Are there any savings accounts that can yield better interest rates than the standard bank accounts now?

Hi Anonymous,

In most cases, earning higher interest requires your funds to be locked-in for certain periods. Hence it depends on how long you are able to keep your funds locked-in.

One option is to have a ladder of 2nd-endowment policies with different maturity dates. The projected internal rate of return varies depending on the tenure. Do speak with your financial advisor if this endowment ladder is suitable for you.

Disclaimer: PolicyWoke is a 2nd-hand endowment policies broker

Singlife is still currently at 2% for the first 10k and 1% for the next 90k. Gigantiq also has a similar plan.

For such a a large sum, you can also consider money market funds such as Endowus Cash Smart, Syfe Cash+ etc. Do note that these are investments, and while low risk, there should be expectations of possible slight fluctuation in returns.

On a related note, are you saving up for something? If you are not or if the purchase is a far away ( 5y) one, you might wish to invest some of it to make the most out of it.​​​