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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Discussion (3)

What are your thoughts?

In my opinion, its a really good place to put your "emergency fund". Since most people have expenses of around 1.5-3k a month, saving 3-6 months worth of expenses for an "emergency fund" usually amounts to around 10k.

The best part about Singlife imo is that there are no requirements to meet in order to get the 2.5%. Just set it up and forget it. Because of that, its definitely a good idea.

However, if you're going to be spending the money, I think opting for a debit/credit card that has spending rebates and a reasonably high interest rate would probably be a better option. I personally have the Standard Chartered Jumpstart account that gives 1% cashback and 2% on the first 20k since I'm still pretty young, but you'll have to find out what works best for you. Cheers!

Gabriel

Gabriel

07 Jun 2020

Level 12·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,...

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