An elderly person has $50,000 of fixed deposit that is maturing soon. He asked for my advice on how to invest this sum.
I asked him to read my Invesment Tips, April 2007
My preference is to invest in the Money Market Fund under NTUC Income, which yields a money market rate of about 3% to 3.5%. It has very low risk. During the past few months, I have invested most of my savings in this fund.
I searched for "fixed deposit" under Google, and found the following interest rate offered by DBS Bank and UOB bank for deposit above $50,000:
3 month: 1.7%
12 month: 1.8%
I am not sure if they offer a higher interest rate for seniors, say 0.25%. Perhaps, you can call them to find out, if you are interested to invest in them.
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