What are your thoughts on Singlife 2.5% yield interest in the first $10k? Why it is not guaranteed?

Hello! I'm personally using both as well.

To be honest the SingLife one has been pretty good so far but take note it's a promotional rate only for the first $10k, which yields you $250 a year (2.5% pa) also a nice app with a nice debit card. Can withdraw any time as well. Works like a dime.

And the SCB JumpStart was also trying their best to keep up the interest rate.

However, that being said, I would also suggest to consider all the options when nearing the middle of June before making a decision. Because right now things are pretty fluid with the macro conditions and the banks adapting as well.

Given the challenging macro interest rate environment, many banks including OCBC and SCB are actually revising their interest rates downwards. Now, of course this has an impact on the savers like you and I. Whether that 1% drop is significant depends on your overall financial health. The Singlife yields 2.5% interest which is one of the better options out there now. Given that it is capital guaranteed and back by SDIC, I would see there are more pros than cons. The return is not guaranteed because Singlife account is an insurance saving plan. Any investment made is of course not guaranteed.