Are you also afraid of taking risks in terms of investment? You are not the only one. Many individuals choose low-yielding, but safe instruments like saving bonds. Being a child you are always taught how to save money and the significance of saving money in your piggy bank but as you grow, you do not have piggy banks for your savings anymore, then where to save this money? The most common and simple answer that you will receive from anyone and everyone is a bank. Banks are the safest, most secure, and dependable places to save your money whether they are for your emergency funds or future crises.

However, banks may not be the best available option for those who want their money to grow as they provide very fewer interest rates with which you can only purchase a liter of petrol. What if there is a smarter option to store your money even while you relax or sleep? This is when the Singapore Savings Bonds come into action. This is a very valuable investment instrument. These bonds are a kind of government assurance with attributes that make them an excellent alternative for investors. This is completely seconded by the government of Singapore. This has gained a lot of popularity amongst Singaporeans and foreigners as it delivers a higher return on investment in comparison to the banks.

Many individuals suppose SSBs are too fortunate to be true. If you are one of those individuals, you must know how the working of the SSBs is done so that you can have stability of mind. When you choose to instill in SSBs, it implies you are providing the government full rein into instilling your money. Most importantly, you should trust the government for the return of your money. Considering many aspects, you are convinced that your money is in safe hands, whether you want to wait for your investment to ripen or not. Many individuals raise questions about how to apply and how to redeem. They may even ask what should I put my emergency funds in? You will be explained everything by them, or even you can Google, everything today is online, and you need not go anywhere for anything.

Cons of SSBs

There is no doubt that SSBs are extremely beneficial and effective for people who do not want to risk their money. However, some individuals do not find it that helpful, and here are a few reasons why. Firstly, it provides low-interest rates i.e. the SSB holders could determine a 3% normal return rate per year by the time it ripens and this is the most general reason to pass up on SSBs. Secondly, you receive higher returns only when your SSB ripens or matures. Thirdly, the limited investments i.e. it has a maximum investment limit of $2, 00,000 per person.

Now, let us briefly talk about the best high interest savings accounts Singapore. Here are a few best savings accounts with the highest interest rates in Singapore.

• UOB One Account
• OCBC 360 Account
• DBS multiplier Account
• POSB SAYE Account and
• Standard Chartered Bonus Saver Account

To Sum It Up

When it comes to saving money, rest assured that you should have adequate knowledge and comprehensive information on the various saving options available with the bank. It would ensure that you do not have any problem investing your hard-earned money in a saving scheme with the bank. Not all would be reliable, but with comprehensive information on SSB, you could save your money and relax. The bank should offer you all the information related to the pros and cons of investing your money in SSB bonds.