I already have $10k in my Singlife. Do I still continue to put money in or place it somewhere else?

Hi Anon,

I agree with Chris. Unless you're investing this money instead, the marginal interest you'll earn on better platforms isn't going to be much (ie 1.7% on Dash PET vs 1% on Singlife).

Don't get me wrong, money is still money. If you care enough about the 0.7% difference, then by all means put it somewhere else. That's what I do too. But if you're too lazy to bother opening another account and having your money spread out, then you're really not losing out on much by leaving it all in Singlife, so there's nothing much to feel bad about.

Hope this helps & all the best!

Regards,
thefrugalstudent

Depends on how much the difference in interest rates mean to you. Personally, I'm not too particular about the interest rate drop from 10k to 10k.

Take an example of 50k in your account. If it were all in Singlife, your yearly interest would be $550. If you took the extra 40k and placed it in another account yielding 1.7%, you'll get $830 yearly.

I don't think it's a lot but if you're particular, you can just place your money in some of the alternatives available on the market right now (e.g. other insurance savings plans or money management accounts)