With the falling interest rates, is it advisable to park most of our savings with Singlife instead? - Seedly
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Anonymous

Asked 2w ago

With the falling interest rates, is it advisable to park most of our savings with Singlife instead?

I have already maxed out the 2% for first 10k.

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    Hi there, if you've maxed out the first 2% already, perhaps close alternatives to consider would be Singtel Dash EasyEarn or Etiqa's GIGANTIQ.

    Both offer you a guaranteed 1.8% p.a. for the first year. They are both SDIC protected too. The main difference is for Dash EasyEarn, the min. deposit is $2,000 and the account limit for the promotional 1.8% rate is $20,000.

    For GIGANTIQ, the min. deposit is $50, but the account limit is only $10,000.

    I reviewed both of them here. Personally, I'll choose to max out Dash EasyEarn first then move the rest of my funds to GIGANTIQ. Anyway there are no lock-ups for both, so if the rates aren't good next year, you can just move your money somewhere better!

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    After the $10k is only 1%, maybe you can consider gigantiq, easyearn and cash management services by the various robos which invests in money market funds, all higher than 1%

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    Would highly recommend it. Not only are you getting higher protection on your money compared to the banks, you are also getting a higher yield.

    SDIC - banks are 75k, insurance companies are 100k

    1% compared to 0.05%. Why not?

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    Chris

    Chris

    Level 6. Master

    Updated 2w ago

    I would say yes, it is ok to do so. 1% is still pretty decent, considering there are no additional criteria to fulfil (e.g. with traditional bank savings accounts). This is what I'm doing with my own emergency fund and short term savings as well.​​​

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    If you have no other viable options, sure. 1% for the next 90k is still better than ordinary savings accounts. personally i am doing this as well for my conservative portion of investments.

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