What is the next best alternative to Singlife after it drops to 1.5%?

This is not the first time Financial instituitions have announced Interest rate drop. IF you look at 2020, DBS multiplier, UOB One all suffered the same fate because of the macroeconomy situation.

If you realized, high interest rates are not here to stay, not in the near term of 1-3 years. If you keep jumping through hoops, you will just end up with more disappointment.

Just keep 6 months of emergency savings and put the rest in a market fund or ETF such that you can liquidate easily when you need funds.

If you dont need the cash in near term, topping up your CPF SA or MA is a good option! 4% easily trumps all interest rates and guaranteed. If you don't need the money in near term of course.

Hi!

Sorry, I'm going to play devil's advocate with this potentially unpopular opinion: save yourself some stress on hopping around between high interest savings options. The economy is bad, interest rates everywhere are falling. Other cash management products have also revised their interest rates.

I'd say these revisions to interest rates are not of significant difference unless your cash holdings are massive. 2% drop to 1.5% drop is a 0.5% loss. If you have $10k with Singlife, you just "lost" $50. Yes, $50 is money, but would you stress over trying to hunt for alternatives just to keep that $50? I think to put things in perspective, if you have like, $1M with Singlife, that's a potential $5k loss, then yes maybe (only maybe) you might want to hunt around for somewhere else to put your cash. (But then what are you doing with $1M in cash uninvested?)

On the bright side, bank interest rates are at an all time low - maybe time to refinance your loans? Instead of spending valuable cap space focusing on the downside to falling interest rates, it may be better to look for ways you can benefit off this phenomenon. For example, if you chose to refinance your loan or get a bank loan for your new HDB purchase - you'll be saving hundreds or thousands of dollars, which is much better than the $50 you could lose on Singlife interest rate revision.

Nobody likes bad news, but always look at the bigger picture to see if there's something more worth your precious time and effort.​​​

Cash Management Accounts

I opened a Syfe account some time back but have not set up a portfolio with them. I guess this will be a good opportunity for me to transfer the 10k from Singlife to their newly launched cash management account, Cash+ (1.75% returns). I might also move my excess cash from Stashaway Simple to Syfe Cash+, for the possibly higher returns and consolidation purposes.

Insurance Savings Plans

Others have suggested Dash EasyEarn and Gigantiq, which I previously considered too. I'm not too fussed about the withdrawal fee but despite the no lock-in period for both products, I have heard some issues about the withdrawal time (varies from hours to days to months, compared to the more transparent/consistent withdrawal process from cash management accounts) so I'm avoiding them for now. But if liquidity/short withdrawal time is not a priority for you then they would be decent alternatives to Singlife.​​​

Etiqa Gigantiq or Dash easyearn, both offering 1.8% for the first year. But take note got small fee if you withdraw