Is it wise to store all my savings into SingLife and SingTel Dash EasyEarn?

If you have a large amount of savings (relative to your income), I would recommend you invest part of it. Parking all your savings in Singlife and Dash is only enough for that sum of money to beat the inflation rate, which cancels out its actual growth rate.

A good way to invest passively would be to just buy S&P 500 or to just park it in a robo-advisor. If not, I would recommend you to build an income machine with that sum of money (part of your savings) by buying S-REITs.

Hello Anon,

I'll answer your questions as comprehensively as I can, as I do not know how wise the decision to store your savings may be because I do not know your financial situation.

In terms of safety for your capital, both SingLife and Singtel Dash EasyEarn are covered under the Policy Owners’ Protection (PPF) Scheme which is administered by the Singapore Deposit Insurance Corporation (SDIC).

Coverage for your policy is automatic and no further action is required from you.

According to SDIC, the amount insured (amount deposited) has a guaranteed surrender value at the point of failure that is capped at $100,000. There is also a cap of $500,000 for the aggregated guaranteed sum assured.

You can check also out the SDIC site or the Life Insurance Association (LIA) site for more information about the benefits and caps of the PPF scheme.

This means that your capital is protected by SDIC for the first $100,000, which means that this amount is quite safe.

As for an investment angle, you can beat the core inflation rate by putting the first $20,000 into DashEasy Earn with a guaranteed 2% interest p.a. for the first year at least. The next $10,000 can be put into SingLife to earn a non-guaranteed 2.5% p.a.

Think this will be a good place to store your savings or emergency fund. A good rule of thumb will be 6 months of your expenses.

But do note that this amount will not grow beyond beating inflation. You'll be staying in the same place with regards to your savings.

In my opinion, any amount above your emergency fund should be invested. But your mileage may vary due to your financial goals.

But a word of caution, investing is risky. Please take the time to know what you are getting into before you start.

Here's a good place to start:

https://blog.seedly.sg/working-adults-begin-inv...

Hope this helps!​​​