Insurers have been launching various short-term endowment plans over the last 1 year.
Income (known as NTUC previously) has also recently launched a 3 years endowment plan that pays 3.55%p.a. But the reason why I am highlighting the product isn’t for the product itself, but for their marketing message “3 is better than 2”.
IMO, that’s great copywriting (probably written by someone with good financial knowledge too). So if you are wondering if Income Gro Capital Ease is a good saving plan /option, my short answer is yes.
Back when saving interest rates were really low, it would have been better to do shorter tenure saving plans / plans with flexibility so that we could cash out and reinvest somewhere if interest rates rise. However, in the current environment where our short term savings rates are relatively high (for Singapore at least), it is actually better to opt for the longer tenure plans to lock in a higher rate.
The reverse is true for borrowing rates – which is why I had advise clients to go for the DBS 5 Years Fixed rate previously.
If you are interested to find out more about Income Gro Capital Ease, drop me a note or simply head over to their website to find out more: https://www.income.com.sg/savings-and-investments/gro-capital-ease.
But most importantly, do remember that before selecting the plan/vehicle, it is essential to assess your goals and priorities first. The plan is only good, if it fits your objectives.
Important: The information and opinions in this article are for general information purposes only. They should not be relied on as professional financial advice. Readers should seek independent financial advice that is customised to their specific financial objectives, situations & needs. This advertisement or publication has not been reviewed by the Monetary Authority of Singapore.
I believe that “Worrying is not planning and Hope is not a good strategy”.
Hence, my role as a Certified Financial Planner CFP® is to help my clients build sound financial strategies and design action plans that put them on track to their financial goals – so that they can live the best possible life for themselves.
This is done via a systematic approach of ongoing cash flow management & asset allocation, as well as investment management, estate planning, and tax optimization.
I also ascertain that I stay up-to-date with industry trends and policies changes to ensure that my clients benefit from the latest strategies and opportunities available.
Over the years, I have developed a specialty in comprehensive financial planning for busy legal professionals & educators. I also particularly like assisting working mothers & young families to achieve their long term financial goals. Working with the largest independent financial advisory (IFA) firm in Singapore also frees me from product pressures and allows me to only recommend solutions that suit my client’s needs. And client’s interest, is always the core of my FA business.
Being a wealth planner is my dream career and this is what I hope to do for a long time.
Other than financial planning & investment, I love to travel, read, bake and I am an adrenaline enthusiast (I am most looking forward to the day my children join me on my adventures).
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