How To Spend Your AngBao Money Wisely

Lunar New Year is a time for family and friends, feasting and reunions. It’s a time that’s filled with traditions to usher in a prosperous and fruitful year ahead, including the gifting of AngBaos.

The AngBao is a gift of money that’s typically packed into a red packet, although the digitally savvy now send e-AngBaos. The colour red is used often, as most Chinese consider it a symbol of luck, life and happiness. That’s also why AngBao money is considered ‘lucky’ money.

The Lunar New Year’s festivities provide an excellent opportunity to enhance your prosperity by growing your AngBao money through investment. Although your pool of AngBao money might not seem like much now, investments can help grow your wealth through the power of compounding interest. Depending on your needs and lifestyle, there are different types of investments or savings available.

For those who want slow and steady growth, consider time deposits with stable returns

A time deposit has a fixed term and interest – this means that your money is put into an account with a specific interest rate and for a certain time period. During this time, you are generally unable to withdraw the money [1], but the gains you make are stable with interest rates that are higher than that of a regular savings account.

Some investors, including those with lower risk appetites, incorporate time deposits in their wealth strategy to enhance their savings. Recently, many banks have increased their time deposit interest rates to pre-COVID rates, and more.

Look out for special promotional rates during the Lunar New Year period to earn more interest. Citibank’s Lunar New Year promotion, for instance, 6.0% p.a. on a 2-month SGD Time Deposit and 7.5% p.a. on a 2-month USD Time Deposit Investment Bundle [2] [3].

Citi’s time deposits can be started with just S$10,000, and a tenure of between one week and 48 months.

To place a Time Deposit with Citibank, login to Citi Mobile^® App or Citibank Online, if you’re an existing customer. For new Citibank customers, start your wealth journey with us to open a time deposit account.

For those who want to get started on stock investments, open a Brokerage account

When you’re starting to invest in stocks, and learning the ins and outs of buying and selling shares, you’ll want to be able to leverage quality insights and analytics to help you make informed decisions.

That’s exactly what you’ll get with Citibank Brokerage [4] if you are looking to get higher returns and you have a high risk appetite. Citi avails to its clients a suite of features designed to meet their trading needs. A good example is the Thomson Reuters Stock Analytics, an analytics tool which provides a series of stock market insights and analysis to support your investment decisions.

With Citibank Brokerage, you will be able to trade at attractive commission rates and seize opportunities in the U.S., Singapore and Hong Kong markets. There are also no charges for handling corporate actions and dividends.

Trading is also made convenient – and speedy – via the Citi Mobile^® App or Citibank Online.

To help you get started on your investment journey, receive up to S$300 cashback when you trade online with Citibank Brokerage from 1 January to 29 February 2024 [5].

For those who want protection, think about insurance

As a child growing up in Singapore, it was common for our parents to channel our AngBao money into a savings account. To stay on the path of financial wellbeing, it is important to continue the good habits of saving regularly. Besides helping to protect you in the event of a financial emergency, saving money can help you realise your dreams and aspirations such as paying for a dream house or vacation.

In addition to having an emergency fund for a rainy day, a comprehensive coverage insurance plan is important. Take the first step by discovering your insurance needs. Get rewarded when you complete a “Fact Find” assessment with Citi from 1 January to 31 March 2024 [6].

Finally, a pro-tip…

Another way to make sure you’re enjoying all those meaningful moments this Lunar New Year – without busting all your AngBao money – is by taking advantage of credit card promotions.

For more festive delights to enjoy with your AngBao money, click here.

Disclaimers

Sources

• 1. If customers withdraw money from the Time Deposit account prematurely, administrative fees may be imposed. Visit www.citibank.com.sg/personal-banking/deposits/fixed-deposit-account to learn more.
• 2. Please refer to https://www.citibank.com.sg/pdf/0622/credit-card/sgd-time-deposit-tnc.pdf for full terms and conditions.
• 3. Please refer to https://www.citibank.com.sg/personal-banking/deposits/fixed-deposit-account/pdf/usd-time-deposit-promotion-tnc.pdf for full terms and conditions.
• 4. Deposit Insurance Scheme | Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
• 5. Terms and Conditions apply. Visit https://www.citibank.com.sg/wealth-management/investments/investment-products/brokerage/ to find out more.
• 6. Terms and Conditions apply. Visit www.citibank.com.sg/ebcny to find out more.
• 7. Terms and Conditions apply. Visit www.citibank.com.sg/2024CGPCINSFF for more information on the Citi Fact Find Assessment Promotion. Offer is valid from 1 Jan to 31 Mar 2024.

This article is for general information only and is not intended to be a forecast of future events nor a guarantee of future results and should not be relied upon as financial advice. All views and opinions are as of the date hereof, and are subject to change based on market and other conditions without notice. The article has no regard to the specific objectives, financial situation and particular needs of any specific person. It is neither an offer nor a solicitation to purchase, nor endorsement or recommendation of any products or services mentioned therein, and the products or services mentioned may or may not be offered by Citibank Singapore Limited, its related entities and their respective directors, agents and employees (together "Citigroup").

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