Last updated on June 10th, 2021
You may be thinking: if you save enough cash, you should have enough for retirement right?
However, have you factored in inflation in your calculations?
By leaving your cash in a bank account, its value will slowly erode away due to inflation!
I used to think that by saving money, you should have enough to last you in the future. However, here’s what I believe you should be doing with your cash instead.
Last updated on November 16th, 2021
As you are calculating your net worth, you may wonder if you should be including your CPF in the calculation.
Even though it’s your money, it is being ‘locked up’ the government. So should it be still considered as an asset?
Here is my opinion on why you should still consider CPF as a part of your net worth.
Last updated on June 6th, 2021
When you are deciding on topping up your CPF, you are presented with 2 options: topping up your Special Account (SA), or your MediSave Account (MA).
Since both earn the same amount of interest, is there really a difference between topping up either account?
Here’s what you need to know.
Last updated on September 14th, 2021
You may have heard about topping up your CPF to earn high interest rates on your funds.
However, the focus has mainly been on SA or MA top ups, while OA top ups are not as commonly mentioned.
So here’s what you need to know about topping up your OA:
Last updated on August 29th, 2021
If you are looking to fund your property’s purchase entirely with your CPF funds, you may want to consider the interest you accrue on these funds.
When you sell your flat, you will need to return the funds you’ve used, plus any accrued interest back into your OA!
This will mainly affect you if you want to receive the profits of your flat’s sale in cash.
Here’s what you need to know about the interest you’ll accrue on your CPF OA funds.
Last updated on June 6th, 2021
With interest rates on bank accounts being really low, you may want to look for alternatives to store your funds.
2 of the more popular options include Syfe Cash+ and Dash PET.
How do they differ and which one should you choose?
Last updated on October 31st, 2021
Saving $100k, especially by 30 years old, may be something that you’re aiming to achieve.
Some of you may even be aiming to save $100k within 3 years!
However, is it really possible to do it in Singapore, especially with its high cost of living?
Here are the steps that I’m taking to achieve this goal. Hopefully, it can serve as a guide for you too!
Last updated on September 21st, 2021
With interest rates on bank accounts being really low, you may want to look for alternatives to store your funds.
2 of the more popular options include Syfe Cash+ and the SingLife Account.
How do they differ and which one should you choose?
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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