Hi there, I have a 20k with OCBC savings account and the interest is very low. I'm thinking to close this savings account so that I can put this amount of money to get more interest. Any advice? - Seedly
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Anonymous

Asked on 09 Jul 2020

Hi there, I have a 20k with OCBC savings account and the interest is very low. I'm thinking to close this savings account so that I can put this amount of money to get more interest. Any advice?

Singlife account is 2.5% interest for first 10k and is it safe? Does anyone has an account with Singlife and what is your experience? Or other suggestions you would recommend ELASTIQ, Dash EasyEarn, Stashaway.

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Jaye
Level 5. Genius
Answered 3d ago

As a layman, the best option to do would be to do some research and diversify if needed. I would park 10k into Singlife (2.5% p.a. interest rate, interest credited monthly, deposits are insured up to 75k by SDIC) and I would look at my current options for the remaining 10k.

Currently, there are options like SCB Jumpstart (1% p.a.), Stashaway Simple (1.9% p.a.) and even Stashaway General Investing if you do not mind the risks and volatility of investing. If it was me, I would place 10k with Singlife and split the remaining 10k and park it under a few options listed above.

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ūüĎć 1
Tan Wei Ming
Tan Wei Ming, Writer at Frugal Youth Invests
Top Contributor

Top Contributor (Jul)

Level 7. Grand Master
Answered on 09 Jul 2020

The first $10k I will put in Singlife. The other $10k, it really depends on whether you wanna have your funds lock up in Elastiq for 3 months and able to withdraw in multiples of $500 or Dash EasyEarn where it is more liquid than Elastiq but charges you 70 cents per transaction for withdrawal to bank or Stashaway where the 1.9% is just projected returns.

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Tan Wei Ming
Tan Wei Ming

09 Jul 2020

No explanation were given on why the returns are not guaranteed but the CSO mentioned that their intention is to pay 2.5% for the first 10k for the first year. The way Singlife utilises the fund is different from banks where the latter will loan it out. I believe that Singlife is using our fund to invest for better returns and to give out 2.5% p.a . So I believe that even in this low interest rate environment, the returns they give is sustainable unless they want to cut for better margin etc.
Gerald Ong
Gerald Ong

11 Jul 2020

I'm hoping they'll keep it up cause i'm keeping a watchful eye hahahha. Thanks for replying my comment btw Wei Ming :)