While the CPF pays interest on your cash – 2.5% on your OA and 4% on your SA and MA, and an additional 1% interest on combined balances below S$60K, the interest rate paid on your OA barely beats inflation in Singapore, estimated to be around 2% annually.
In this summary post called the best of everything for a working adult, I summarise the best of the financial and non-financial products, services, platforms and apps based on my personal opinion so that you can quickly get started in the right direction.
Revolut and TransferWise are both useful digital platforms offering you a multi-currency wallet and exchange between currencies within the app without expensive markups - saving you tons of foreign transaction fees when travelling or paying in foreign currencies.
While budgeting for our expenses and having good money habits continue to serve an important role in personal finance, we can make smarter choices when travelling by simply using the right apps and strategies.
DBS digiPortfolio is DBS’ solution to professionally-managed investment portfolios for retail investors through automation, scale and low cost index funds, bringing several benefits such as portfolio management expertise from their investment team, incorporating viewpoints from their Chief Investment Office (CIO) at a flat annual fee of 0.75%.
If you travel overseas - you will find the new TransferWise Platinum Debit MasterCard useful. It allows you to exchange foreign currencies at the real exchange rate - the one you see on Google - saving you hundreds of dollars in fees every year.
StocksCafe brings a comprehensive suite of features to help you manage your investments, track dividends and screen for stocks. The free version is excellent and the premium upgrade is well-worth the cost.
With portfolio tracking spreadsheets and platforms, we can have a realtime understanding of our portfolio performance, track dividend and corporate actions. Sharesight is an innovative platform that does everything above, and more.
Brilliant credit cards have a few things in common – they are easy to use, applicable everyday and give consumers the power to choose. With that in mind, I officially declare my new favourite everyday credit card – the UOB One Card.
In the spirit of national day, I'd like to talk about Singaporeans' favourite activity - shopping! Don't you wish you'd get paid to shop? Here's how you can literally get paid to shop (with no strings attached).