Idling Cash
Everyone has some idling cash, and many would still like to generate decent returns for these idling cash. With dipping fixed deposit rate, it is getting difficulty to get nice, high fixed deposit rate especially for those who just got back their money for DBS 4.88% 3 months Fixed Deposit on 13 May.
There are so many options around so what would be the next best option(s)?
Other Options
In this society, many people are are busy and would like summarize version of articles for quick solution but many people tend to write longer articles. Why so?
The ad companies like Google Adsense counts how long people stay in your blogs and what they have clicked. Hence, longer articles make people scroll longer and stay on your blog longer, higher chance for click, hence higher ad income.
Let me summarize in a relatively short article on what are the options available now for options that I am using with at least 2% interest.
Disclaimer: I don’t like to share things that I am not using for the sake of getting referral fees. I only share things that I genuine think is useful and is currently using.
| Name | Type | Risk | Interest Rate | Where to apply? |
|---|---|---|---|---|
| UOB ONE | Bank Deposit | Very low if you keep within the 75K SDIC | up to 5% for 100k if you spend $500 per month using UOB One Card and Credit your salary. Recommended to use a joint account with spouse/parent if possible, for the 150k (75K + 75K) SDIC Insurance Personally, I did this by crediting my salary, spend $500 every month, and get around $420 each month. | Click here to apply |
| OCBC 360 | Bank Deposit | Very low if you keep within the 75K SDIC | 4% for 100k if you credit your salary + increase ADB by $500 each month. Recommend putting around $600 at 1st of every month. Recommended to use a joint account with spouse/parent if possible, for the 150k (75K + 75K) SDIC Insurance Personally, my wife credit her salary and I put in $600 every 1st day of the money and set alert for transaction of $0.01 to my bank so ensure that I transfer my money out whenever there is money credited into his account. We get around $330 each month. | Click here to apply |
| SCB Esaver | Bank Deposit | Very low if you keep within the 75K SDIC | ~ earn up to 3.80% p.a. interest on eligible deposit balance of S$2 million with no lock-in period. Take note of the SDIC 75k too. Personally, I got the 4% promotion from March to Aug 2023. Hence, I simply put 150k to get around $500 each month without doing anything. Of course, this is joint account with my spouse for the SDIC insurance. | Click here to apply |
| CIMB Fastsaver | Bank Deposit | Very low if you keep within the 75K SDIC | up to effective interest rate of 2.5% if you put in 75K. Personally, I use this as my daily cash flow account so that get some decent interest while don’t need to bother with the hassle of doing anything or something to get that extra interest. | Click here to apply |
| Singapore Saving Bonds (SSB)/Treasury Bills | SG Government Bonds | Very Low | MAS protected, bonds by government. 2 to 3+% interest rate. Latest SSB issue is 2.8% only. I have built up my bond ladders in the past years. Personally, together with my spouse, I get about $600 each monthly using SSB Bond ladders. I also have Tbills that expiring on different timeline. | Click here to apply |
| Singlife | Insurance savings plan by SingLife | Very Low | Earn up to 2% for the 1st 10k. This policy is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC). Personally, I am also using this as a daily cash flow account. | Click here to apply |
| FSM Autosweep | Money Market Fund | Low | Current rate is about 3%. Personally, I am using this account to put my investable funds for Singapore Stocks. The comms to buy Singapore shares is about $12-$15 for buying about 5k to 10k worth of shares. After buying the shares, I will keep my shares in FSM for those that I want to trade so that can sell easily with cheaper commissions as compared to other traditional brokerages. For those shares that I want to keep, I will transfer it to Joint CDP with my spouse for free. FSM please continue to keep this free 🙂 I did the transfer many times, so far it took less than a week (most recent one was requested on Tuesday and got transferred on Friday in the same week). But there was once where it took about 2 weeks ~ somewhere around Feb 2023 this year. | If you do not have an account, you can sign up here. Please use my FSMOne referral code: P0413007. |
| Poems Smartpark | Money Market Fund | Low | Current rate is about 3.7%. Personally, I have put some of my funds here to spread the low risk of Money Market Funds. | Click here to apply |
| Webull MoneyBull | Money Market Fund | Low | Current rate is about 3.7%. There is a promotion now, don’t missed the free money! You can read more via Webull New Offer: Use S$0.01 to earn US$50 to US$500 and chance to win Tesla Model 3 Car Personally, I have put some of my funds here to spread the low risk of Money Market Funds. | Click here to apply |
| Moomoo Cash Plus | Money Market Fund | Low | Current rate is about 3.7%. There is a promotion now, don’t missed the free money! You can read more via Moomoo – One Stop Platform for US, SG, HK stocks and a great higher yield alternative to Singapore Saving Bonds using Moomoo Cash Plus! Personally, I have put some of my funds here to spread the low risk of Money Market Funds. | Download the Moomoo SG app using this link on your phone and then log in |
| MoneyOwl Wise Saver | Money Market Fund | Low | Current rate is about 3.7%. Personally, I have put some of my funds here to spread the low risk of Money Market Funds. | Click here to apply |
With the above, I get around S$1600 to S$1800 almost risk-free money per month. Don’t let your idling cash to waste! Put it into something! Some or all of the options that I have shared above!
Estate Planning
If you look carefully above, I mentioned a lot about Joint account etc. Actually, this is part of my Estate planning. Given that my wife is totally noob in finance matters, I have to keep things simple. Hence, I tried to put as much as our funds in joint accounts if possible. For those that I am unable to, I will cover the shortfall with a “Will”. For FSM, I use beneficiary account with my wife as beneficiary. All the transaction I have kept in a file that I have shared with her privately offline.
Details of how to do Estate planning, perhaps I will share in another post if the readers are interested.
Inflation
With inflation and rising costs in the current world situation, I still missed teh $2 Cai Png and Chicken Rice etc 20 years ago. Now easily each simple meal can cost $4! Everyone really need to find ways to get extra income, even a small amount will help. Do read this post (Unlocking Extra Income: Side income updates) to learn how to get extra little side income!
For those new to finance world, getting your first paid check. It would be good to know how to manage your cashflow too. Do read this post (Cashflow Management Made Easy: How I Simplified my Cashflow Management) for more information!
Time is the Ultimate Currency, not Money
Lastly, please remember Time is the ultimate currency, not money! Below is what I shared in this post.
Money just buy you the chance of freedom. When you are young and working, you exchange time for money. When you are old, you can have lots of money but you can’t buy time back, especially the things that you have missed while busying striking out in career. Of course, if you love your career, and consciously know that you are missing out the first time your child walk or talk, that’s ok, but if you are the other spectrum, please do something about it.
Good articles that you should read!
People are drawn to dividend investing.
Why? Firstly, dividends provide a regular stream of income, allowing investors to receive a portion of the company’s profits on a periodic basis. This can be particularly attractive for individuals seeking consistent cash flow or looking to supplement their existing income. Additionally, dividend investing is often viewed as a more stable and predictable investment strategy compared to relying solely on capital appreciation.
I always write and share articles, especially on dividends which many people love them. Do read them!
- Simplified Guide to the Key Gist of Grant of Probate and Estate Planning
- Cheapest and best way to trade Singapore Stocks with CDP
- Mastering Dividend Investing: 5 Evergreen Investment Principles
- Unlock Lucrative Returns with IAPD: A High-Yield ETF Providing 7% Annual Yield and Quarterly Payouts
- Unlock Lucrative Returns with SDIV: A High-Yield ETF Providing 11% Annual Yield and Monthly Payouts
- If I am a dividend investor, this is what I would do….
- 7 Things to consider before buy a dividend stock
- 4 Dividend ETFs that can let you sleep well even in the scary bear market
- 5 Best Counters for Passive Dividend Investing
- The Three MOST Important Traits of an Investor
- What is the best investment strategy in the world?
- Ultimate Strategy of buying REITS: XXX instead of X000?
- Ultimate Free 2 Days Reit MasterClass: Exclusive at Careyourpresent.com only!
Alternatively, you can go the right side of my page, there is a search bar where you can simply search “dividend” to see all my articles related to dividends!
Of course, you can search for other things that would interest you such as “Careyourpresent”, “Reits”, “Side Hustles”, “Fixed Incomes”, “Savings” etc.
CAREYOURPRESENT
Money just buy you the chance of freedom.
When you are young and working, you exchange time for money. When you are old, you can have lots of money but you can’t buy time back, especially the things that you have missed while busying striking out in career. Of course, if you love your career, and consciously know that you are missing out the first time your child walk or talk, that’s ok, but if you are the other spectrum, please do something about it.
Your kids grew up and they no longer need you to accompany them. They no longer want to sit on your lap to share/do things with you…all these time you spent in your 9 to 6 or even longer cubicles…can the money that you have earned by you back these?
We always thought we have more time with our old parents, but we are wrong. Time with them is ticking away every day. One day it will suddenly be gone. There is no regret medicine, no reset in time. Gone is gone and cannot come back. No matter you are billionaires or millionaires, you cannot reset this.
We always thought that we have more time with our spouse every day, but we are wrong. One day they will be gone too. When you read this, please go tell your spouse that you love him/her and he or she is the best thing that you ever had in your life.
I have picked out some of the more life reflecting articles of the CAREYOURPRESENT series. Do read them:
- The Best Advice to Parents and Child
- What if Later never come?
- What will you bring with you on your last day on Earth?
- Time is the ultimate currency, not money
- Our Life only have 5 short Days – we should live the best for every day
- Truly understand Living in the Moment now
- 11 Important Unexpected Life and Money lessons to learn from Your Children
- The days are long but the years are short
- Ditch your mobile phone to build real life
- Careyourpresent: Time is the most important
- Careyourpresent: What is your purpose of life?
- Careyourpresent : Greatest Regrets in life
- Careyourpresent : You might not believe it. It’s little unexpected things that make up a real life
- Careyourpresent: Something only happen once in life, if you missed it, it’s gone forever…
- Careyourpresent : Why is Gold useful?
- Careyourpresent: Frozen. Let it go!
You can read more about my articles on Careyourpresent via the Category “Careyourpresent” or simply click “Careyourpresent” via the main menu bar.
REMEMBER:
Love your life daily.
You have one less day with your spouse, parents, children and yourself.
Time is ticking away.
For each passing day,
Enjoy and Treasure your Life!
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If you’re looking referral codes, do check out my referral and ebook page. Give it a try and who knows? You might end up loving these platforms! To be absolutely fair to all the readers, I am definitely using all these companies and they are useful to me! Likely will be useful to you too!
At the same referral and ebook page, you can also download my free ebooks and other free resources.
For quick references to these resources, you can see below.
- Ebooks and other useful resources on enhancing productivity (Investment, Excel, Notion etc). Currently most of it are free at this moment (subject to change).
- WeBull: A powerful brokerage with nice free welcome gift. You can refer to my guide here on how to signup! 4 Simple step only! Click here to register a new account!
- MoneyOwl: You can use this 6SHU-93MC to get free grab vouchers and highly safe liquid cash fund account.
- Trust Bank – You will enjoy free FairPrice E-Voucher referral if you sign up via my referral code KNDBPEPT. Simply download the Trust Bank SG App on the App Store or Google Play Store. Tap on “Use referral code” immediately after you start the app and key in: KNDBPEPT
- FSMOne: P0413007. Good account to keep liquid cash in autosweep and to purchase investment at low fee.
- Hostinger: You can use this link for hosting your new website. 20% off hosting!
- Crypto.com: Use my referral link https://crypto.com/app/h92xdfarkq to sign up for Crypto.com and we both get $25 USD 🙂
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