What’s your take on Singlife 2.5% p.a. savings plan?

Personally using it and have been recommending my friends to open one with them. Not much to hate considering the high 2.5% interest rate and all you have to do is park your money with them. Only thing I hate is that it’s only applicable to the first 10k hahah

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​​​

Hello! I'm personally using both as well.

To be honest the SingLife one has been pretty good so far but take note it's a promotional rate only for the first $10k, which yields you $250 a year (2.5% pa) also a nice app with a nice debit card. Can withdraw any time as well. Works like a dime.

And the SCB JumpStart was also trying their best to keep up the interest rate.

However, that being said, I would also suggest to consider all the options when nearing the middle of June before making a decision. Because right now things are pretty fluid with the macro conditions and the banks adapting as well.

Given the challenging macro interest rate environment, many banks including OCBC and SCB are actually revising their interest rates downwards. Now, of course this has an impact on the savers like you and I. Whether that 1% drop is significant depends on your overall financial health. The Singlife yields 2.5% interest which is one of the better options out there now. Given that it is capital guaranteed and back by SDIC, I would see there are more pros than cons. The return is not guaranteed because Singlife account is an insurance saving plan. Any investment made is of course not guaranteed.