How likely is Singlife able to maintain the 2.5% in the near future? - Seedly
Seedly logo
Seedly logo
 
Si Hong Lu

Asked on 04 Jul 2020

How likely is Singlife able to maintain the 2.5% in the near future?

0 comments

6 answers

Answer Now

Answers (6)

Sort by

    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

    Jared Ho

    Jared Ho

    16 Jul 2020

    Would you suggest parking my funds into Singlife or Elastiq considering the 2.5%pa is non-guaranteed? Also, will there be any penalty if i were to withdraw my funds from Singlife?
    Elijah Lee

    Elijah Lee

    18 Jul 2020

    There are differing views on this but if $10K is not a very significant amount of your liquid cash you can probably park there. No penalties for withdrawal based on what they have stated.
    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post

    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

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post
    ST

    Siena Toh

    Level 2. Rookie

    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

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post
    Tinexxxx

    Tinexxxx

    Level 6. Master

    Answered on 11 Jul 2020

    Depends on how they’re going to invest our deposits 💪🏻😅

    0

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post

    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

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post

    It depends on the cost for funds, demand for the account and the underlying investment. ​​​

    0

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post