Best Savings With High Interest – 2020 was an exciting year as we saw the launch of cash management products, as a response to consumer clamoring for lower bank rates, which have already dropped significantly. more since then.
Once upon a time, high-interest bank savings accounts used to be a good solution for risk-averse people who just wanted a return that beats inflation without investing their money. I recommend readers to put their income and savings into account as the first step in their financial journey and even consider some bank accounts that have brought you between 2%, 3% and even 4% on this blog. Unfortunately, by mid-2020, many of these bank accounts have also dropped proportionately.
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This was followed by the Singapore Savings Bond in 2015, which also offers high interest rates ranging from 1.98% (first year) to 2.2% (10th year) p.a. interest rates in February 2019. However, even this started to decline significantly from May 2020 onwards, with the last issue offering only 0.27% (first year) to 1.64% (10th year).
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Even term deposits are less than 1% of par value with maturity from 12 to 18 months.
Thanks to the global rate cut, we are unlikely to see local rates from our banks go up any time soon.
This may be the reason why many people rush to buy short-term insurance plans with interest rates of 1% – 2+%/year. as another option in recent years, although with an end time between 1 and 3 years.
Knowing where your money is is important so you don’t let your cash erode over time by inflation.
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Note: The chart below reflects January 2021 prices and is no longer relevant. I leave it in this post as a reminder of how volatile interest rates can be during tough economic market conditions.
Enter cash management products, a fairly new combination product introduced in 2020 that has gained attention as an alternative for those looking for a higher return on their money with The risk is quite low. Offered by various investment providers and robot advisors, the rate of return ranges between 0.25% and 1.4% per year. that no end time period is compelling enough.
Generally, your money is invested in an underlying cash fund(s), a money market fund (MMF), or even a short-term bond fund. These include instruments such as fixed deposits, government treasury bills or even institutional bonds.
Note that since these are investment products and NOT a bank savings account, your deposit is NOT guaranteed by SDIC. If you want this level of protection, you’re better off sticking with local bank accounts (with increasingly lower interest rates).
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I checked the interest rate from a high interest bank savings account I had for over 6 years and the results were disappointing.
I was hoping to make more money this year, but with the rate cut announced, the reality has clearly turned very different.
That’s why it doesn’t make sense to keep our emergency funds at the banks, and I started transferring cash a few months ago.
If this sounds like you and you are looking for a higher rate than what a bank/SSB/fixed deposit can give you without any lock on your money, Syfe Cash+ might be a good choice for you.
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(Updated April 6, 2021: As interest rates and short-term bond yields are expected to remain low in the coming months, Syfe’s forecast yield has been revised to 1.5%.) ).
Out of all the cash management accounts available, Syfe Cash+ has (i) the highest expected return of 1.75% 1.5% and (ii) no minimum deposit requirement.
I won’t go into detail about the other cash management options available in Singapore (maybe in another post), but they typically range from 0.25% to 1.4% per year. and different storage conditions.
For those who want to know where your money goes to get those returns, here’s how they get paid:
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You can read more about the 3 funds here (and more details here including funding fees, weighted totals, maximum withdrawals, and more).
Unlike savings and time deposit accounts that offer monthly or quarterly interest payments, Syfe Cash+ offers compounded daily interest, meaning you can see the value of your savings yourself increase every day as interest is automatically added to your Cash+ portfolio value a. If you hold your coins for a long time, these will add up over time to grow your funds faster.
There is no minimum deposit or minimum balance to maintain, you can also make unlimited transfers and withdrawals – for free.
In case you later want to transfer your Cash+ funds to Syfe’s portfolio to increase your profits, you can easily do this at any time in the platform.
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Additionally, Syfe does not charge any management fees for Cash+ records. For the purposes of this post, I reached out to them to ask how they came up with the 1.75% 1.5% per year they predicted and this is what they shared with me :
In essence, your deposit is invested in the basic Cash+ institutional fund class, which has the lowest expense ratio and fund fees. (This is also why Cash+ is more effective than buying hidden coins directly!)
The general funding fee charged by LionGlobal is 0.35%, but when third parties distribute these funds, there are often associated discounts. In this case, Syfe has decided to credit any refunds received from LionGlobal to consumers.
Overall, Syfe also doesn’t charge any platform usage fees to consumers, which means costs are minimized for consumers and thus we get more out of every dollar sent. into Syfe Cash+.
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It’s been 3 months since Syfe launched this product, so let’s recap their performance to see if they really meet production:
While past performance is not an indication of future performance, it does provide a good yardstick to determine if Syfe’s expected products are completely off the charts. or reasonably predict what consumers can expect to find. And even with the latest predicted yield, Syfe Cash+ is still the highest of all providers.
If you compare this account with any existing high-interest bank savings account(s), the obvious difference is that your deposit into Syfe Cash+ will not be protected by SDIC – as neither the two are completely different product categories, hence these accounts. An unfair comparison.
But when you compare it to any other instrument that gives you low risk, no minimum deposit and no lock-up period, this is where Syfe Cash+ stands out.
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And when comparing specifically in the cash management product category, there is no better choice than Syfe Cash+ right now.
For those of you already a Syfe user and wondering how this compares to other services, note that because the interest on Money+ is generated from short-term debt instruments, the rate relatively lower risk (compared to ARI Global, REIT+ or Equity100 options).
In my opinion, this makes Syfe Cash+ a great place to deposit your emergency cash, because it gives you the assurance that you can withdraw your funds without being hit. penalty whenever you need.
I’m not sure about you, but as I mentioned in a recent blog post, I set aside 24 months of my emergency fund (cost of living) for our plight. Once upon a time, it made sense to keep nearly all of our money in our high-interest bank savings accounts, but not anymore.
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I will not mention how big the fund is here because we want to avoid many people coming to us to borrow money, especially close family members.
But the truth is, given the size of the fund, we need some place to hold it so that its value is not eroded by the rate of inflation.
There is no limit to how much you can deposit with Cash+ as the expected rate is 1.75%/year. applies to all deposits. If you want to learn more, go here for more details and how to open an account.
Disclosure: This post was written in collaboration with Syfe Cash+ to ensure accurate presentation of Cash+ products. Since cash management products are considered investments, please make sure you understand they are not protected by SDIC like your bank savings account and should not be treated as such.
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