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What are the common mistakes older Singaporean adults make when it comes to planning their finances for the next decade or so? Do they need to factor inflation rates and how often should they review this?

How about retirement calculators, like those by the CPF, to make good estimates? How can credit card debt be effectively reduced before reaching retirement age?

Mr Vipin Kalra, CEO of BankBazaar International, offers tips on how to do this systematically.

Produced by: Ernest Luis

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Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.

Local banks are introducing higher bonus interest rates to get customers to save more. From Nov 1, 2018, OCBC customers can earn an effective interest rate of up to 3.2 per cent per annum on the first $70,000 in their savings account known as the 360 account, when they fulfil some criteria.

The move comes after United Overseas Bank (UOB) in August raised the balance amount for which customers can earn maximum bonus interest.

Customers who have a UOB One account can receive an effective interest rate of up to 2.44 per cent per annum in bonus interest on their first $75,000 when they spend $500 on their credit card and credit their monthly salary of at least $2,000 or have three Giro debit transactions.

DBS Bank has a Multiplier account which can earn customers up to 3.5 per cent per annum in interest on the first $50,000, as long as the salary is credited into the account with two or more separate transactions with the bank. The transactions can include credit card spending, investments and mortgages.

Produced by: Ernest Luis & Christopher Lim

Like, subscribe and rate our Money Hacks podcast on:

Spotify: http://str.sg/oeGN
iTunes: http://str.sg/oeXe
Google podcasts: http://str.sg/oeGd
Feedback to: podcast@sph.com.sg

Do note: Any financial or investment information in this podcast is for use in Singapore only and is intended to be for your general information. Any particular investment or decision should only be made after consulting with a fully qualified financial adviser.