facebookHi there, I have a 20k with OCBC savings account and the interest is very low. I'm thinking to close this savings account so that I can put this amount of money to get more interest. Any advice? - Seedly
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Anonymous

14 Sep 2020

Hi there, I have a 20k with OCBC savings account and the interest is very low. I'm thinking to close this savings account so that I can put this amount of money to get more interest. Any advice?

Singlife account is 2.5% interest for first 10k and is it safe? Does anyone has an account with Singlife and what is your experience? Or other suggestions you would recommend ELASTIQ, Dash EasyEarn, Stashaway.

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    What are your thoughts?

    Tan Wei Ming

    Tan Wei Ming

    09 Jul 2020

    Level 10Β·Founder and Writer at Frugal Youth Invests

    The first $10k I will put in Singlife. The other $10k, it really depends on whether you wanna have your funds lock up in Elastiq for 3 months and able to withdraw in multiples of $500 or Dash EasyEarn where it is more liquid than Elastiq but charges you 70 cents per transaction for withdrawal to bank or Stashaway where the 1.9% is just projected returns.

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      Ow Jie Liang

      Ow Jie Liang

      09 Aug 2020

      Level 8Β·Student Ambassador 2020/21 at Seedly

      As a layman, the best option to do would be to do some research and diversify if needed. I would park 10k into Singlife (2.5% p.a. interest rate, interest credited monthly, deposits are insured up to 75k by SDIC) and I would look at my current options for the remaining 10k.

      Currently, there are options like SCB Jumpstart (1% p.a.), Stashaway Simple (1.9% p.a.) and even Stashaway General Investing if you do not mind the risks and volatility of investing. If it was me, I would place 10k with Singlife and split the remaining 10k and park it under a few options listed above.

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        10K in Singlife, 10K in standard chartered....

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