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Dear Editor,
I am glad to learn that “Fish farms may be set up near 3 southern islands with high coral diversity, endangered marine life” and Singapore Food Agency is seeking public feedback (TODAY, May 23).
Malaysia’s chicken ban on Singapore on June 1 has more or less disrupted the meat supply market, and the food retailers who rely on selling chicken as the main dish will bear the blunt impact.
No matter what, any disruption of food supply will swiftly prompt Singapore to find ways and means to tackle the issue upfront. Thus, increasing the multiple channels of food supply will undoubtedly ensure the importance of food diversity and enhance the stability of food prices and the sustainability of food supply for Singapore.
Singapore aims to establish large scale marine fish farms and high-tech vertical farming are some of the effective means or channels for ensuring the continuous supply of alternative food to sustain and alleviate the impact of food supply.
However, whoever runs the marine type fish farms have the obligation to protect and preserve the marine environment. And, they shall take all the necessary measures to ensure that activities under their jurisdiction or control are so conducted as not to cause damage by pollution to the surrounding sea areas. In due course, protecting deep-sea coral habitats from physical damage caused by fish farming infrastructure and polluted water discharge from fish farms is critical.
The selection of the right type and method for marine aquaculture should also be an important consideration for the relevant authorities or commercial parties. This will ensure the projects are commercially viable and environmentally non-polluted. For example, whether going for Open Net Pens, Submersible Net Pens or Recirculating Systems should be duly considered, planned, organised and executed.
Another vital consideration is to ensure the navigation waterways around these specific islands are free of pollution and traffic congestion.
Last but not least, would the present Jurong Fishery and Senoko Fishery Port be sufficient and capable enough to support the logistics requirements to and from the market and the specific fish farms?
Most importantly, would the benefit of financial gain from fish farming be eventually channelled to the hands of the vast consumers?
Teo Kueh Liang (Mr)
The views expressed here are those of the author/contributor and do not necessarily represent the views of The Independent Singapore.
It may sound impossible for some who may also believe that it is a hoax but no, it happened and reports say it is a rare condition for some women. The mom, who gave birth to twins, now says it is a miracle.
‘I 100% believe it was a miracle just because of everything that happened in my pregnancy journey.’ The 30-year-old had three miscarriages before becoming pregnant again… while already expecting.
Her condition called superfetation is an extremely unusual occurrence in which a second pregnancy occurs days or even weeks following the first.
Cara, from Texas, asked the doctor, “What happened?” when she found out she was pregnant again. The first time he wasn’t there, he wasn’t there. ‘What the hell is going on?’
‘She said I ovulated twice, discharged two eggs, and they were fertilised at various times, about a week apart,’ she continues.
Cara had three miscarriages – one of which nearly killed her. She told the story of this miscarriage that could have ended her life.
She told the news outlet Metro which carried her story in the U.S., that her baby was stuck in her cervix and there was a lot of blood.
‘I blacked out and they said that the tissue, which I guess is what they call the baby, had gotten stuck in my cervix and I was bleeding out and they said if I had stayed home for maybe thirty more minutes I would have died.’
In March 2021, the math interventionist tutor learned she was expecting a child. After several ultrasounds, she heard the good news.
The doctor informed her that she was expecting a baby.
Cara went in for a seven-week ultrasound two weeks later to make sure there was still a heartbeat, but there were two foetuses.
The scan revealed that she was expecting two twins, one conceived a week apart.
A man took to social media to complain that he was charged 20 cents more for his breakfast order without being given a reason why.
In a Facebook post to popular page Complaint Singapore on Sunday (May 29), the man wrote: “I want to complain…why kopi C siew dai need to add 20cts”.
The man, who went by the name of Ahmad Syah, added that his was a dine-in order. He also noted that he was told that the additional 20 cents were imposed regardless of whether it was a take-away or dine-in order when he asked the cashier.
In his post, the man shared a photo of his receipt, without confirming where he ate at. Mr Ahmad however stated in the comments that he dined at a coffee shop. As per his receipt, he had a Signature Breakfast Set which was $2.60. It came with toasted bread, an egg and a cup of coffee (Kopi). Mr Ahmad was also charged twice for a ‘TA Cup’, presumably a takeaway cup, 10 cents each time.
Netizens in the comments speculated that Mr Ahmad was made to pay the extra money for the evaporated milk added to his Kopi C order. However, there were others who also explained that usually they were only charged 10 cents for the evaporated milk, but he was charged 20 cents.
Netizens added that the drinks usually included in the breakfast set were Kopi, Kopi O, Teh or Teh O (coffee, black coffee with sugar, tea, or plain tea with sugar) only. They wrote that because he wanted to change his drink to one outside the standard orders, he had to pay more. Some netizens who worked in coffee shops also weighed in on the matter.
Here’s what they said:
In April, tracking the prices of “Economical” Bee Hoon (fried noodles), one netizen pointed out the price jump, adding that he would starve to death soon if prices kept increasing.
In a post to Facebook group Voice Your Grievances, a netizen who goes by the name of Bob Sim writes: “Economical beehoon no longer econ”.
He shared a photo of a plate of bee hoon and noted the following price increases:
Beehoon 80 cents before, now $1.20
Vegetables were 30 cents before, now 70 cents
Egg 50 cents before, now 60 cents
Spring roll 80 cents before, now $1
“This plate used to be $2.40, now $3.50”, he added.
“I gonna starve to death soon if this goes on”, Mr Sim wrote.
The announcement from Finance Minister Lawrence Wong regarding the planned Goods and Services Tax (GST) hike in 2023 has sent many Food & Beverage (F&B) operators into a worried frenzy, with many increasing prices ahead of time to brace themselves.
A post on Facebook page SG Opposition by netizen Kelvin Pek showed a photo of a stall’s ‘Price Adjustment for Noodles’. Though the sign itself did not say if the prices were increased or decreased, the netizen who posted it – one by the name of Kelvin Pek – wrote that the noodles were increased from S$3.50 to S$3.80.
In his post, Mr Pek tagged Mr Wong and wrote: “Lawrence Wong, please tell Singaporean[s] what your anti profiting committee has done to ensure this hike, from $3.50 to $3.80 way before your GST hike, a mere 1% coming in 2023 has cause Singaporean to pay at least another 8% more as consumers”.
“So can you imagine what will the cost be in 2024 when another percent is raised? $4, $4.2? Is there even an anti profiting committee to begin with…”, he added.
After a number of posts from foreign domestic workers asking for help with problems they faced with their employers, the tables have now been turned, and an employer took to social media asking for advice on her problematic full-time maid.
In a throwaway account, probably to maintain anonymity, one Jan Tan wrote to popular Facebook group FDW in Singapore (working conditions forum) on Tuesday (May 31).
In her post, Ms Tan shared that the helper contacted her through Facebook “urging me to take care (of her) after her employer gives her release papers. In between she sought advice from me on whether I am ok to bring her back from her home country if the employer sends her back”.
The maid told Ms Tan that her employer was upset with her, which is why she wanted to leave. Three months later, the maid’s employer sent her to an agency. Ms Tan said that her agency was asking for a $4,000 service fee, without offering to provide a replacement “which is more than any other agency was asking during covid times”.
The helper cried over the phone to Ms Tan, and they eventually gave in and brought her back.
Ms Tan wrote that within a few days of them bringing the helper back, she would come up with excuses such as ‘I get a feeling you are not happy with my work, send me back home’ or ‘I am unable to take care of your child, so [I] want to go’.
Ms Tan wrote that she tried to convince the helper to stay and adjust to the work. Evaluating her work, Ms Tan added that the helper was independent, but that she would not communicate. Instead of talking, the helper would send messages via WhatsApp Messenger and be unhappy if the family complains about anything.
One day, Ms Tan receives a call from the Ministry of Manpower (MOM): “imagine my confusion when MOM officer said your helper is here when I thought she is in the same house as me in her room!”
Without her employers knowing, the maid had gone to the MOM and then back to her agency. Speaking to her employers, she then said she would come back to the house if they were not upset with her for going to “MOM like this”.
Though Ms Tan wanted to transfer the helper out, the helper apologised and said she still wanted to work with the family. Two months later, claiming that her mother had passed, the helper asked to go back home. She never cried about her mother, wrote Ms Tan, adding that she only seemed worried about her son. The maid was asked to wait until a replacement was found for her.
“So one fine day she went missing, won[‘]t pick calls, then next day came back home on Sun evening and wanted to get her luggage. I somehow convinced her to stay back so I can send her home. Meanwhile, noticed some of my valuables (less than 2000$) missing from my usual place in my room which has restricted entry”, Ms Tan wrote.
She added that the helper also took some cash in advance from her, which the helper assumed she would not need to return, as she asked for her full salary at month end as well.
While speaking to her maid, Ms Tan wrote that “at one point she was crying hysterically about her son being alone, and then in 10 mins time she was normal and trying to negotiate with me about she giving me some money to transfer her to an agency so she can work ‘freely'”.
Ms Tan added that she believed the maid’s plan was to be able to live outside of her employer’s house, enabling her to moonlight and work part-time. She added that the helper’s clothes, accessories, multiple shoes, and bags surpassed her own, “and she has more Shopee and other online deliveries coming in for her than I can order for my entire household-this definitely cannot be from the 500+$ salary”.
Ms Tan also added that the helper had at least four SIM cards that she knew of.
Asking for help as to what to do, Ms Tan wanted to know how to go about blacklisting the helper and how to cancel her work permit. She also asked other members of the group for any advice they could give her.
Those who commented on Ms Tan’s post asked for more information, such as how Ms Tan knew the helper stole her items.
Here’s what they said, as well as Ms Tan’s response:
TISG has reached out to Ms Tan for comment and clarification. /TISG
After speaking to a Bangladeshi man on the MRT, a netizen was surprised to learn that the former managed to build a 3-storey house.
In a post to Facebook group Singapore: Pitfalls and Reviews, a netizen who goes by the name of Victor Chan wrote that he had a small conversation with a Bangladeshi man on the MRT.
Mr Chan said that the Bangladeshi man worked here in Singapore, earning a salary of $3000 a month.
“He showed me a picture of his newly built 3-storey home+land all-in for S$60,000”, Mr Chan added.
While Mr Chan’s post itself was fairly short, it stirred up sentiments about the cost of living in Singapore as compared to that of other countries. Netizens who commented on the post also spoke about how expensive housing here is.
Here’s what they said:
At the beginning of the year, in his New Year’s Day Message, Workers’ Party Secretary-General Pritam Singh underlined that cost of living would be a “major pressure point” for many households in the coming year.
Mr Singh, who is also the Leader of the Opposition, said in a message that was posted on The Workers’ Party’s Facebook page and on its Telegram channel on the last day of 2021 that increased cost of living rates would affect low to middle-income families, especially those with both elderly relatives and young children to take care of.
This, aside from the unpredictability of COVID-19,” will make “2022 will be a year of new challenges for Singapore and Singaporeans,” the WP head said.
He outlined basic needs which now have higher costs, including electricity, transport, A&E hospital charges, and medical insurance premiums, and added that these “cost pressures that are likely to become more acute going forward.”
Mr Singh also mentioned the housing problem, as “HDB BTO prices remain high for younger Singaporeans, with resale flats even further out of reach for many.”
HOWEVER, HE UNDERLINED THE WP’S COMMITMENT TO MONITOR THE GOVERNMENT’S EFFORTS TO AID SINGAPOREANS IN NEED OF THE MOST HELP; “AND HOW IT UPGRADES ITS LEGACY SCHEMES FOR THE CIRCUMSTANCES OF TODAY AND TOMORROW, NOT YESTERDAY.”
He also said the party would continue in its mission “to provide a trusted alternative to voters and act as a balancing force in our political system” and highlighted some of the motions WP MPs have moved this year, including those related to HDB reform. /TISG
Today, there are many financial tools available to make payments in Singapore; Traditional methods like cash and credit cards, as well as newer digital platforms such as Apple Pay and GrabPay.
Some enjoy the physical thrills of wielding cash and credit cards to make payments, while others prefer the convenience that digital payments bring, with these digital platforms integrated with their smartphones.
However, do you know that if you are smart about how you pay, you can save a significant amount of money in the long run?
In Singapore where there is a steady inflation rate of 2-3% each year, how are we able to best utilize the many payment methods out there in the market to earn the best deals and rewards for ourselves to combat this inflation?
Read on to find out more on how you can save as you pay.
Credit Cards
Credit card companies are constantly competing to offer the most appealing rewards for their consumers; Some cards offer lucrative sign-up rewards, while others give higher cashback for spending categories such as air travel, food and transport.
Cashback Cards
Cashback cards are a convenient alternative to points and miles cards that can offset your monthly card bill by earning rebates on specific kinds of spending.
To find the best cashback credit card that maximises rebates for your budget based on your income and spending numbers, check out our rewards calculator to compare between credit cards and see what value you could get from each cashback card in Singapore.
Below is a list of credit cards suitable for every need:
Best Unlimited Cashback Credit Card: Citi Cash Back+ Card
Individuals spending about S$7,000+/month can truly maximise their earnings with Citibank Cash Back+ Card. Cardholders earn an unlimited 1.6% cashback on all spend, which is higher than the 1.5% offered by most competitors. In most cases, consumers with very large budgets end up feeling restricted by typical capped rewards cards. With Citi Cash Back+, however, affluent cardholders can continue to earn on all of their spend, up to their full rewards potential.
Best Rewards Credit Card: UOB One Credit Card
If you consistently spend S$2,000/month, you’ll earn more with UOB One Card than with any other flat rebate card. Spend at this level earns 5% cashback, up to S$300/quarter–amongst the highest earning potentials on the market. This rate is further boosted to 10% on Dairy Farm Singapore transactions, Grab and UOB Travel and 6% on electric bills. Lower or inconsistent spend also earns 3.33% up to S$50 or S$100/quarter (depending on minimum spend), but these rates are slightly less competitive.
One of the best features of UOB One Card is that cardholders can ‘double’ their rebates through UOB SMART$ Programme, which also earns SMART$ credits with select merchants, which then offset future purchases. With UOB One Card, consumers can make the most of their daily spend, while only paying a S$192.6 annual fee. Overall, this card is the best flat rebate option on the market for average spenders.
1.1 miles per S$1 local & overseas spend, 2 mi overseas in June & December only
2 miles per S$1 spend on SingaporeAir online & app, SilkAir, KrisShop in-flight & online
3.1 miles per S$1 spend on Grab transactions (up to 620 mi/mo)
Free travel insurance
Hertz Gold Plus Rewards & Amex Selects Privileges
If you’re interested in applying for your first miles credit card and tend to fly with SIA, you may want to consider American Express Singapore Airlines KrisFlyer Card. Cardholders earn 1.1 miles per S$1 on general spend (2 miles overseas in June & December), 2 miles with SingaporeAir, SilkAir and KrisShop, and 3.1 miles on Grab rides (up to 620 mi/mo). Rewards are earned directly as KrisFlyer miles, which are credited to the consumer’s frequent flyer loyalty account. This is great because cardholders never have to worry about conversion rates, transfer fees or lengthy processing times. Amex SIA KF Card is also quite affordable with a S$176.55 fee, waived the first year. Overall, if you prefer taking SIA flights and want a straightforward miles card, this could be the option for you.
Best Luxury Travel Credit Card: Citi Prestige Mastercard
Affluent travellers who prioritise luxury perks should consider Citi Prestige MasterCard. Cardholders earn 1.3 miles per S$1 locally, 2 miles overseas, which are amongst the highest rates on the market. In addition, consumers can earn up to 30% annual bonuses based on the length of their relationship with Citibank. Simply using your card over time multiplies your earnings–few alternative cards offer such a bonus structure.
Citi Prestige Card also offers more privileges than almost any other travel cards. Cardholders receive unlimited airport lounge access with no minimum spend requirements, free limo transfers, free hotel bonus nights, golfing privileges and more. While the S$535 fee is high, it’s reflected in the value returned to consumers and further offset by 25,000 annual renewal miles, worth about S$250. Ultimately, market-leading rates and luxury perks make Citi Prestige the best card for affluent travellers.
Best Credit Card with No Annual Fee: OCBC 365 Card
OCBC 365 Card offers a great no-fee way to earn cashback on daily purchases. Cardholders earn up to 6% rebates on dining and 3% on groceries, land transport, online travel bookings and recurring electricity and telco bills. There are no merchant restrictions (unlike competitors) and rewards are capped at a lofty S$80/month. Another perk is that cardholders can enjoy a fee waiver with S$10,000 annual spend – that’s just S$833/month. This spend level also meets minimum spend requirements, ensuring top rewards rates. Overall, OCBC 365 Card is definitely one of the best everyday options with a fee-waiver.
Best Credit Card For Online & Mobile Payment: DBS Live Fresh
If you’re a modern spender who frequently shops online and feels comfortable using digital wallets, look no further than DBS Live Fresh Card. Cardholders earn an impressive 5% cashback for spend in both categories, and an additional 5% on sustainable spend, with a total monthly cashback cap at S$75/month. There is a S$600 minimum spend requirement to access these rates, but it’s slightly lower than the S$800 required by most competitors. Paired with its SimplyGo functionality, DBS Live Fresh Card’s rewards structure is great for people looking to streamline their wallets and maximise rebates from tech-forward spend methods.
Here is an example of using several credit cards with a monthly spend of S$3,000:
Credit Card
Monthly payment
Annual Card Fees
Monthly Cashback
Annual Cashback
Net Savings per Year
UOB One Card
S$2,000 (House/Car Loan)
S$192.60
S$100
S$1,200
S$1,007.40
OCBC 365 Card
S$500 (Food)
S$192.60
S$30
S$360
S$167.40
DBS Live Fresh
S$500 (Online Shopping + Groceries)
S$192.60
S$25
S$300
S$107.40
S$1,282.20
By using the best credit card for individual spend categories, you can maximise your cashback and save up to S$1,282.20 every year.
With the increasing number of digital payment options and each offering varying rewards and promotions, how are we able to identify which is the best platform to use to get the best deals for ourselves?
Listed below are some platforms we have identified for you and how to go about getting the best deals.
GrabPay
Since its launch in 2016, GrabPay has evolved from an e-wallet with basic payment features to a popular payment option in Singapore.
Although Grab has seen a devaluation of its points across transactions back in January 2020, Grab remains to be a popular payment option with its wide merchant acceptance pool and ever-increasing partnerships to offer more lucrative rewards to its users. You can still continue to maximize the opportunity to earn points and cash rebates across all platforms with GrabPay.
Here’s how to do so:
GrabPay Card Accelerator
For those who want to maximize the number of Grab points earned, the GrabPay Card accelerator allows you to earn an additional 0.8% cashback, on top of your current cashback based on your membership tier, by spending on selected categories:
Do take note that booster points are capped at a maximum of 20 transactions per month and 500 points for each transaction. Strategise well to make full use of this reward scheme!
Linking your GrabPay Account to other platforms
Besides using your GrabPay wallet or Mastercard at merchants, you can also maximise the potential of earning additional cashback by linking your GrabPay account to other platforms such as the Fave App or Samsung Pay.
This approach allows you to earn GrabPay points, cashback from FavePay transactions as well as Samsung Reward points. For the same spending, you earn double to triple the points.
That’s not all, some credit cards issue points or cash rebates for topping up their e-wallet using their credit cards, including GrabPay.
This means that you can continue to stack the rewards with the same spending!
Use GrabPay for your daily expenses
Using GrabPay for your expenses allows you to reach higher membership tiers and earn Grab points faster with every purchase.
Source: Grab
Assuming that you are a Platinium member, you could earn up to 9,800 Grab Points with a monthly expense of S$1,000. Here is a breakdown of how to do so:
Categories
Money Spent
Points Earned
Additional Points (Accelerator)
Total Points Earned
Groceries
S$300
1800
1200
3000
Dining
S$300
1800
1200
3000
Transport
S$50
300
0
300
Streaming Apps
S$25
150
100
250
Online Shopping
S$200
1200
800
2000
Gym
S$125
750
500
1250
S$1,282.20
Here are some of the redeemable rewards from the various categories available on the GrabRewards catalogue.
Food & beverage:
1,500 points: $3 off merchants such as Gong Cha, or a personal pizza from Dominos
2,500 points: $5 off merchants such as Burger King, Crave, ToastBox and SaladStop!
5,000 points: $10 off merchants such as Marche Movenpick, Hans Im Gluck, and Dunkin’ Donuts
Shopping:
2,500 points: $5 off merchants such as Cold Storage, Giant, Guardian, and Sephora
5,000 points: $10 off merchants such as Foot Locker, RedMart and Zalora
10,000 points: $20 off merchants such as Lazada, Tangs, Amazon, and EAMart
Services & Entertainment:
5,000 points: 500 KrisFlyer miles, $10 off merchants such as Kimage and Perky Lash, $10 gift card for Blizzard Entertainment and Razer Gold, Everyday movie voucher from Cathay
Alternatively, you could use the points to offset purchases within the Grab App, such as GrabMart, GrabFood or Grab Car rides.
ShopeePay
ShopeePay is the digital wallet service offered by Shopee. ShopeePay allows you to make both in-app payments and offline transactions by scanning the merchant’s ShopeePay or SGQR code.
ShopeePay In-app Vouchers
Enjoy upsized cashback vouchers of up to 18% cashback for your in-app purchases. You are able to stack cashback vouchers on top of seller vouchers to enjoy greater savings, especially during monthly sales such as Black Friday or the 11.11 sale.
Source: Shopee SG
In addition, you could stand to win seasonal prizes and be part of exciting lucky draw prizes when you top up your account or transfer funds to other users using ShopeePay!
ShopeePay Offline Vouchers
In addition to the 2% cashback capped at $1 whenever you make a payment by ShopeePay, ShopeePay Scan & Pay vouchers offer direct discounts or cashback at the price of S$0.10 or S$0.01. These discounts and cashback vouchers differ from merchant to merchant so do remember to check the app to see what kind of vouchers your favourite brands offer!
Source: Shopee SG
For first time users, enjoy up to $5 off on your first purchase with ShopeePay Scan & Pay vouchers with your favourite brands!
Source: Shopee SG
ShopeePay also offers upsized cashback vouchers of 15% cashback capped at 500 coins at the price of S$0.10 which is applicable to all merchants that accept ShopeePay as a payment method.
Source: Shopee SG
However, do take note that these vouchers are not stackable. In addition, users are limited to one voucher per visit. Be strategic about when and what you use the vouchers on!
ShopeePay Promotions & Giveaways
During major events such as the 11.11 sale or the celebration of Shopee’s birthday on 12.12, be on the watch out for ShopeePay rewards to reap the best benefits!
Promotions during the 11.11 sale include: Plant a ShopeePay seed on Shopee Farm from 8 Nov to 14 Nov with a minimum top-up of $8 to the Shopee wallet and stand to win an additional $100 Shopee vouchers. 90% off deals with ShopeePay. Limited-time only vouchers on popular brands.
How to Make Payment via ShopeePay?
From the homepage of the Shopee application, tap the wallet icon with text below that reads “Top up now for exclusive rewards” to enter the ShopeePay page.
Transfer enough money to pay for your item either via Paynow transfer or your credit/debit card.
When checking out, be sure to select ShopeePay as the payment mode and apply the ShopeePay vouchers (if applicable) to enjoy further discounts or cashback.
Buy Now Pay Later (BNPL)
BNPL payments are all the rage now in Singapore. So, what’s the fuss with BNPL?
BNPL, as its name suggests, allows you to delay your payments and split them up into monthly instalments. Pay your balance on time, and zero interest is charged. If you miss a payment, you would be charged a late payment fee ranging up to S$60, depending on your BNPL provider.
BNPL Provider
Installment
Late Payment Fee
Atome
3 months
S$15 – S$30
Hoolah
3 months
S$5 – S$30
Grab PayLater
Up to 4 months
S$10
OctiFi
3 months
From S$15
Pace
3 months
S$10 – S$60
Rely
Up to 3 months
S$1 – S$40
Split
3 months
None
BNPL has a similar framework to your traditional 0% credit card instalment plans, but with the addition of multiple perks.
Optimise Cashback/Miles on Credit Cards
Suppose you are making an online purchase of S$3,000 on a desktop computer using your OCBC Frank Card that gives you a 6% rebate capped at $75 per month.
Although there is a 6% rebate offered that should warrant you a cashback of S$180, there is a monthly cap of S$75. Hence, you are only able to get back S$75 and miss out on S$115.
How are you able to ensure that this S$115 that you have missed out on goes into your bank account? Do you look for another credit card with a higher cap per month?
BNPL solves this problem without the need to look for alternative credit cards or payment methods. Suppose you put the purchase on a three-month instalment plan with Atome. Each month you are charged S$1,000 and awarded a cashback of S$60, a figure below the monthly cap of your Frank Card. After three months, you will have received a total of S$180 in cashback.
Earn Additional Interest in Bank Accounts/Insurance Savings Plan/Investments
As you will not be paying the full amount upfront via BNPL, you will be able to keep a sum of the amount for a period of one to two months and receive interest on the balance in your bank account or insurance savings plan or receive earnings on your investments.
Although this may not amount to much depending on the interest rates your bank or savings plan offers, who would say no to money!
Additional Rewards & Perks
Since BNPL payment services are rather new in Singapore, BNPL providers are giving attractive rewards to attract and acquire customers, so as to gain a larger market share.
Atome: S$10 off first online purchase. Merchant-specific discount vouchers.
Pace: OCBC Yes! Debit Card holders S$50 off with min. spend S$250. Merchant-specific vouchers.
Rely: 12% cashback on the first transaction. Merchant-specific cashback vouchers
Conclusion
There are so many payment methods out there in the market with attractive rewards and perks. Some prefer direct cash discounts, others prefer cashback rewards, while the rest prefer to pay in instalments.
What is your preferred method of payment to maximize your savings?
Grace Beverly believes that working hard and hardly working are two different sides of the same productivity coin. Studying at Oxford University and throughout her career, she realized that one of the biggest challenges people have is balancing work and time out in a way that works for them.
The truth is, all of us need money, but we also want careers that challenge us. To that end, Beverly has a number of tips from her book Working Hard, Hardly Working.
Time management
The Eisenhower method of time management is a prioritization plan that helps work out what is urgent and important and the order in which things need to be worked on. The idea is to divide tasks into categories such as urgent; important;delegate and don’t do.
Save dates in your diary
The next step is to put each task from the list into your calendar and “time block” it according to how long you need. You can then plan tasks or meetings around this. This helps you sort out administrative tasks easily, too.
Change your to-do list to a to-do table
All tasks are not created equal, and therefore a table format is better than a list. Divide it into three columns; Quick Ticks (things that take 5 mins or less), Tasks; (which can go up to 30 mins) and Projects (the Herculean ones that need more time). Also include things that won’t get done in a day but need to be monitored.
Get into ‘deep work’
Deep work is about reclaiming concentration and committing to work without the constant distraction and the ping of notifications. It’s like having an exam in school.
Do nothing
This one seems contradictory to all of the above, but it isn’t actually. Scheduling a time for doing nothing actually prevents burnout from doing too much. It should be a planned exercise for our lives. So a ‘planned’ nothing could be anything from keeping two-week nights free to taking a whole day off on the weekend to do nothing.
Figure out what makes you feel good
Cancel a plan, make a plan, and give yourself a treat — anything that helps you feel better that isn’t destructive is a good thing.
Make sure you don’t overdo a good thing
Once you know what’s good for you and how to relax when you need it, don’t get complacent. Make boundaries which can be time-related, space related or task-related. Make specific areas in your home for where you work, where you sleep, and whether you can or want to work on a weekend. For example, you could decide to work some Saturdays but never on a Sunday.
Watch out for self-sabotage
Most of the time we can feel ourselves doing this, we know we would feel a lot better if we go for a run or get some fresh air, and yet we do nothing. Sometimes we have to push ourselves a little bit to feel better in the longer term. If you force yourself to do something, and it doesn’t feel good both in the medium and long term, then you know you were right.
Losing your job and dealing with the stress that comes with it is really hard to cope with, especially when you have bills to pay and a family to support. Whether you’ve been retrenched, downsized or forced to leave for other reasons, the financial anguish takes a huge toll.
Careers give us a sense of purpose and structure, and losing all of this can leave people floundering and feeling lost. It also makes an individual feel powerless. But take heart that no matter how impossible the situation looks, there is always light at the end of the tunnel.
Author of the book The Importance of Work in An Age of Uncertainty: The Eroding Work Experience in America, Professor David Blustein says that work helps us satisfy our need to achieve, earn an income, and connect with others and feel like authors of our own stories. In fact, our jobs are often so integrated into our identities that it is common to feel as though we have lost a sense of self when we lose our jobs.
Getting a hold of yourself
Understand that it is perfectly normal to feel disappointed, sad, angry or frustrated and process this accordingly in order to move on. In addition, if you feel relief instead, it could mean that you weren’t happy there anyway and not living up to your full potential, so take that as a sign to move on to greener pastures.
Emotional support and finances
Make sure you have your family or some good friends around to support you during this trying time. If you have a family depending on you for financial support, talk to them about how your job loss will impact all of you and what sort of changes or cutbacks you may need to make going forward.
Expand your social network
Often our work friends form part of our social life as well since inevitably you end up spending so much time together. So when you lose your jobs, you may lose friends too or simply drift apart. Find ways to connect with people, whether it’s doing volunteer work, joining a book club or simply getting out more.
Develop new skills that are marketable
Figure out how you want to move forward. Develop new skills that will help you in your next job and make you more marketable. Think about what you want to do next and work towards that, building on developing yourself to achieve that goal.
Update your resume and start applying for new opportunities
Create a portfolio which you can present to a recruiter or hiring manager to showcase your work from previous roles. Doing this will also make you feel more confident and good about yourself and your past achievements.
Once this is done, go all out for the jobs you want, and don’t be disheartened if you don’t hear from employers in the beginning. If you have been rejected at the interview stage, try and find out the reason for this so that you can look towards filling in the gaps in terms of the requirements, allowing you to aim for the role you really want.
Disneyland Paris is launching the Avengers ride. Exclusive to Disneyland Paris, the ride is called Avengers Assemble: Flight Force and is based on Marvel’s characters. The ride was unveiled on Disney Parks Blog and will be available from July 20.
The ride has been described on the official blog as “every thrill seeker’s dream” where “recruits will be briefed by Iron Man, equipped with Mark 80 armor for his missions at Avengers Campus in Paris” and then join Iron Man and Captain Marvel “on a mission through space in a vehicle Stark has equipped with a homing device, to lure this threat away from Earth.”
“Marvel Avengers Campus is an entirely reimagined universe dedicated to discovering, recruiting and training the next generation of Heroes, right here, right now in Disneyland Paris.”
The Avengers Campus in Paris will also include various meet and greets with Marvel characters and a Pym Test Kitchen restaurant where you can get kooky foods like a giant pretzel sandwich and tiny burgers. Apparently, Hank Pym has a penchant for experimenting with strange food when he is not busy being a superhero.
In addition to this ride, the Spider-Man W.E.B Adventure already at Disneyland in California will be opening at Disneyland Paris as well.
The Avengers Campus has created more than 450 new jobs at Disneyland Paris, two-thirds of which are long-term roles. In addition to that, the park management also has educational courses to teach its 16,000 crew members across the resort about the Marvel universe.
Disney’s first theme park ride based on Marvel Avengers characters actually opened in Disneyland California last summer. However, Disneyland California Adventure’s main ride in the Avengers Campus is a Spider-Man simulator. The other attraction is the Guardians of the Galaxy ride which has been around for several years.
Visitors are able to meet the Avengers characters as they roam around the area, but there is no actual Avengers ride in Avengers Campus making Disneyland Paris the first to do so.
The 2020s has been a turbulent and volatile decade for all of us, despite being us only surviving for three out of the ten years. In 2020, A global pandemic caused a massive crash in the stock market, creating an atmosphere of uncertainty. In 2021, many high-risk, high-return investment assets such as tech stocks and crypto went up to their all-time highs before crashing badly in 2022.
With many people fearing the potential risk of losing money in traditional, and especially risky, investments, and with inflation rates increasing more and more due to supply-side issues from a major war and the pandemic, one might wonder how they can find a way not to lose their savings in the long run?
This is where savings accounts come into play; savings accounts allow people to earn a small amount of interest from the bank whenever they deposit and store their money in the bank account. But most savings accounts provide a base interest rate of a measly 0.05% per annum.
Luckily, there is a better form of saving account that provides high-yield interest rates by meeting their requirements. This incentives people to stay within the bank’s ecosystem, as the bank offers an extra interest boost whenever the account holder utilises the bank services more.
The banks will reward you for depositing your income monthly into the bank, spending a stipulated amount monthly, using their investment and insurance platform via their online banking app, or even keeping more of your savings in the bank account (Some banks have a tiered interest rate system).
So what are the best savings accounts in Singapore? Today we will be going through five of them to find out their strengths and what they are suitable for.
Salary/Dividends/SGFin Dex + transactions in 1 category
(up to S$25k)
Salary/Dividends/SGFin Dex + transactions in 2 categories
(up to S$50k)
Salary/Dividends/SGFin Dex + transactions in 3 categories
(S$50k-S$100k)
< S$2k
0.05%
0.05%
0.05%
S$2k – below 2.5k
0.40%
0.60%
1.20%
S$2.5k – below S$5k
0.40%
0.70%
1.40%
S$5k – below S$15k
0.50%
0.80%
1.60%
S$15k – below S$30k
0.50%
1.00%
1.70%
S$30k+
0.60%
2.00%
3.00%
Interest Rates rewarded by specific bands of balance: Up to S$25k or S$50k & from S$50k–S$100k
Categories include Credit Card spend, Home Loan Instalments, Insurance and Investments
Salary and/or dividends must be credited to account to qualify for bonus interest
Max Effective Interest Rate:
3.00% p.a. (at S$100k balance)
Promotional rates, if any, are not included
The DBS Multiplier Savings Account is one of the best savings account that you can get as a working adult. They can provide up to 3% per annum worth of interest rates. You can start by converting your existing POSB My Account for Kids into DBS Multiplier without any initial deposit needed. There are two requirements that you need to hit before getting a raise in interest rate: Credit your income monthly to the bank account, and spend either: S$2,000 every month on credit cards, home loans instalment, select insurance policies, and investments that you can choose using the POSB/DBS bank app; or S$500 or more on retail spending (no minimum spending if you are below 29 years old) using the PayLah! App. This account would be the most suitable for those who want an all-in-one experience and use their savings account as a checking account for their expenditure.
Max EIR is highest at a S$70k balance even with the Grow Bonus left inactive. Promotional rates, if any, are not included
The OCBC 360 Account also has flexible ways to increase your interest yield in the long run if you have a stable budget. Their flexibility in earning interest rates is that you do not have to follow one specific requirement to get the first boost. And if you usually credit a salary of more than S$1,800 every month, the OCBC 360 bank account. The OCBC account can provide extra interest yields. In addition, if your account balance increases by $500 or more, you would get a bonus of 0.1% every month, which might encourage you to save more. With OCBC 360, you can earn a maximum of 2.38% per annum. This account would be the most suitable for recently graduated employees who want to kick start their financial path by taking a small step.
The UOB One Account is one of the most friendly savings accounts for increasing your interest rate: You only have to spend S$500 a month on either a UOB One Card, UOB Lady’s Card, or UOB YOLO Card). The UOB One account provides flexibility in their bank account by offering a boost in their interest by either crediting your monthly salary or paying three of your bills by GIRO, making it great for adults without a regular paycheck, such as freelancers, retirees or homemakers.
Base Rate: No requirements (applied to entire balance)
0.05% p.a.
Credit Card Bonus: Spend S$500/month on UOB One, UOB YOLO, or UOB Lady’s Card (bonus interest added to base rate)
+0.25% p.a.
Salary/GIRO Bonus: Credit S$2k+ salary to account or make 3 GIRO debit transactions per month (bonus rates added to base rate & applied to specific band of balance)
+0.50% p.a. on first S$15k
+0.55% p.a. on next S$15k
+0.65% p.a. on next S$15k
+0.80% p.a. on next S$15k
+2.50% p.a. on next S$15k
Best for Salaried Workers Seeking Loans: Maybank SaveUp Account
The Maybank SaveUp Savings Account provides the most flexible ways for you to save and earn additional interest rates from 9 different Maybank products/services. You can pay your GIRO payment with a minimum of $300 monthly or a salary credit with the minimum amount of $2,000. You can also earn extra via spending at least S$500 on credit card spending monthly, investing in at least S$30,000 worth of Structured Deposit or S$25,000 in Unit Trust. The best part about this plan is that your interest rates will increase when you use the bank account to pay for housing, renovation, car and education loans, and insurance. Hitting 2 of the requirements bump your interest rate to 1% per annum, the highest in the market, and considering paying for a loan using this bank account makes you eligible for up to 3% per annum interest rate.
Base Rate: No requirements (rate varies according to band of balance)
0.15% p.a. on 1st S$3k
0.25% p.a. on next S$47k
0.25% p.a. beyond S$50k
Product Bonus: Use at least 1 Maybank service or product, ie loan, insurance, investment, credit card etc. (bonus interest based on number of products & applied to entire balance, up to 1st S$50k)
+0.10% p.a. for 1 product
+0.7% p.a. for 2 products
+2.75% p.a. for 3+ products
Highest Effective Interest Rate: Standard Chartered Bonus$aver Account
The Standard Chartered Bonus$aver Account provides the best interest rate bumps for those who tend to be huge spenders. If you were to pay at least three bills and spend $2,000 on your SCB Bonus$aver World credit/debit card, you would be eligible for at least 0.48% per annum on your savings. This account is suitable for paying off condo fees, children’s tuition fees, and other monthly expenses worth more than two digits.
Base Rate: No requirements (applied to entire balance)
0.01% p.a.
Spend Bonus: Spend monthly on a Bonus$aver credit or debit card (bonus added to base rate)
+0.20% p.a. w/ S$500-S$1.9k spend
+0.40% p.a. w/ S$2k+ spend
Salary Credit Bonus: Credit S$3k+ salary to account (bonus added to base rate)
+0.10% p.a. on first S$100k
Product Bonus: Invest with or buy insurance with SC (bonus added to base rate)
+0.90% p.a. on first S$100k
GIRO Bill-Pay Bonus: Pay 3+ bills online via GIRO (bonus added to base rate)
+0.07% p.a. on first S$100k
Max Effective Interest Rate:
2.38% p.a. (at S$100k balance)
Promotional rates, if any, are not included
Conclusion
While we live in volatile times where everything except your savings skyrockets quickly, all hope is not lost; as long as you have discipline and keep working towards saving and optimising your bank account to get the best returns, you will be able to reap the benefits that you sow.
In the future, you will thank yourself for making the right decision to switch your account to high yield, even if you have made it big by investing right or working hard. Do not underestimate the minor increments of compound interest, as they can still snowball into something more significant in the long term.
While you are here, why not look at a more detailed comparison between the best savings accounts in Singapore and see what other benefits you can get further than just interest rates!
