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Daniel Kok

01 Oct 2020

∙

Singlife is dropping their interest from 2.5% to 2%?

What’s your take? Would you still be keeping your $10k inside for now for 2% non guaranteed?

Singlife Account Singlife Insurance

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Discussion (4)

HC Tang

01 Oct 2020

Financial Enthusiast, Budgeting at The Society

Not a lot consider if one keep 10k as emergency savings with the easy withdrawal and liquidity.

So monthly interest earn from $20.83 to $16.67, so about $4 less.

Still getting $16.67 monthly.

If one uses Sim only plan at $10 to $20, it still covers 90% of monthly telco bills.

So still good.

Till it gets worst and something better comes up, then only think of next move.

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Sebastian Png

01 Oct 2020

Seedly Student Ambassador 2020/21 at Seedly

Hi Daniel, I would still keep the $10k with SingLife as 2% is still relatively higher than other saving plans out there. It is worthy to note that it is still possible to earn 2.5% if you spend at least $500 per policy month (from 1 November 2020 to 28 February 2021).

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10k in Elastiq or Singlife? I understand interest rates are dropping, so is 1.8% pa guaranteed (2.03% pa for 3 years taking into account rebates from promotion) better than 2.5% non-guaranteed pa?

Now that Singlife has decreased their base interest rate from 2.5% to 2%, what other options are available?

Is Singlife is a secure platform to use for saving now that SC Jumpstart interest has dropped? Or are there other accounts with higher interests?

I have 10k in my singlife account. Do I need to withdraw the interest earned after it’s credited into the account as amount above 10k will not be getting the 2.5% interest?

Do I have to pay anything for the Singlife savings plan and how does the 1% interest rate on the $90k works? Does the 1% interest rate combine with the 2% on the first $10k?

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