facebookWould you suggest someone who is self-employed to put their savings with Singlife Account, since they provide the interest of 2.5% p.a. for the first 10k and 1% p.a. for the next 90k? - Seedly

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Anonymous

07 Jun 2020

Saving Hacks

Would you suggest someone who is self-employed to put their savings with Singlife Account, since they provide the interest of 2.5% p.a. for the first 10k and 1% p.a. for the next 90k?

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Gabriel

07 Jun 2020

Undergraduate at National University of Singapore

Yes definitely, 2.5% interest p.a with no other terms and conditions such as min. salary credit and spending. Besides, there's no lock-in required so you get the flexiblity of withdrawing your funds if you need to without being penalised.

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, subject to changes of course. Moreover, your deposits/capital is guaranteed and insured under the SDIC so rest assured.

Yes, it's a fantastic account to park your emergency fund. Of course, to optimise the interest rate, you can just save $10,000 in it and never top up again. However, for myself, I would actually save all my emergency fund in the Singlife account regardless of the amount, since the 2.5% for the first $10,000 is attractive and would be troublesome to have 2 emergency accounts.

As Gaius stated, SCB JumpStart is a really good choice as well.

In my opinion, its a really good place to put your "emergency fund". Since most people have expenses...

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