if you’re a lazy ass like me who just don’t want to deal with asking people to change with you.
I wanna bank in 228 coins (72 50cent, 36 20cents, 110 10cents, 10 5cents) = $65.5
Currently, I have 5 Options to choose from:
- Posb/Dbs – Charges $0.012 per coin (Cost : $ 2.74)
- Singapore Mint – Charges $3.75 for every 1,000 coins (Cost : $3.75)
- OCBC – Charges $1.50 for every 100 coins (Cost : $4.5)
- Citibank – Charges $5 for total coin value below $200 (Cost: $5)
- Standard Chartered – Charges $5 for total coin value between $20-$100 (Cost: $5)
- UOB – Free for the first 199 piece/ Subsequent $1 for every 200 pieces (Waived for junior account holder) – Courtesy from Kj 🙂
- CIMB – $5 for every 100 coins
- Maybank – $2 for every 200 coins
- HSBC – First 50 coins are free, $5 for the next 1000 and $10 for the subsequent 1000 or part thereof
- Bank of China (BOC) – $5 for every 1000 coins
As you can see the cheaper option for me now is to bank it in through Posb/Dbs [As I do not have a UOB account] with a total cost of $.274. Due to the small amount of coins I have, it makes no sense for me to be depositing through Singapore Mint (even though it is the cheapest) as I will be charged the full amount of 1,000 coins ($3.75).
I need to get a new piggy bank for the 1,000 coin:(
+1 knowledge point
The main focus of this post is to illustrate one simple scenario on what you can do with your SRS account.
What are the attributes that CPF has?
- The simplest form of investment
- Steady payout (after retirement)
- Constant Interest Rate
So why do people sign up for SRS?
- Reduce income tax (after maxing up CPF contributions)
- Invest with the money that will be “used to” pay for tax
It’s not easy to be the promissory interest rate that CPF gave with the investment being “simple”
So how do you make your SRS like Your CPF??
The clear reason for this recommendation is basically due to its simplicity/constant payout/credibility (don’t need to understand or research so much ~ compared to an index.)
- Photo Credits – https://www.diyinsurance.com.sg/portal/articles/html?art_id=46
p.s: as you can tell these, are not real fantastic instruments for investment but if you’re looking for something really basic (with huge capital in your SRS) search for independent agents who can provide you better annuities policies.
Hope it spurs a higher need in you to find better instruments 🙂
“+1 knowledge point”
p.s : I’m planning to go back to more personal finance too at the same time 🙂 been really busy with my upcoming exam.
Weekly Chart Analysis – Price action on the stock indicates that it is in an overall bull trend ( started in 2009 ), making higher highs and higher lows. Something I spotted was that market tends (high probability) to retrace to the 0.5 area before moving higher.
Current price action indicates a probable retracement more than a continuation of the trend.
Daily Chart Analysis – Differs a lot from the weekly chart, where it shows that price action has recently respected previous structure low (maintaining the trend characteristic). The market still has a leg room to prove the retest, hence an entry now wouldn’t be a wise one.
The ideal entry would be an exhaustion in retracement like the current one, It will provide a better Risk to Reward Ratio.