What do a digital otter savings buddy, private home sales and new cars have in common? They’re all part of What’s Happening This Week?, our weekly round-up of the latest finance news and updates that matter to you.
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Trust Bank launches Savings Pots
How cute are these?
You’re looking at Trust Bank’s new Savings Pots feature, designed to make saving effortless, engaging, and even fun. The idea is simple: you set up a personalised pot, define savings goals, and watch as your adorable digital savings buddy—such as a lion, otter, or monitor lizard—hatches and grows as you save.
The feature is powered by AutoPay, which automates recurring top-ups, so you never have to worry about remembering to save. Customers can create up to 5 pots at a time, with popular goals like emergency funds, travel, or a dream home. With no minimum deposit, no lock-in periods, and instant withdrawals, Trust’s Savings Pots are a flexible option pretty much anyone could benefit from.
Even better, Savings Pots earn the same attractive interest rates as your Trust Savings Account, so your money keeps growing without any extra effort. Over 75,000 pots have already been created.
- Minimum Initial Deposit
- S$0
- Base Interest p.a.
- 1.25%
- Max Interest p.a.
- 3.5%
New private home sales surge in November
November was a standout month for Singapore’s private property market, with developers selling a staggering 2,557 units—the highest monthly total since 2013. The fuel? Interest rate cuts and an impressive 6 new launches, including Chuan Park, Emerald of Katong, and Nava Grove, which accounted for 82% of sales. The numbers reflect a 246.5% jump from October and a 226% increase compared to November 2023, according to the Urban Redevelopment Authority.
Including executive condominiums (ECs), total sales soared to 2,891 units, marking a 277.4% spike from October. New launches weren’t lacking either, with 2,871 private units (excluding ECs) hitting the market—437% more than October.
Buyers returned in droves as interest rates dropped in September and November, with another projected cut in December likely to sustain the momentum. Notably, October and November sales combined surpassed sales for the first nine months of 2024, totalling 3,295 units versus 3,049 units.
With 6,344 units sold in the first 11 months of 2024, excluding ECs, this year’s sales are on track to outshine 2023’s low of 6,421 units—the weakest in 15 years.
How Singaporeans travel: Insights from Traveloka’s latest survey
Traveloka, Southeast Asia’s leading travel platform, has revealed some fascinating insights about Singaporean travelers through its first-ever APAC consumer survey. Polling over 12,000 respondents, including 1,023 from Singapore, the results offer a snapshot of travel preferences heading into the new year.
Why do Singaporeans travel? For most, it’s to “rest and recharge” (38%), far ahead of visiting tourist spots (16%). When it comes to destinations, natural attractions like mountains and parks top the list (61%), followed by urban cities (53%) and cultural sites (44%).
Safety is the top priority when choosing where to holiday (72%), followed by budget (68%), new experiences (51%), and local food (48%). Price sensitivity is key, with 45% prioritizing price when booking accommodation and 47% considering unfamiliar destinations if discounts are available.
When it comes to payment methods, Singaporeans prefer credit/debit cards (71%), cash (62%), and travel cards like Wise and YouTrip (37%).
Interestingly, sustainable travel is on the radar too—51% opt for it if available, though only 13% actively seek it out. Finally, travel platforms like Traveloka, Agoda, and Expedia are the go-to choice for 53% of Singaporeans when planning trips.
Check out Traveloka’s full report to view the full survey findings.
ALSO READ: I Tried 6 Travel Tips to Save Money—2 of Them Shaved $1,000 Off My Upcoming Trip
COE prices inch higher
COE premiums continued their upward trend in the latest bidding exercise, with most categories seeing increases. For smaller cars in Category A, prices rose to $96,000, up from $94,000. The largest jump was in Category B (larger cars), where premiums surged by nearly $6,000 to $109,000.
In the Open Category, typically used for larger cars but applicable to any vehicle, premiums climbed to $108,992, an increase of nearly $5,000. Motorcycle premiums also rose to $8,381 from $7,878.
The only category to dip was commercial vehicles, with COEs dropping slightly to $69,890, down from $70,289.
A total of 3,864 bids were submitted for 2,667 available COEs, reflecting strong demand. Prices remain volatile following record highs in October 2023.
The government plans to inject 20,000 additional COEs across all categories starting February 2025, supported by the ERP 2.0 system aimed at managing traffic congestion. For now, the market stays competitive.
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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.