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Anonymous
Singlife insurance savings plan states it's an insurance savings plan that credits interest, offers flexibility to make top-ups and withdrawals with no lock-in and charges. Sounds too good to be true?
You get up to 2% p.a. interest crediting rate for the first $10,000. Wondering if you could share your experience with Singlife insurance savings plan and is able to share?
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Pang Zhe Liang
08 Dec 2020
Fee-Based Financial Advisory Manager at Financial Alliance Pte Ltd (IFA Firm)
For the most part, take note that the crediting rate is non-guaranteed and may be changed at any time without prior notice. What's more, this is not a bank savings account or a fixed deposit.
Despite that, there are reviews where users are able to get about 2% per annum for their deposit (limited to first S$10,000). If you want to know more details, then I have written in depth about it here: https://www.blog.pzl.sg/singlife-account-singap...
This post was written after an in-depth dive into their contractual obligations. Hope you will find it useful.
I share quality content on estate planning and financial planning here.
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It is true, many people use singlife. You can check out on seedly - Singlife Account...
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The current rate is 2.5% for Dec. And they do payout the rates. It's been very safe, stable and punctual for me. Would definitely recommend as an option to park spare cash.