Interest rates are going down
The short-term interest rates are coming down…banks fixed deposits, Tbills, SSBs are coming down. Currently today is near the end of January 2023, likely banks will announce new fixed deposits rate soon. Quite likely it will be same or slightly lower for a while.
Of course, you if are a saver, most likely you would like to put your money in the safest options that you can ever find in the current market. For many, this would mean the three local banks – DBS, UOB, OCBC or Treasury Bills/Singapore Saving Bonds by MAS.
Please take note of the 75k SDIC insurance that we have. Spread your risks across different banks. For those who are unsure how this SDIC insurance works, do read here.
In the event a Deposit Insurance (DI) Scheme member bank or finance company fails, all of your insured deposits with that member are aggregated and insured up to S$75,000 by the Singapore Deposit Insurance Corporation Limited (SDIC). Insured deposits held in trust and client accounts held by non-bank depositors are insured up to S$75,000 per account.
In short, your deposits are insured up to S$75,000 per bank/finance company. If you hold a joint account with your spouse, your deposits are insured up to S$150,000 in total (S$75,000 each, assuming each of you don’t hold other deposits with the same bank/finance company).
Money in your Personal Account with Bank A: $20k.
Money in your Joint account with Spouse with Bank A: $120k.
Amount not insured by SDIC under your name = ($20K + $120K/2) – $75K = $5K
Amount insured by SDIC under your name = $75K (since max is $75K)
Amount insured by SDIC under your spouse’s name = $120K/2 = $60K
Keep things short, for savers, these are few options which you can consider now.
DBS Fixed Deposit 5 Months Promotion
I have received a notification about this promotion with DBS Fixed Deposit when I logged in to my internet banking few days ago:
3.9% p.a. 5 months fixed deposit promotion for a minimum of $20,000 placed.
Promo code: SR5A.
However, this might be for targeted customers of DBS only. Whatever the case is, no harm to try if you are keen? Simply login to your internet banking and submit to apply for it!
Personally, I have quickly applied in case the promotion code run out!
OCBC 4.08% Fixed Deposit Promotion
8 Month Fixed Deposit at 4.08% for OCBC 360 Customers. Don’t miss it! The caveat is you will need to have OCBC 360 accounts in the first place.
CIMB Fixed Deposits
With 10k minimum, the rate is 3.95% for 6 months, 4.05% for 9 months and 4.15% for 12/18 Months.
For those who think that the interest rate will starts to go down from here, it would be good for you to lock some funds (remember SDIC insurance is 75k) for the 12/18 Months.
This promotion is only until 31 January 2023 (today and tomorrow!).
My guess is the rate will drip from 1 Feb 2023 onwards, do consider locking up some funds that you may be planning to use in 6/12/18 months from now.
While stock last!
There are some savers who don’t like to lock up their funds but still like to get high interest rate. Options for this kind of accounts would be using Money Market Funds. There are many companies that offer this – MoneyOwl WiseSaver, FSM Autosweep, Poems Money Market Funds, Tigers’ Broker Cash Plus, Moomoo Cash Plus etc.
Of course, Singapore Saving Bond is another option, but the current 10 years rate is 2.97% and need 1 month to take out. For those who want to lock up their money for longer term with 1 month liquidity, this is a very good option. Personally, I have put in my emergency funds into Singapore Saving Bonds and built a bond ladder using these.
Personally, for Money Market Funds which give high interest rate with few days liquidity, I have Trust Issue and prefer local companies to hold my funds that I indicate to allocate under “Fixed Income”. Hence, I am only using MoneyOwl WiseSaver, FSM Autosweep and Poems Money Market Funds. Out of these three, I would recommend using MoneyOwl WiseSaver for higher rate of around 4% for savers who like high interest and high liquidity.
For regular DIY investor, I would recommend FSM Autosweep as we can use it to buy equities anytime.
MoneyOwl Wisesaver is investing in Fullerton SGD Cash Fund – Class A (SGD) which invested mainly in SGD Fixed Deposit and backed by Temasek. MoneyOwl itself is under NTUC income. It is as safe as you can get!
The latest rate is around 4.01%. This is liquid and you can take out anytime.
Insure, invest, or do a financial planning with MoneyOwl and get welcome Grab credits when you join using my referral link/code. You can use my referral link (or key in 6SHU-93MC) to get free $20-$60 Grab Vouchers when you invest with them.
To earn the first free $20, simply sign up for WiseSaver which the underlying fund is Fullerton Cash Fund – invested in rolling SGD Fixed Deposit and backed by Temasek. Then put in minimum $10 via FAST transfer to fund this account to earn full liquid ~4% yield. Since free money and risk free, why not?
For those with idling funds and would like to get higher returns, please consider the options above to make your funds work harder.
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.
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!
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!
For those who are interested in regular updates of my articles, please join the others to sign up for my free newsletter to has my newest blogposts sent to your mailbox for free!
For real time exclusive updates on market news/life (especially Crypto markets where the news move fast, important news will be shared directly via tweets or telegrams), do also join the platforms below and engage with other like-minded people!
- Telegram Group (Chat with me and other like minded people!)
- Telegram Channel (Get the latest updates on the markets/life!)
- RSS Feed
You may also contact me via [email protected].
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 🙂