Asked 4w ago
Seeing how several larger banks are decreasing their interest rates, I personally think that Singlife could be using the 2.5% to onboard more customers who are looking to move a portion of their money elsewhere. The 2.5% is not guaranteed as well!
I elaborated a bit more in a short write-up on the Singlife account.
Hi Anon, unfortunately SingLife does not disclose how it is able to maintain such an attractive interest rate.
Usually, insurance companies will use the funds that they have been given via our deposits to put into investments. So it really depends on how the investments perform for SingLife to be able to maintain the 2.5% interest rate.
If the investments perform worse than expected, there will be a chance for the interest rate to decrease in the future.
If you'd like to find out more about the SingLife Account, you can check out my review on it here.
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