SingLife 2.5% for first $10k - is it good? What are your thoughts?

Hey d c, I've been using the Singlife account since January so it has been about half a year and honestly, I feel that the Singlife Account is really attractive as it functions like a bank account and the interest of 2.5% p.a it offers is super competitive and the highest in the market at the moment, with no other terms and conditions, penalties or whatsoever and your deposits/capital is guaranteed and insured under the SDIC so rest assured.

While it is 2.5% p.a now, it might change anytime since it's non-guaranteed, especially during this period where banks are revising/lowering the interest rates as well. However, feel free to move your funds over since there's no lock-in required, just a matter if you're willing to go through the hassle.

Interest is credited on a monthly basis to your Singlife account, depending on when you created your account, it is not based on calendar month as per banks.

I think the best bet now is Etiqa Elastiq, which offers 1.8% p.a guaranteed for the first 3 years. However, I understand that currently the 1.8% only applies to your initial deposit and subsequent top-ups will be based on prevailing rates. I've been using Elastiq since January 2019 and it's 2.02% p.a guaranteed for both initial deposit and top-ups, no complains so far - bulk of my cash is there.

If I were you, I'd move 10k into Singlife and 10k into Elastiq, mainly to get and lock-in the 1.8% p.a guaranteed interest before it changes again. Do note that there's a lock-in of 3 months for Elastiq, afterwhich you can make withdrawals​​​

If you are willing to bother with the hassle, why not?