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Asian couple searching on internet and making notes; image used for HSBC Singapore Smarter ways to grow your cash article.

Smarter ways to grow your cash

Life is unpredictable. It's wise to start looking at how you can save for your future, well before that rainy day comes. Let's explore the different ways you can optimise your cash holdings and grow your wealth.

Put it in a time deposit

Looking for a steady way to increase your savings? Time deposits could be a smart choice, if, like the name suggests, you have the time to spare. Time deposits do provide some degree of flexibility, so you can choose a maturity period or a currency that suits your financial needs and wealth goals best.

All you need to do is to set aside at least SGD5,000 to earn an interest rate higher than what you'd get in an ordinary savings account. And for a limited time, we're offering preferential rates for time deposits.

Do your research

The value of your cash can fluctuate with market trends and economic volatility, especially if you're holding onto foreign currencies. Having trusted sources of information handy can help you make more informed decisions for your money.

Feeling overwhelmed or in need of something you can absorb quickly on the go? Check out our Wealth Insights hub, which brings you information from our analysts around the world, around the clock.

Diversify through foreign exchange (FX)

Varying the currencies you hold through FX investments can be helpful, particularly if your child is studying abroad or if you have an overseas mortgage. Keep an eye on FX rates so you can convert your money when rates are looking attractive.

If you already have a target FX rate in mind, our FX Order Watch service is just the thing you need. We'll monitor the market and convert funds for you automatically once your target rate is available. The FX market never sleeps, so if you don't want to lose sleep over constantly having to keep track of how it moves, you can leave that job to us.

Budget your expenses

It's easy to go overboard with your spending - there's always a new watch you can buy or the option of going with the most expensive hotels on your next vacation. But by tracking your expenses on a monthly basis, you'll be able to keep your spending in check better. You can find apps like PocketGuard or Mint on Google Play and the App Store, which can help you stay within your budget. Some of these apps, like Fortune City, even turn expenditure tracking into a game, so it feels less like a chore and more like a fun target you've got to hit.

Explore your options

There are more ways than one to invest, such as capitalising on exchange rate fluctuations. Whether you're new to FX investments or already familiar with it, we provide a diverse range of investment solutions that can help you make the most of your money.

One such solution is unit trusts. You can choose from an extensive array of unit trusts, and invest in a variety of strategies to find one that's right for you. The great thing about unit trusts is that your money is being invested in a diversified portfolio of investments by a professional fund manager, so your risk exposure is spread over a basket of securities, instead of just one. Check out our Unit Trust page, where you can get started with an investment as low as SGD1,000.

Alternatively, if you're an experienced investor, you might wish to consider securities trading. Our online securities trading platform lets you trade in a variety of securities, including stocks, Exchange Traded Funds (ETFs) and Real Estate Investment Trusts (REITs).

Ready to start growing your wealth with us? Find out how to get started.