Paying off debt - the interest on borrowing is usually higher than the interest earned on savings, so it might be better to pay off high interest loans and debt. We discuss this in more detail here.
Overpaying on your mortgage - if your mortgage allows you to make additional payments, you can use your savings to cut years off the term and potentially save a lot of money in interest. Some banks offer offset accounts, where any additional funds sitting in the account reduce the interest paid on the original sum owed.
Fixing savings rates – Unless you need fast access to your savings, you'll usually earn more interest if you move your money from a regular savings account into fixed rate savings (also called Term deposits).
Investing - Instead of leaving your money in savings under a low interest rate environment, you can invest it. Although this comes with greater risk, it may be worth considering to help you achieve longer term savings goals. You may also be able to invest sustainably, in line with your personal values. The good news is that it's possible to invest with a conscience and have the potential to make a profit at the same time. We explain investing in more detail here.
HSBC Singapore can help you achieve your longer term savings goal.
