What is the best option to save our kids Ang Bao $$$
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Care to share which saving account, plan, etc is best recommended for managing kids Ang Bao $$$ (yearly one sum kind of saving)…
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hungry caterpillar:
Care to share which saving account, plan, etc is best recommended for managing kids Ang Bao $$$ (yearly one sum kind of saving)......
If you dont mind locking up the money for at least 5 yrs...there's a plan that will give you 1-3% returns per year. You need at least $5K though to start. -
buy endownment plan and save up for them?
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Teach them how to save a minimum of 90% of the ang bao money and put it in a money saving account and see it grow.
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I just opened a savings account for them and park the ang pow $$ inside. Probably for their future education expenses.
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unfortunately most SG bank savings account gives lousy interest, haven't seen anything above 0.35% per annum!
0.35% interest means for every 1K in the bank account, the bank only gives $3.50 per year! :rant: -
Me put DS Ang Bao money into DS CPF account. Locked up as forced saving and super-early retirement. Anyway DS no need for the cash as he is too young. 4% (Maybe 5%?) compounded over many years..... :drool:
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dicky:
Me put DS Ang Bao money into DS CPF account. Locked up as forced saving and super-early retirement. Anyway DS no need for the cash as he is too young. 4% (Maybe 5%?) compounded over many years..... :drool:
Actually quite ideal. It will go into OA or SA? Can use for kid's education later? -
Not ideal. It is placed in SA account, meant for retirement. Just rationalize that he doesn’t need the cash at such a young age. Maybe later when he understand the value of money, virtue of saving and the fact there is no free lunch…, then open a bank account…
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dicky:
Not ideal. It is placed in SA account, meant for retirement. Just rationalize that he doesn't need the cash at such a young age. Maybe later when he understand the value of money, virtue of saving and the fact there is no free lunch...., then open a bank account...
Once you put money in the CPF account, it'll be subject to all the rules if you want to withdraw. If the money is meant for his retirement, then it's ideal. But can't use for education. If it's in OA, can at least use to buy property. If it's in SA, can't use it for anything (apart from investing) until 55years old. But the good thing is the money left there would have mulitiplied many times by then.
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