Staying informed about your finances is crucial, especially in today’s ever-changing economic landscape. This blog post, brought to you by Retire Rich, your guide to navigating Singapore’s financial terrain, highlights three key developments this week that can impact your money:

Let’s start.

#1. File Your Taxes on Time (The Deadline is Approaching!)

With the tax filing deadline for the Year of Assessment (YA) 2024 fast approaching, don’t miss out! Here are the key deadlines to keep in mind:

  • Electronic Filing (e-Filing): April 18th, 2024 (Recommended and most convenient)
  • Paper Filing: April 15th, 2024

Missing these deadlines can result in penalties, so act now to ensure your tax return is submitted on time. For a comprehensive overview of the latest tax rates and reliefs, check out our previous informative article here.

#2. UOB One Interest Rate Changes: Time to Re-evaluate Your Savings Strategy?

UOB recently announced a reduction in interest rates for their popular UOB One savings account, effective May 1st, 2024. Depending on your account balance, these changes might affect your interest earnings.

Previously: UOB One offered tiered interest rates that could reach up to 7.8% for balances under S$100,000 with qualifying criteria (minimum salary credit and card spending).

New Structure: The highest tier now offers up to 4.5% for balances below S$100,000. Here’s the interesting part: balances between S$100,000 and S$125,000 will earn 4.5%, while balances between S$125,000 and S$150,000 earn 6%.

The detailed interest rate changes are shown in the table below.

Let’s see the real impact (assuming you meet all qualifying criteria):

  • Balance of S$100,000: Effective interest rate drops from 5% to 3.38%.
  • Balance of S$150,000: Effective interest rate increases from 3.35% to 4%.

With these changes in mind, it might be a good time to re-evaluate your savings options and explore accounts that offer more competitive interest rates.

#3. CPF Account Closure for Non-Citizens and Non-PRs: Important Deadline Alert!

If you’re not a Singapore Citizen (SC) or Permanent Resident (PR), the Central Provident Fund (CPF) Board is closing accounts for non-SC/PRs by March 31st, 2024. Here’s what you need to do:

  • Deadline: Close your CPF account and transfer your savings to your personal bank account by March 31st, 2024.
  • Automatic Closure: If you miss the deadline, your account will be closed automatically in April 2024. However, your savings will still earn interest until March 31st, 2027, at commercial bank rates. After that date, no further interest will be accrued.
  • Taking Action: Close your account and transfer funds online via Singpass (if available) or submit a form and supporting documents to the CPF Board.

For detailed instructions and more information, visit the CPF website here.

Stay Informed and Make Informed Decisions

If you like this article, stay ahead of the curve by keeping up with our Retire Rich Weekly newsletter. Informed decisions lead to a brighter financial future.

Subscribe below to receive valuable weekly insights and expert advice delivered straight to your inbox.

About the Author

Ivan Guan is the author of the popular book "FIRE Your Retirement". He is an independent financial adviser with more than a decade of knowledge and experience in providing financial advisory services to both individuals and businesses. He specializes in investment planning and portfolio management for early retirement. His blog provides practical financial tips, strategies and resources to help people achieve financial freedom. Follow his Telegram Channel to join the FIRE community.
The views and opinions expressed in this article are those of the author. This does not reflect the official position of any agency, organization, employer or company. Refer to full disclaimers here.

{"email":"Email address invalid","url":"Website address invalid","required":"Required field missing"}
>