Short on time to catch up on the news, but want to stay informed about what’s happening in Singapore? We’ve got you covered.
Our team has sifted through the overwhelming flow of news stories, press releases, and reports to curate the top financial updates that truly matter to you and your wallet this week. After all, time is money—and we’re here to help you save both. Let’s dive in and get you up to speed!
1. Civil servants to receive 1.05 months of year-end bonus
Civil servants, we have good news for you. You’re set to receive a 1.05-month year-end bonus, with junior-grade officers getting an extra lump sum of $600, according to the Public Service Division (PSD).
Combined with the mid-year bonus, this brings the total bonus for the year to 1.5 months, with junior officers receiving up to $850 in lump-sum payments for 2024.
This is a boost compared to last year, which saw civil servants receiving a 0.3-month mid-year bonus and a 0.6-month year-end bonus.
2. Singapore’s core inflation falls 2.1%—lowest in nearly 3 years
More good news, and this time for everyone: Singapore’s core inflation dropped to 2.1% in Oct 2024, its lowest since December 2021 and well below economists’ expectations of 2.5%.
Core inflation has generally been declining from January’s peak of 5.5%, driven by slower price increases in services, electricity, gas, and retail goods. Remember that core inflation excludes more volatile items like food and energy, focusing on long-term trends.
Our overall inflation also eased to 1.4%, thanks to falling private transport and accommodation costs. Everyone, take a much-needed breather!
3. COE prices drop by $10,000
COE premiums took a dip this week, with prices for smaller cars (Category A) dropping by 10% to $89,889 (down from S$99,889), and larger cars (Category B) slipping to $105,081.
This comes after the government’s announcement to gradually inject up to 20,000 additional COEs starting in 2025, thanks to improvements in traffic management and changing travel habits post-pandemic. With fewer vehicles on the road due to flexible work arrangements, it seems the COE market is starting to adjust.
Just bought a car? Awesome! Get it protected with car insurance.
4. Standard Chartered launches the Beyond Credit Card
Standard Chartered has just unveiled a swanky new luxury credit card—the Standard Chartered Beyond Credit Card. It comes with a minimum income requirement of S$200,000 p.a. (that’s a monthly income of $16,667!) and an un-waivable annual fee of $1,635, so you can guess the clientele it’s aimed at. Here are some of its features and benefits:
- Uncapped 8 miles per dollar on foreign dining spend
- Unlimited Priority Pass airport lounge visits
- Complimentary business class upgrades (2 upgrades when you purchase two Business Class tickets and two Premium Economy tickets)
- Complimentary birthday meal at a Michelin-starred restaurant in Singapore (others at your table enjoy 15% off)
- Complimentary airport limousine transfer services at 107 airports (2 complimentary transfers for Priority Banking clients, 10 for Priority Private clients)
- Hotel Elite Loyalty Status:
- GHA Discovery Titanium tier membership (including Capella, Kempinski, Pan Pacific, Parkroyal and more)
- Wyndham Hotels and Resorts Diamond tier (including Ramada, Wyndham, Trademark collection and more)
- Hotel Elite Membership: Accor Plus Explorer Plus Membership (includes Pullman, Swisshotel, Sofitel, Novotel, Mercure and more)
- 4 complimentary green fees (including Sentosa Golf Club, Warren Golf and Country Club, Horizon Hills in Malaysia and other premium golf clubs across Southeast Asia)
If you feel these benefits go above and beyond the staggering $1,635 annual fee you’ll have to pay, you’ll be happy to know that Standard Chartered is offering 100,000 miles as a welcome bonus. All you need to do is pay the annual fee (gulp) and spend $20,000 within 90 days of your card being approved.
You might also have seen Standard Chartered talk about a 1,000,000 miles promotion. You only earn that insane figure if you get this card and park a ton of cash in Standard Chartered savings accounts, unit trusts, and insurance. For new Priority Private clients, that includes at least S$1.5 million in fresh funds to be deposited.
5. Trust Bank to launch new investment solution TrustInvest
It’s not out yet, but word of it is. Trust Bank has announced that they’ll be launching their first investment product for customers, TrustInvest. This is on the back of the Trust Cashback Credit Card they launched earlier this year, which in turn joined other Trust products such as the Trust Instant Loan. All in all, Trust will then cover the whole gamut of money management—saving, spending, borrowing, budgeting, insurance, and soon investment too.
How will TrustInvest work? What’s on offer? The details aren’t released yet, but we know we can expect a range of investment solutions from the product in 2025. For now, you can join the waitlist via the Trust App. Trust will let you know when you can start using TrustInvest via email or push notification.
6. Maybank launches second Singapore lifestyle branch
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Malaysian bank Maybank has just launched its second lifestyle branch in Singapore—MSpace@Maybank Tower. This is on the back of Maybank MSpace@Orchard launched in 2018.
What is a lifestyle branch anyway? It’s like a bank branch, but make it vibey. To paint the picture for you, MSpace@Maybank Tower offers banking services in a space they share with Joe & Dough, custom Japanese-designed cloud pendant lights, a moss wall, various plants, and wood elements. Essentially, the goal is to make your banking experience better.
MSpace@Maybank Tower
- 2 Battery Road Maybank Tower Singapore 049907
- Monday – Friday: 10 am – 630 pm
- Closed on Saturday, Sunday and Public Holidays
7. Barclays Private Bank to establish Singapore booking centre
Barclays has just announced plans to set up a private banking booking centre by 2026. After selling its Hong Kong and Singapore wealth business to OCBC in 2016, Barclays made a comeback to Singapore’s private banking scene in 2021, and now they’re doubling down on their investment in the region.
So, what’s a private banking booking centre? Think of it as a local base where Singaporeans can manage their wealth more easily, get access to tailored financial advice, and tap into global investment options that Barclays offers.
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About the author
Vanessa Nah pens articles on the ins and outs of buying your first home, the T&Cs of credit cards, and the ups and downs of alternative investments. A researcher at heart, she gets a kick out of breaking down complex finance concepts for the everyday Singaporean. When Vanessa’s not debunking finance myths, you’ll find her attending dance classes, fingerpicking a guitar, or (most impawtently) fulfilling her life mission to make her one-eyed cat the most spoiled and loved kitty in the world.
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