What are RSPs (Regular Savings Plans) in Singapore?

Banks in Singapore offer RSPs or Regular Savings Plans which typically are the conventional savings accounts that you can start and put money away for the future. Most commercial banks would offer this type of accounts and they vary in terms of interest and benefits. Regular Savings Plans are accounts that encourage you to save money with a promise of good returns. They usually come with certain terms and conditions like a minimum investment amount and a certain minimum amount that you must deposit each month.

 

What are some of the best RSPs in Singapore?

Below are some of the popular plans with the best returns.

• DBS Invest-Saver – Offered by the largest bank in Southeast Asia and Singapore, this is a plan where you get rebates and up to S$125 in cashback when you make transactions. the minimum monthly contribution is S$100 per month where you can invest in 4 of the EFTs and several other unit trust funds. Additionally, it is linked to the Invest-Saver Savings Plan by DBS. Take note that there is an average monthly sales charge between 0.5 to 0.82%.
• FSMOne RSP ETF – As the name implies, this plan is related to ETFs. If you are looking to make an investment that is low-cost every month, this plan would be an ideal option. In fact, it is among the lowest cost option which only comes with a 0.08% charge per transaction. What makes the FSMOn ETF-based Regular Savings Plan such a good one is that you do not need to come up with any principal investment amount and that you can contribute from as low as S%50 monthly. You have access to over 40 ETF counters that are listed in the international market giving you more options to invest your money into.
• Saxo Regular Savings Plan – This is a plan which comes with great flexibility when it comes to knowing where your money is invested into. You get to access the portfolios that are managed by the firm. This plan has a low minimum contribution per month which is as low as S$100 and only 0.75% annual fees. Depending on your risk appetite, you can choose the portfolio. There are no fees like platform, custody or entry and exit imposed but it comes with an initial investment of S$2,000.
• POEMS Junior Share Builders Plan – This is a savings plan which is very beneficial for kids and would be perfect for new and current parents. If you want to start your children to save money from young, this is a great platform to start. Generally, you can open a joint account with the child below 18 years of age with a minimum deposit of S$100 per month.