facebookWhat is the next best alternative to Singlife after it drops to 1.5%? - Seedly
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Anonymous

Asked on 22 Jan 2021

What is the next best alternative to Singlife after it drops to 1.5%?

What... Another rate revision for Singlife, this time from 2% to 1.5%. Guys, I am not looking forward to another rate revision with Singlife...

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Hi!

Sorry, I'm going to play devil's advocate with this potentially unpopular opinion: save yourself some stress on hopping around between high interest savings options. The economy is bad, interest rates everywhere are falling. Other cash management products have also revised their interest rates.

I'd say these revisions to interest rates are not of significant difference unless your cash holdings are massive. 2% drop to 1.5% drop is a 0.5% loss. If you have $10k with Singlife, you just "lost" $50. Yes, $50 is money, but would you stress over trying to hunt for alternatives just to keep that $50? I think to put things in perspective, if you have like, $1M with Singlife, that's a potential $5k loss, then yes maybe (only maybe) you might want to hunt around for somewhere else to put your cash. (But then what are you doing with $1M in cash uninvested?)

On the bright side, bank interest rates are at an all time low - maybe time to refinance your loans? Instead of spending valuable cap space focusing on the downside to falling interest rates, it may be better to look for ways you can benefit off this phenomenon. For example, if you chose to refinance your loan or get a bank loan for your new HDB purchase - you'll be saving hundreds or thousands of dollars, which is much better than the $50 you could lose on Singlife interest rate revision.

Nobody likes bad news, but always look at the bigger picture to see if there's something more worth your precious time and effort.​​​

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Syfe

Syfe

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26 Jan 2021

Hi Zac, very well put! Would like to clarify that Syfe has not revised its interest rates. In fact, we rolled out our Cash+ product only a few weeks ago with a projected return of 1.75% p.a. Given that interest rates are already at record lows, it seems unlikely they may continue to fall. As such, we're quite confident that we can maintain our projected return of 1.75% p.a. for the foreseeable future.

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

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With the interest rate cuts happening everywhere, this was definitely not unexpected! Kudos to those that did not wait and went on with Singlife earlier.

The alternatives are Dash EasyEarn & GIGANTIQ. If you're looking at parking $10K, GIGANTIQ could be the better choice because it's less restrictive IMO!

You can get started with just $50 vs $2,000 with EasyEarn. You can check out my comparison of both accounts here for more details too!​​​

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

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Hi Anon,

Was there an announcement/notification sent out regarding this information? This is certai...

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