Last updated on June 6th, 2021
There are many crypto exchanges that you can use to buy cryptocurrency.
2 of them include Luno and Coinhako.
Which one is better and which one should you choose?
Here’s what you need to know:
Last updated on June 6th, 2021
There are many crypto exchanges that you can use to buy cryptocurrency.
2 of them include Luno and Coinhako.
Which one is better and which one should you choose?
Here’s what you need to know:
Last updated on November 1st, 2021
You may have noticed that the SingLife app is offering you to invest your money into their new SingLife Grow plan.
How does this plan work and should you be using it?
SingLife Grow is an investment-linked policy (ILP) that offers to help you grow your savings. However, the high fees and restrictions on withdrawals do not make it an attractive option to invest with.
Here is an in-depth review of this ILP:
Last updated on June 6th, 2021
There are so many different robo-advisors out there that offer you a wide range of portfolios.
You may be torn between investing with Syfe’s REIT+ and StashAway’s Highest Risk (36%) portfolio. Both of them are really accessible for beginner investors, so which one should you choose?
Here’s a comparison on these 2 robo-advisory portfolios.
Last updated on August 16th, 2021
There are so many robo-advisors that are available in Singapore. 2 of the more popular ones include Syfe and Endowus.
How are they different and which one should you be choosing?
Last updated on June 8th, 2021
There are many different multi currency cards out there, so which one should be choosing?
Here’s a comparison between YouTrip and BigPay:
Last updated on June 18th, 2021
Every robo-advisor has their own cash management plan. There are so many different portfolios you can choose from!
Here’s a breakdown of StashAway Simple and Endowus Cash Smart to help you make a better decision:
Last updated on June 6th, 2021
You may have seen the adverts on YouTube regarding SNACK by Income.
What is it exactly and how does it work? Here is an in-depth look into what this app offers:
Last updated on June 6th, 2021
You’re looking for something to help with tracking your expenses and chanced upon the Seedly app.
Since it’s free and does not have a premium plan, is this expense tracker app worth using?
Last updated on June 7th, 2021
You may be looking for a savings account to put your money in. You may also have a problem with maintaining a savings habit!
Here’s how the DBS POSB eMySavings Account may help you.
The eMySavings Account is a good way to develop a savings habit as you are required to make a monthly contribution. However, the interest rate is quite low and you will be penalised for making any withdrawals.
Here is an in-depth review of the eMySavings Account.
The eMySavings Account is offered by both DBS and POSB. It is an account that rewards you with bonus interest if you make a monthly contribution.
You may be wondering why it is being offered by both DBS and POSB. In fact, they are actually the same bank!
This account is great if you want to cultivate a good saving habit. By crediting a certain sum of money each month, you may receive additional interest!
Here are some conditions to be met:
This is similar to how the POSB Save As You Serve account works too.
Here are the interest rates based on the monthly contribution you make:
Monthly Contribution | Interest Rate |
---|---|
$50 – $290 | 0.05% |
$300 – $790 | 0.2% |
$800 – $1,490 | 0.25% |
$1,500 – $3,000 | 0.25% |
Other scenarios | 0.05% |
To earn a 0.25% interest rate on your savings, you are required to contribute at least $800 a month.
Here are the 3 conditions that will cause you to only earn 0.05%:
A failed crediting will usually occur if you do not have enough funds in your debiting account. As such, don’t forget to ensure you have the required funds in your account at least one day before the deduction!
The good thing is that you will only forfeit the bonus interest for that particular month. You are still able to enjoy the bonus interest for the other months.
If you make any withdrawals from this account, you will only earn a 0.05% interest.
I believe that this is not a good place to store your emergency funds. If you need to withdraw money for an emergency, your bonus interest will be lost!
It is also recommended that you do not link your eMySavings account with your PayLah! mobile wallet. If you turn on the auto-debit function, you will make a withdrawal from your account.
As such, your bonus interest rate will also be forfeited!
You are able to change the crediting date or the monthly contribution anytime via the POSB or DBS digibank app.
This makes it rather flexible for you to change the monthly contribution to suit your needs.
POSB also provides an eMySavings interest calculator.
This allows you to calculate the interest you can earn over a period of 1-50 years.
However, this takes into consideration that:
The eMySavings Account’s 0.25% interest rate is quite low. There are many bank accounts that provide a better interest rate.
Furthermore, these accounts allow you to withdraw your funds without being penalised too!
Here are some other accounts that you can consider:
Savings Account | Interest Rate |
---|---|
OCBC Frank | 0.05% – 0.3% |
CIMB FastSaver | 0.3% – 0.15% |
Standard Chartered JumpStart | 0.1% – 0.4% |
Vivid Savings Account | 1.05% -1.3% |
Furthermore, there are other insurance savings plans that offer a higher interest rate.
Plan | Crediting Rate |
---|---|
SingLife Account | 2% for first $10k, 1% for next $90k |
GIGANTIQ | 1.8% for first $10k, 1% for any amount above $10k |
The eMySavings Account’s interest rate really pales in comparison compared to these other accounts.
Here are some of the requirements for this account:
The eMySavings Account does not require you to make an initial deposit. You can apply to create this account online via digibank and it’ll be created immediately!
The minimum age of 16 years old is lower compared to some savings accounts. Moreover, you will need to have another DBS or POSB account.
This account will be your debiting account where your monthly contributions come from.
There is no minimum balance you are required to maintain for the eMySavings Account.
As such, you will not incur a fall below fee as well.
With such few requirements, you can consider the eMySavings account if you want an account without a fall below fee.
However, you will be penalised if you make a withdrawal!
Here are the pros and cons of this savings account.
Pros | Cons |
---|---|
No initial deposit | Monthly contributions of $50 – $3000 to earn bonus interest |
No minimum balance and fall below fee | Bonus interest will be penalised if you make any withdrawals |
Monthly contributions force you to save | Interest rates are not that attractive |
Besides the no initial deposit and minimum balance, there isn’t anything really enticing about this savings account.
The eMySavings Account is something you can consider if you are looking for an account without a fall below fee. Moreover, it is a great account to force you to save if you have trouble doing so.
However, the low interest rate and the penalty for withdrawing money makes it really unattractive.
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Last updated on June 6th, 2021
Who says NSFs don’t get the best benefits?
The POSB Save As You Serve (SAYS) Programme is a deal that’s exclusive for NSFs.
By contributing at least $50 a month, you can possibly receive between 2.05% to 2.25% on your savings!
Here’s how it works and why all NSFs should consider this savings account.