When I was eight years old, I remember seeing my grandma taking out her savings from a container tin she hid under her bed whenever she needed the money. Today, that image can only be seen on TV shows as most of us now keep our savings in a bank.

The bank pays an interest for every dollar we deposit but we know the rate is outrageously low in Singapore; less than a percentage per annum! You might consider depositing your money in foreign countries to earn a higher interest rate; Malaysia and Australia offer interest rates around 3%. However, you will need to think twice when you take currency exchange into account. From 1988 to 2015, the Malaysia ringgit and Australian dollar have depreciated by approximately 55% and 28% against the Singapore dollar respectively! That leaves us little choice but to keep our money with a local bank and ...