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Does it make sense to shift Singlife to Syfe Cash+ ?
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Tan Choong Hwee
06 Jun 2021
Solutions Specialist at Providend
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Chris
06 Jun 2021
Owner and Writer at Tortoisemoney.com
I've answered this in another question but I'll probably just continue using Singlife. Reason being, the drop in actual earned interest is so minimal anyways.
If it really bothers you, a close and good substitute would be Singtel Dash PET (1.3% for first year).
If you intend to go with a robo's cash management, then do note that withdrawals do sometimes take a while (a few business days). As such if you need the money urgently, you may face issues with it especially over a weekend.
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No idea when Singlife is going to drop and I won't bother to guess. In any case, it is likely to be better rate than bank deposit.
The only other insurance savings plan available subscription is Dash PET at 1.3% for the first $10k for the first policy year.
You may switch some fund in Singlife to Dash PET. It is best to leave at least the minimum balance of $100 in Singlife to keep the account. Once you fully redeem it, you may not be able to get back in.
Cash management solutions like Syfe Cash+ are offering better than 1% rate, but take note that they are investment (albeit low risk) and therefore not capital and return guaranteed.