With the advent of covid, all banks have started to slash their saving interest to a minimum. I used to receive 1.5-2% of interest from OCBC without much hassle before covid but I’m receiving less than 1% recently. There is a need for me to switch to other platforms. With inflation rate at 2-3% annually, there is little reason for money to be kept in the bank anymore.
Not only is the interest lower, earning of interest requires me to credit monthly salary, pay bills, monthly spending, investment and insurance to get back the original interest. I used to receive $80-60 SGD worth of interest every month. This amount has dropped to $10-20.
Insurance Saving Plan
I’m not sure if this is a thing in other countries, but Singapore has companies that offer insurance saving plans. These are almost similar to a saving plan, but it comes with a small insurance component. At a 105% life insurance coverage, these policies offer almost no insurance. Eg, if you deposit $10,000, you will receive $500 as insurance.
However, this offers only a slight improvement than banks at 1.5-1.7%. This is not anything great but you do enjoy the flexibility of withdrawing the money anytime. Deposit is also rather easy. I tend to lean towards SingLife as there is no withdrawal fee.
For Singtel Dash, you can use it as an alternative virtual credit card on your phone. I keep a small stash of money here to see whether I will like this platform. I have a referral code for Singtel dash – > Link to Referral
RoboInvestor
The stock market may be a good investment tool but for beginners like me, Roboinvestor are better alternatives. The Roboinvestor invest based on certain criteria and seemed to be doing a decent returns for me.
Stashaway has dipped to negative profit during covid period but has managed to recover and gave me positive profits. A profit of 16% after 2 years is definitely higher than bank interest. I think roboinvestor may be an even better investor than me.
Stock Market
My stocks are doing well also. The amount of dividend has definitely dropped, but my chosen stocks have offered me 3-4% returns. This is still decent enough for me.
As stocks are recovering from covid, the value of my stock has also increased. I’m lucky that I manage to buy some shares during the lowest period in covid and earned decent amounts. I am not selling them as I can earn a decent amount of interest every year.
Everybody is a master investor when buying the dip. It is not that you are a good investor
Crypto
My crypto investment is the best investment that I have ever done. I have managed to triple my investment amount and I am almost using my profits to earn even more profits. I managed to buy the crypto when it is low and it has risen since. I’ve tried leverage trading and lost some of my cryptos.
If anything, defi is the best way to save money. Do Google for pancakeswap and invest.
I recommend registering at binance.com and not binance.sg. binance.com allows you to transact and use pancakeswap. Do use non-gmail to create as gmail seemed to filter away the activation email. If you use my link, we will both earn 10%. This is the max amount that I can set using my account
Buying cake and stake on pancake bunny has been the best decision of my life. The interest is 104% cake per year and 170% bunny per year. It sounds ridiculous but “cake” and “bunny” are crypto coin. I am earning almost $200USD per day without doing anything.
I also diversify some of my crypto in hodlnaut. This is to spread some risk as I do feel safer with hodlnaut compared to defi.
You can refer to my review of hodlnaut in this link
Conclusion
Crypto is the best saving plan right now. Nothing even come closes to crypto. Cash in banks is the worse. Just buy some crypto and invest now. But I do recommend diversify your money into other platforms(Like Stashaway or Singlife) to reduce the risk. Another Covid may just happen and wipe away all your profits.
Life is Sinple 