Is Singlife is a secure platform to use for saving now that SC Jumpstart interest has dropped? Or are there other accounts with higher interests?

Hey there.

If you are considering high-interest savings accounts, CIMB has recently announced today that they will be revising their interest rate for FastSaver. You might want to take a look here.

Other alternative choices that do not require spending/minimum sum include:

Singlife Account (2.5% p.a, capaital guaranteed, interest non guaranteed)

FSM Auto-Sweep Account (1.05%p.a, interest rates may be revised)

Stashaway Simple (1.9%, capital non guaranteed, interest non guaranteed)

SCB JumpStart (1%p.a, only for aged 18-26)

Crypto Earn (Depending on currency, as high as 16%p.a (CRO) without any prior staking. However, do take note of the volatility of cryptocurrencies. For higher interest rates, a fixed duration of 90 days is imposed before withdrawal can be made. Intetest is paid out every 7 days)

Crypto Exchange (20%p.a for CRO currency. Similar to Crypto Earn, just that fixed duration is set at 180 days. Interest is paid out daily)

Vivid Account (1.05% p.a for first 10k, 1.30% for 10k-20k)

Tiq 3 Year Endowment Plan (2.10%p.a, guaranteed)

Hey Jo, the Singlife Account is protected by SDIC under the Policy Owners' Protection Scheme (PPF). The PPF covers the guaranteed benefit or guaranteed surrender value at point of failure and in this case, the surrender benefit is the account value which is the amount of deposit you have in the account.

Alternatively, you may consider Etiqa Elastiq which is also another fuss and hassle-free account. It offers 1.8% guaranteed interest on your initial deposit for the first 3 years. After the initial lock-in of 3 months, it works like a bank account, similar to the Singlife account. I've been using it since January 2019, let me know if you have any questions. ​​​