can park your money in. But, right now the most attractive option is Chocolate Finance. That’s because they are giving a 4.2% fixed return on up to S$20,000 till the end of the year. Plus they let you instantly withdraw up to S$20,000 within a day, so your cash is pretty liquid. I have an entire video talking about them, which you can check out if you are interested. Otherwise, your next best choice are cash management accounts by those animal brokers, aka Moomoo, Tiger Brokers and Webull, Syfe Cash+ Flexi, as well as Wise which are giving all around 3.6 to 3.8% return. Though, among them, Wise lets you withdraw your funds instantly, while the others require you to wait for 2-3 days before you can get back your money. Then you might ask, what about those options that are giving more than 4% return? Such as Endowus Cash Smart Ultra, StashAway Simple Plus and UOBAM Cash+ Xtra? Unlike the previous options which have low volatility, options that give more than 4% returns have higher volatility. This means, these options are only suitable to park your mid term savings, savings that you only need within the next 1-5 years, such as your wedding next year, home down payment 2 years later, or holiday trip next year. In that case, ah, you can then park your funds into these platforms to earn a slightly higher return. But again, just take note that all of them are investments and hence come with some risk. So, if you are not ok with the risks, you can then look at the no risk, slightly lower returns options. First, SSB which is currently giving a 3.22% 10 year average return. Pro tip, you can check out a website called ILoveSSB which lets you project next month’s SSB yields and calculate whether you should swap out your old SSB for a new SSB. The second option are Singapore T-Bill and SGS Bonds. The latest T-Bill had a cut-off yield of 3.7%, while the last 5 year SGS Bond in June had a cut off yield of 3.22%. Again, do check out ilovessb.com for the more details. And finally, the third option is bank fixed deposits. For this, you can check out sgfd.neocities.org to look for the best FD rates. Currently the highest rate is 3.5% offered by the Bank of China. Otherwise, you can check out Syfe Cash+ Guaranteed or StashAway Simple Guaranteed, which are giving around 3.3 to 3.75% by investing your money in bank fixed deposits. Though, this comes with a little risk since you are going through a third party to invest in bank fixed deposits. So, these are some of the best places that you can park your money now. Anyway, that’s all for this video. Hopefully you found it useful. Like, share and subscribe as I’ll be posting new videos every Monday, Wednesday and Friday.