Hey y’all!
We get tons of DMs from y’all about where you should put your money in.
And while products work differently for everyone, we compared some financial products and calculated which product makes sense purely on returns and rates alone.
We also built a new calculator that is slightly more mobile-friendly so that it’s easier to look at these rates on the go.
Check out our new calculator HERE:
But if you have no time to read this, here’s a quick TL;DR of what may work for ‘the average person’.
Who the ‘average person’ is
Age: 30
Monthly gross salary (including employer + employee CPF contributions): $4,680
Monthly take-home salary: $3,200
Emergency savings: $20,000
Where they can consider putting their emergency savings ($20,000) into:
High Yield Savings Account:
SCB Bonus Saver: $826 annual interest
Robo Advisor Cash Management Option:
Low risk |MoneyOwl Wise Saver: $662.40 annual interest
Update as of 31 August 2023: This content was sponsored by MoneyOwl at the time of publication (9 November 2011). MoneyOwl has just announced on 31 August 2023 that it is winding down its financial advisory business and all commercial activities will cease by December 31, 2023. To find out more, visit their microsite here.
Higher risk | StashAway Simple™ Plus: $820 annual interest
Singapore Savings Bonds (May 2023)
$606 annual interest
$6,156 interest if held to maturity, 10 years
Reply to this email if you have any feedback or proposed improvements! This is our first stab at building a calculator like this, so it might be buggy. Let us know what you think!
Toodaloo,
The Woke Salaryman Team