Important Principles Savvy Savers Should Know

Important Principles Savvy Savers Should Know

So you think you are a savvy saver. And you want to learn more about important principles of saving and growing your wealth.

First, note that Singapore Savings Account Rates blogspot dot com is the place to find new update on savings and other banking accounts in Singapore today.

Singapore Savings Account Rates helps you to boost interest income from savings accounts, savings bonds and other financial retail investments in Singapore.

Important Principles Savvy Savers Should Know:

What are these important principles?

1) Commit to regular saving habit

Savings accumulate if you continue to add to your saving account balances. If you dip into savings account to spend, your savings account balance will grow poorly, stagnate or worse: drop like a coin into the ocean's abyss.

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2) Start saving early

Most savers aim to save enough for a big ticket purchase like property, a well-earned vacation or simply retirement funding. When you start saving at a young age, you apply the power of compounding. With a longer time horizon, your savings (and investments) can get enough traction to grow exponentially.

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3) Spend less than you earn.

This principle is an essential basis of great financial management. When you spend less than what you earn, the leftover money is saved. The less you spend, the more you save. Eventually, savings can grow to become wealth.

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4) Earn more to save more.

This is a logical solution for increasing savings and wealth. If you earn more from your full-time job and/or part-time work, a larger proportion of earned income can be saved. When you invest the extra savings, your wealth can multiply faster.

5) Review your savings progress regularly

Most savers start off enthusiastically by checking their savings account balances too frequently. No point poring over your online savings account statements three times day. A good guide is to look at your ins and outs at the end of each month. Once you saving / spending pattern stabilizes, you could review your savings account every three to six months.

Thanks for reading Singapore Savings Account Rates.

The Team

Singapore Savings Account Rates.

6.00% p.a. Singapore Retirement Savings Account Rates

6.00% p.a. Singapore Retirement Savings Account Rates

Singapore Savings Account Rates blogspot dot com presents new update on savings and other banking accounts in Singapore today.

Singapore Savings Account Rates helps you to boost interest income from savings accounts, savings bonds and other financial retail investments in Singapore.

Interest Rate for Retirement Account (RA) in CPF:

The RA interest rate from 1 January 2017 to 31 December 2017 will be maintained at 4% per annum.

Extra Interest:

An extra 1% interest per annum is currently paid on the first $60,000 of a member’s combined balances (with up to $20,000 from OA).

Extra interest received on monies in the OA will go into the member’s SA or RA to enhance his or her retirement savings. If a member is above 55 years old and participates in the CPF LIFE scheme, the extra interest will still be earned on his combined balances, which includes the savings used for CPF LIFE.

Additional Extra Interest:

For CPF members who are aged 55 and above, an additional 1% interest per annum will be paid on the first $30,000 of their combined balances. This is paid over and above the current extra 1% interest that is earned on the first $60,000 of their combined balances. As a result, CPF members aged 55 and above will earn up to 6% interest per year on their retirement balances.

These additional extra interest received on the OA will go into the member’s RA to enhance his or her retirement savings. If the member has participated in the CPF LIFE scheme, the extra interest will still be earned on his or her combined balances, which includes the savings used for CPF LIFE.

source: CPF

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Thanks for reading Singapore Savings Account Rates.

The Team

Singapore Savings Account Rates.

Invest in 2.75% Singapore Government Bond

Invest in 2.75% p.a. Singapore Government Bond

Singapore Savings Account Rates blogspot dot com presents new update on savings and other banking accounts in Singapore today.

Singapore Savings Account Rates helps you to boost interest income from savings accounts, savings bonds and other financial retail investments in Singapore.

You can invest in 30-Year Singapore Government Bond with a coupon rate of 2.75%.

At the auction today, the annual interest payout is fixed at 2.75% pa. but the yield to maturity is 2.55% p.a.

If you wish to apply for future SGS bonds, we show you how.

There is no bank charge and no broker fee if you apply to buy through local bank (DBS, UOB, OCBC) ATM or online.

For example, you can do so via DBS / POSB internet banking site. Click on "Invest", "Singapore Government Securities" and choose "bond application". Follow instructions until completed.

Note that bond application date / time on the bank site may close earlier than MAS auction date / time. This is to allow time for bank to submit applications onward to MAS.

Choose non-competitive bid if you want to get your hands on the SGS bonds at whatever price is determined at the auction. Allow extra funds than your investment target for your non-competitive bid. You can check daily SGS bond prices here.

Ensure that you have enough investment funds in your savings account to apply for bond purchase. Your funds are deducted immediately when you submit your bid application. The extra amount sent with your non-competitive bid will be refunded once the cut-off price is declared.

Here is the auction result detail in the Monetary Authority of Singapore link.
http://www.sgs.gov.sg/~/media/SGS/SGS%20Announcements%20pdf/Bonds%20PDF/2017/NA16100H%20Reopened.pdf

Good luck to your SGS bond investment!

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Thanks for reading Singapore Savings Account Rates.

The Team

Singapore Savings Account Rates.