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
