Tea with Jean: Improving personal cash flow.

The following guest blog is contributed by a reader, Jean:

I have done some search from internet and see whether got any way to get return slightly more than FD and also receive some amount of return in the future.

 

Here's what I have done and for sharing purposes:-

 

First, I open an 360 saving account at OCBC.

www.ocbc.com.sg/personal-banking/accounts/360-account.html

 

If I qualify, I will get 3.05%pa for 50K saving.

 

2nd, I just need to change my current giro payroll to this 360 saving a/c 

 

3rd, I also applied a credit card called OCBC Cashflo (with Great Eastern logo at the top right), which would be useful for my 4th point below.

www.ocbc.com/personal-banking/Cards/GE-Cashflo-Mastercard.html

 

4th, I bought an insurance plan called Family Three from GELA for three of my children. I just need to pay for 10 years and the return will run till my children pass away and still got a lump sum for my grandchild, if any. I make use of the credit card above to make the payment by instalments to enjoy the yearly rate for the premium, which is cheaper if compare to monthly premium. As I bought three policies thus my monthly instalments is more than $400, which make me qualify for the 3rd criteria of the 360 saving a/c.

www.greateasternlife.com/sg/en/pdf/brochures/Family3.pdf

 

In order to fully enjoy the 3.05% interest of 360 saving a/c, I need to meet one more requirement, ie pay any three bills using OCBC online or Giro. So, I use this a/c to pay the above credit card bill, tel co bill and utility bill.

 

Good point for the 360 saving a/c is.....I can withdraw any amount any time freely which FD cannot. But.... ceiling is 50K. :(

 

Pertaining to the insurance......I have bought the similar type in Malaysia, which introduce this plan few years earlier than Singapore, and now I enjoy the return...... use for travelling and service other present policies. If I rich enough, I may buy more so that can get more guarantee return in the future, provided GELA never got financial problem in the future. And in order to enjoy the lower premium...one must have CHILDREN.

 

Hmmm.....I am not insurance agent, not work in OCBC bank and also not a credit card promoter. This is just purely for sharing only.

 

In an email to me, Jean said, "I also hope to receive some comments that can improve my plan." So, please feel free to leave comments for Jean. Thank you.

 

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