For cash solutions, there are plenty of those around on robo-advisors. Cash solutions actually mean as good as cash. They can also be termed as money market solutions. In terms of allocation, they can be considered riskier than holding cash and less risky compared to bonds. Generally, the risk is lower as compared to any investments.
Most of the solutions are termed as cash management. It may sound complicated, it is just another term or a financial description.
i. It can be a series of money market funds combined to get a yield.
ii. Some of these cash solutions also be cash backed by loans/mortgage/cheap loans.
iii. When there are deals or directive from a company, there can be a combination of marketing dollars and promotions. These benefits the consumers usually.
There are multiple creative fiduciary ways to get a better yield however not all are covered under SDIC. This means that if there is a bank run – Your first S$75k in the bank covered by SDIC is secure.
The SCB Bonus Saver account
Standard Chartered Bank is running an interesting promotion for customers who currently do not have a Bonus Saver Account. The clause is that you need to transfer fresh funds (Not from Standard Chartered Bank) to the newly opened Bonus Saver account.
As a result from using SingPass to apply online, you will get an additional S$30. (Total: $208 via Bonus Saver + S$30 via SingPass) Hang on there. If you sign up via SingSaver, you get a little more!
a. The first condition is to fund SGD 50,000 into the Bonus$aver account until the end of the next month. This means that if you opened the account in May, you have to keep the cash in there until end of June)
b. The second condition is to take note of the promotion end date. That will be 31 May 2021. There is still 10 days to go from today 21 May 2021. The account opening is almost instantaneous.
If you apply the Bonus Saver account via SingSaver here at SingSaver Bonus Saver Promotion
Option wise, you can choose to get a set of Apple AirPods Pro (worth S$379) or S$250 cash when you make a min. fresh funds deposit of S$50,000 + S$30 cash upon account opening. Validity will be till 2 Jun 2021.
(Total: $250 via Bonus Saver + S$30 via SingPass) Sweet.
Take note of the charges
- After you receive your payout take note of the – Fall below fee (fee incurred if you fail to meet the minimum average daily balance of S$3,000): S$5 per month [This is the item you need to take note of]
- Early account closure fee: S$30 (within 6 months of opening) [Close it after 6 months if you do not require this account]
- Cheque book fee (optional): S$10 [Not required in my opinion]
- Debit card annual fee: S$20 [I don’t think we will get there]
- Credit card annual fee: S$214 [I don’t think we will get there]
How to apply?
If you are looking to apply for the Bonus$aver account and Bonus$aver credit card, you will have to be between 21 to 65 years old.
Click on this link: SingSaver Bonus$aver to apply.
Terms & Conditions
Check out the T&Cs here before you apply: SCB Terms and Conditions
Just a disclaimer, I don’t get anything from this. It’s just a good deal how I see it.
This is not a sponsored post. This is purely my own opinion. If you like what you are seeing, do remember to check they out and do your diligence. There is no one size fits all investment strategy.
If you like what I am sharing or if it resonates with you, do use my referral codes here at Referral and Recommendations
In this article, the pictures were taken from websites for illustration only. Stay Safe!