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 Equity 100 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.
You’ve set aside some funds for a big purchase in the near future. However, the interest rates offered by banks are really low! Is there a better place to place your savings?
If you are looking for a relatively liquid and low risk option, Endowus Cash Smart may be something you can consider.
Here is how this cash management portfolio can help you grow your savings.
You’ve started earning a salary and are thinking of crediting it to your DBS Multiplier account. However, you realise that the SingLife Account offers a really attractive return rate.
Which account should you choose?
Here’s a comparison between these 2 accounts to see which is better for you.
However, their coverage under SDIC will be different.
CIMB FastSaver is covered under the Deposit Insurance Scheme
Like other savings accounts, the CIMB FastSaver is covered under the Deposit Insurance Scheme. This means that your deposits with CIMB will be covered up to $75k.
SingLife Account is covered under the Policy Owner’s Protection Scheme
The SingLife Account is an insurance savings plan. It provides you with both death and total permanent disability benefits.
The amounts that you put in will be covered up to $100k.
Interest / Return Rate
Both of these accounts have a tiered interest or return rate. The interest or return rate that you earn is based on the amount that you have in the account.
Here are the rates that these 2 accounts offer:
Tier
FastSaver
SingLife Account
Tier 1
0.3% (First $50k)
1.5% for first $10k
Tier 2
0.5% (Next $25k)
1% (Next $90k)
Tier 3
0.75% (Next $25k)
0% (If above $100k)
Tier 4
0.3% (Above $30k)
NA
You are able to earn an extra 0.5% on your first $10k in the SingLife Account. This will allow you to receive 2% for your first $10k! However, you will need to participate in SingLife’s Save, Spend and Earn Campaign.
The SingLife Account has a much higher return rate than the CIMB FastSaver!
Eligibility
Here is the minimum age you’ll need to open these 2 accounts:
Criteria
FastSaver
SingLife Account
Minimum Age
16
18
You are able to open your FastSaver account at a younger age compared to the SingLife Account.
However, FastSaver does not really provide an attractive interest rate. The Vivid Savings Account or GIGANTIQ (an insurance savings plan) provides higher interest rates when you’re 16!
Joint Account
FastSaver gives you the option of creating a joint account.
However, this option is not available for the SingLife Account.
Initial Deposit
CIMB FastSaver does not require an initial deposit to open the account. In contrast, the SingLife account requires you to put in an initial deposit of $500.
Even then, I still think that the initial deposit for the SingLife Account is not too high.
Minimum Account Balance
The CIMB FastSaver does not have any fall below fees.
However, it does have a minimum account balance of $1,000. If you fall below this amount, you will not earn any interest on your funds.
This requirement is more steep compared to other basic savings account like the the OCBC Monthly Savings Account. However, it does provide a much higher base interest rate.
The SingLife Account requires you to maintain a minimum balance of $100 in your account. If you fall below this amount, you do not need to pay a fall-below fee. Instead, you will just not be able to earn the return rate on your savings.
The $100 minimum balance is really low. As such, I believe that you most likely would not fall below this amount.
And their mobile app doesn’t look that impressive either.
SingLife has better looking mobile and web platforms. However, it does has it issues too. From time to time, I may experience some lag or encounter this message.
Overall, both user experiences could definitely be improved!
Debit Card
Only the SingLife Account comes with a debit card.
The 2 main benefits of this card include:
No FX fees on foreign transactions
Retrenchment benefits
I do not really think that these 2 benefits may be useful for you. You may want to consider cashback debit cards such as the FRANK debit card or the JumpStart debit card.
Ability to Withdraw Cash
Even though you have the SingLife debit card, you are unable to use it to make any ATM withdrawals.
CIMB FastSaver allows you to perform ATM withdrawals. However, here are some things you’ll need to consider:
#1 You will be charged for these ATM card-related fees
You will be charged $10 for either:
Being issued an ATM card
Linking your FastSaver account to an existing ATM card
#2 There are only 2 CIMB branches where you can withdraw money from
CIMB only has 2 branches in Singapore.
Moreover, CIMB is neither a partner of the ATM5 network or SoCash. The ATMs you can withdraw money from will only be limited to these 2 branches.
As such, it can be rather inconvenient for you to find an ATM to withdraw from.
CIMB’s intention for FastSaver is to be a fully online account. As such, it is trying to discourage you from making in-person withdrawals. Instead, you can consider transferring your money via FAST to an account from another bank.
Verdict
Here’s a summary of these 2 accounts:
Comparison
FastSaver
SingLife Account
Type of Account
Savings Account
Insurance Savings Plan
Interest / Return Rate
0.3-0.75%
1-1.5%
Minimum Age
16
18
Joint Account
Yes
No
Initial Deposit
$0
$500
Minimum Account Balance
$1,000
$100
Fall-Below Fee
None
None
Speed of Withdrawal
FAST
Up to 3 hours
Debit Card
Not available
Available
Withdrawing Cash
Available
Not Available
Based on this comparison, it seems that the SingLife Account is the superior account. With its much higher return rate and minimal requirements, it seems to be the better option.
The only major drawback is the speed of withdrawal. As such, it may not be that suitable for your emergency funds.
👉🏻 Referral Deals
If you are interested in signing up for any of the products mentioned above, you can check them out below!
SingLife Account and Grow Referral (Up to $35 credited)
If you are interested in signing up for a SingLife Account or buying a SingLife Grow plan, you can use my referral link or the referral code: ‘K8KXV6cv‘.
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Are you passionate about personal finance and want to earn some flexible income?
Investing is never easy, especially if you are young and don’t know where to start. Moreover, you may want to perform trading instead of investing in regular savings plans like the OCBC BCIP or Invest Saver.
Wouldn’t it be great if you could get some advice and guidance to get you started?
Here’s how OCBC’s Young Investor Programme (YIP) can kickstart your investment journey: