I am trying to have her put in a fixed amount each month into SSB so that she can get a small amount of money every month which is a small supplement for her.
This can also help her save more since she is still working right now and the small supplement can help her a bit if she were to retire like maybe to pay some bills.
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| Feb 2019 Interest rate |
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| Feb 2018 Interest Rate |
My mum loves the idea of SSB since I introduced it to her in mid of 2018.
For her, saving is a difficult task as her money is usually spent on us (her children) or travel or shopping.
Forced savings have always been a thing that helps her save so she has been putting her money in savings plans by insurance companies.
However the thing is that there are lock-in periods which she is kinda uncomfortable right now as she is about to retire soon.
SSB helps her to save as it keeps her money away from her but is also available when she needs it.
I am also glad that she is comfortable with it.
Even though the interest rate is not amazing but at least it is something to get started with!
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Good that you managed to persuade your mum to put SSB! Tough luck on my side, rather put into those 1.5% FD with lock in period.
ReplyDeleteYield curve is flattening towards late economic cycle. Rates are rising at the front end while going down at the backend. So far Feb 19 ssb still giving better average yields than Feb 18 ssb. ��
ReplyDelete