Reaching 55. Congratulations! You are now senior citizen in Singapore.
You have special privilege. The National Bank of Singapore upon you reaching 55 will automatically setup a special saving account for you and let you enjoy the best interest rate at 2.5% in Singapore. You are entitled to one withdrawal per year for any amount at any time between your two birthday. I am pretty sure that your younger colleagues, friends and relative will be jealous of your super interest rate in the current market condition.
CPF Investment Account
Do you have some long-term stocks in your CPF investment account receiving good dividends?
If yes, don't close your CPF investment account to transfer them to CDP as cash stocks.
You can do something wonderful with those stocks in your CPF investment account.
Emergency Fund
Do you maintain several bank Fixed Deposits at low interest rate of 1.X% as Emergency fund?
If yes, now you have special privilege to transfer your fixed deposits from your banks to the National Bank of Singapore to earn much higher interest rate at 2.5% for senior citizens.
This is how you do it?
Keep most of your Emergency fund at the National Bank of Singapore to earn higher interest rate at 2.5%; but do maintain some spare money at low interest rate as liquidity fund at any bank in Singapore for immediate cash withdrawal. This is a small price to pay for liquidity and worth it.
I am senior citizen and
a privilege banking customer of
National Bank of Singapore.
Posts
Excellent.
ReplyDeleteJimmy
Great place for cash fund.
ReplyDeleteThanks for the excellent idea.