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Let the children learn that they have to fend for themselves when they grow up. Taking a educational loan is the beginning of responsibility. As parents we are always worrying after our
children. Do they worry about us, have we worried after our parents? Sorry don't mean to be negative these days children takes it for granted that we've to feed them for life.
Your kids can take up education loans right? When they graduate, they can pay off the loans.
When I was in uni, many of my friends took up such loans instead of being a financial burden to their family.
hi ngw050873,
i'm not sure if you are in the right forum since the financial gurus out here are more on stocks gurus. Would like to help you out here. Firstly, as to 'which financial institute is providing the best ROI and at what rates?'
Do you mean the interest rates? Coz im not sure your indication of ROI here. You can try fixed deposit. However, this usually very much depends on your deposit amount and time horizon. The larger your deposit the higher the interest rate offered.
DBS/POSB
i) up to 1.5% -- MySavings Account
ii) 1.8% -- 6/12mths FD (min $50k)
UOB
i) up to 1.25% -- MySavings Account
ii) 1.8% -- 6/12mths FD (min $50k)
OCBC
i) up to 1.00% -- MySavings Account
ii) 1.8% -- 6/12mths FD (min $50k)
SINGAPURA Finance
i) 2.0% -- 36/48/60mths FD (min $50k)
NTUC Thrift
i) 2.0% -- Savings (min $10) / Bonus Savers Account (min $30 mthly)
ii) 2.15% -- Thrift Junior Savings (min $10)
For Amount < $100,000,
12 month -- 2.420%,
24 month -- 2.560% 36 month -- 2.640% 48 month -- 2.670% 60 month -- 2.700%
Secondly, if you need a savings account, try Standard Chartered e-saver of Maybank i-savvy. You can add in more money each month. However, the interest may be lower compared to an endowment plan.
Whether you should purchase an endowment plan or ILP, it depends alot on your needs. Since its for your children's future education expenses, i suggest endowment over ILP since ILP is more for protection and investment. However, you should always do a need analysis with your financial adviser before coming to any decision.
To all financial gurus out there, would appreciate if you could provide me with some advice on what is the best way to save for my children's future education expenses. Got 3 kids that will be going uni at the same time!! Endownment plan? Investment linked insurance? Which financial institute is providing the best ROI and at what rates? Your valuable advise and input is appreciated!