Where should you put your money in May 2023?

TWS Salaryman Index May 2023

Hello friends,

We’re here to answer the question on all our minds - where should the Average Singaporean put their money at?

Who the ‘Average Singaporean’ is:

• Age: 30

• Monthly gross salary (including employer + employee CPF contributions): $4,680

• Monthly take-home salary: $3,200

• Emergency savings: $20,000

Where you 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: $780 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. 

• High risk | StashAway Simple™ Plus: $1,000 annual interest (btw this is a new product by StashAway!)

Singapore Savings Bonds (June 2023):

• $562 annual interest

• $5,626 interest if held to maturity, 10 years

We also want to create stuff that helps you in your financial journey!

If you have the time, we’d love to hear from you:

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In the meantime:

Stay woke, salaryman.