Singapore Savings Bond Allocation and Singlife 2%

 

SSB allocation is out and the quantity ceiling for this September issue is $13,000. Looks like I am 100% allotted. No surprise there.

I checked my cdp online and it shows S$10,000 this double confirms it for me.

Quite a decent bond with 2.63% pa for first year and a step up to 2.71% on the next. Will look out for the next October issue to see if there is any improvement in yields.

Despite the 200mil increment in issuance, this current issue is still more than 2x oversubscribed by the public.

With the attractive yield of risk free bonds like SSB, banks and fintechs are feeling the heat. Yesterday Singlife texted me about their new interest revision.

From 1st October 2022 onwards, base return will be buffed from 1% pa to 1.5% for the first S$10k. Next S$90k will also be buffed from 0.5% to 1.1% pa. 

This means an effective return of 2% for the first S$10k and 1.6% for the next S$90k if you do the $500 Grab top up and transfer trick. Ie. use Singlife debit card to top up $500 to Grabwallet and since its a debit card top up, you can transfer it back to Singlife without it impacting your spending limit. This counts as Singlife spending and you will be awarded the extra 0.5% pa.

They have also lowered the minimum amount to have in force from S$500 to S$100. This is likely to cater more to Gen-z, which GSX, the new digital bank by Grab+Singtel, is currently actively promoting to. 

This means I can further optimize my savings account next month. See how it goes.