Enquiry about Singlife everyday insurance account?

I have received a SMS from Singlife to open an everyday insurance account after showing interest about couple of months back. The account states 2.5% pa on first 10k and 1% pa on amount above 10k till 100k. The terms and conditions shows returns not guaranteed but easy withdrawal from the app. Should I go for it or there are better deals elsewhere. This account also provide life insurance and retrenchment cover of 105% of account value

Singlife Insurance

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Discussion (3)

Gabriel

01 Mar 2020

Undergraduate at National University of Singapore

Hey Anon, I've been using it for over a month. Interest is credited on a monthly basis. Basically you can deposit or withdraw your funds anytime with no penalities, lock in period or whatsoever. Contacted Singlife's Customer Service with regards to the interest rate and they said the current interest rate is 2.5% p.a for the first $10k and an email will be sent when there is a change of interest rate. Most importantly, it's insured under the Policy Owners' Protection Scheme, SDIC.

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Tan Li Xing

11 Feb 2020

Financial Consultant at Prudential Assurance Company (Singapore)

Hi Anon,

It looks like it's a wealth accumulation policy. However based on this, I believe other insurers are able to offer better returns with the same amount that you are likely to set aside

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