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

βˆ™

Saving Hacks

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.

Discussion (12)

What are your thoughts?

10K in Singlife, 10K in standard chartered.

Dionysius Ang

Dionysius Ang

07 Sep 2020

Aerospace Engineering at Nanyang Technological University

Mine is with Singlife and ELASTIQ at the moment. They are at 2.5% and 2% respectively.

They are both covered by SDIC. It is an insurance that protects your money should the company fails.

Both should be safe. But do note that Singlife's rates isn't guaranteed. From my personal experience, it is around 2.2 -2.3%

I would strongly recommend you to split up your savings into 2. Firstly, put in 10k into Singlife account since it is 2.5% (non-guaranteed). So far, the interest rate had been at 2.5% and if there is any changes to it, they would notify us regarding it. Secondly, you may consider looking at robo-advisors if you dont mind the risks and volatility of the investing. If not, u can consider putting in Standard Chartered JumpStart account which offers 1% per annum or StashAway Simple which offers projected 1.4% per annum. Please refer to Stashaway website for more information! Cheers!

I have 10k in Singlife, so far so good, getting the interest every month :) it’s nice that they showed how much interest you earn daily! πŸ˜€

StashAway β€” non-guaranteed returns and have risk :) but you can try, bc their returns not that bad heh

Nigel Tan

Nigel Tan

06 Sep 2020

Executive Senior Financial Planner at Great Eastern Life

Are you looking to grow this amount or simply preserve it with liquidity?

The interest being low i...

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