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.
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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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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