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Humanising Finance
February 2016
     
What to do with your ang bao money
Chinese New Year is just around the corner. For those who will be receiving ang baos or red packets, lucky you!

Before you start thinking that the money from your ang baos is just a small sum, there are actually a number of things (besides spending it!) that you can do to put the money to good use.
 
1. Boost your returns on the money with a high-interest account

Should you decide to save the money, make sure you do so in a higher-interest bearing account. There are several banks with programmes that offer higher interest rates, one of them being the Save Up Programme with Maybank. Given we are already spending on our credit cards, making GIRO payments and crediting our salary into our bank accounts, we definitely should not miss out the rewards that come with it! The interest rates offered by the different banks vary but you can receive interest of up to 3% p.a. on your savings through Maybank’s Save Up Programme.

 
 
2. Get an annual travel insurance plan
Singaporeans have a strong sense of wanderlust. In fact, the average Singaporean travels about 3-5 times a year. Given the love for travel, it may be wise to invest into an annual travel insurance plan which will help provide peace of mind for all your trips throughout the year. Often, these plans are also quite affordable given the coverage that it provides.

For example, an individual annual travel insurance plan with worldwide coverage from Etiqa insurance costs $400, making it a great investment of your ang bao money for a year of worry-free travelling.
 
 
3. Upskill!
If you haven’t already heard, Singaporeans will receive SkillsFuture Credit to upgrade their skills or simply take up a course on something you have always wanted to learn. Combine this credit with your ang bao money and you will have a decent pool of funds to learn a new skill or further your career.
 
 
Always wanted to find out more about a finance-related issue? Email us at: corporateaffairs@maybank.com.sg
 
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