5 Places to Put Savings For July 2024

It pays to be a saver, and this is especially true when rates are good. This month, those with cash are indeed quite spoilt for choices with a bunch of great ways to get higher interest or returns for our cash savings.

Here’s a round-up of 5 places you can consider placing funds in for the month of July 2024.

1. UOB Q3 Promo – up to around 5.94% p.a. possible

UOB’s quarterly promo has been announced for the third quarter of 2024, and as usual they are giving bonus cash for savers to set aside funds for a few months.

Combined with UOB One, this can offer as much as 5.94% p.a. interest – provided you have S$150,000 fresh funds in the account and meet the salary and card spend requirements. The funds are also locked up for at least 4.5 months.

It’s a bit of work, but the combined interest is pretty great. There’s time to put funds into UOB One to take advantage of the promo, and I’ll be posting a piece on my analysis so stay tuned for that.

2. Chocolate Finance – fuss-free 4.2% p.a. returns

After a long hiatus of sorting through regulatory requirement, Chocolate Finance has opened its doors to new users.

While not a savings account, Chocolate Finance’s top-up arrangement gives a flat 4.2% p.a. returns on the first S$20,000 of funds per user. It also provides liquidity for users in form of instant withdrawals (up to S$20,000 per day), and cash is immediately transferred to your bank account.

Also, the underlying funds are invested in investment grade, short-term bonds so I’m very happy with the arrangement. Read more about Chocolate Finance here. It’s still not opened to everyone, but you can get early access with my link:

Chocolate Finance

If prompted for a code or link, enter https://share.chocolate.app/nxW9/r2owrmkf

  • Enjoy 4.2% p.a. on your first S$20,000 and a target 3.5% p.a. on any amount above that.
  • Please note that returns above S$20,000 can fluctuate and may even be negative; keep balance under S$20,000 to avoid that
  • For withdrawals up to S$20,000 (or multiple withdrawals adding up to S$20,000 within any 1 given day) – You will receive your money instantly! 

Get 4.2% p.a. returns with Chocolate Finance. See terms and conditions

3. HSBC EGA Promo – 4.6% p.a. for one month

HSBC rolls out promos for HSBC EGA each month, and July’s promo sees a 4.60% p.a. rate possible. The rate is for fresh funds and applicable for the first month only, with the second month getting 3.60% p.a.

You can read more about it here:

4. Moomoo Cash Plus – 6.8% p.a. guaranteed returns

If you are a new user to moomoo, you can get loads of goodies by signing up and meeting a few simple requirements. One of the sign-up perks is getting 6.8% p.a. guaranteed returns on up to S$80,000 placed in Moomoo Cash Plus.

It’s an investment, though relatively low risk since the funds you choose from for Cash Plus are invested in things like government bonds and bank deposits.

Moomoo has been running this promo for Q2 2024, and the promo is slated to end after 15th July 2024.

5. Government bonds – SSB offering around 3.2% p.a.

The last channel to consider is our very own government’s bonds and there are plenty to pick from this month. In particular, Singapore Savings Bond (SSB) for August 2024 offers guaranteed 3.19% to 3.22% p.a. returns.

Stay subscribed for more savings updates and deals

If you want to earn more from your savings accounts, credit cards etc, stay subscribed for more great deals and updates! We are nearing 20,000 subscribers who have opted to stay updated on ways they can earn more from their savings, credit cards etc.

Keep up to date on the best cashback/mile cards, financial products, attractive deals, and more tips to maximise your financial wellbeing by subscribing to my Telegram channel.

Subscribe to the channel, then join the group chat. You would often benefit from the tips shared exclusively in the group chat!

Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!

Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).

Leave a Reply