Asked on 04 Jul 2020
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6 answers
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Hi Si Hong,
As 2.5% p.a. is only on the first $10K, it is possible that they could sustain this since they have capped their liability in terms of how much interest they have to pay out.
If they are hitting their limits, they could simply close new subscriptions to the Singlife account.
If their underlying assets are investment grade coporates, it's still possible to get 2.5% p.a. returns, which they don't have to pay out all.
2
Chris Susanto, Founder at Re-ThinkWealth.com
Answered on 18 Jul 2020
Let's be honest.
Nobody knows.
This is a feature in their current marketing plan. Simply put, about $250 per new customer acquisition for deposits of up to $10k and 2.5% interest.
Once they analyze the result, they may stop it or even make it a permanent feature, nobody knows.
Depending on the health of the company.
But a damn good marketing campaign I would say :)
0
Siena Toh
Answered on 17 Jul 2020
I think so far, they have been able to hit it quite consistently! I've managed to even rack up a decent interest rate from them!
0
Tinexxxx
Answered on 11 Jul 2020
Depends on how they’re going to invest our deposits 💪🏻😅
0
Gideon Ng, Blogger at FI Pharmacist
Answered on 04 Jul 2020
Hi,
I think it is quite hard to say given that SingLife did not really specify what are they doing with our funds.
Usually, these companies will use the funds that we deposit with them to invest in different investment vehicles so that they can continue to give us the prevailing interest rate.
So I think it really depends on how their investments perform to determine if they are able to maintain the 2.5%.
0
Ang Yee Gary, Medicine at National University Of Singapore
Answered on 04 Jul 2020
It depends on the cost for funds, demand for the account and the underlying investment.
0
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