Sunday, October 4, 2020

What's Next With My Singlife Account?

Since my last post on deploying part of my emergency fund to Singlife Account (click here to read more), there have been 2 major announcement related to Singlife, they are:

1. Merger of Aviva with Singlife with combined business valued at S$3.2 billions. It will be the biggest business deal in insurance sector in Singapore. Personally, I view this as a positive news, at least it demonstrates that Singlife  has already established a strong foothold here. For more details of the announcement, click here

2. With effect from 1 Nov 2020, the interest rate of Singlife Account will be reduced from 2.5% to 2.0% (p.a. on the first S$10K). This is deemed as a negative news for all the policyholders/account holders (me included) but since prior to signing-up the account, I am fully aware that the interest rate quoted is not-guarantee, so future adjustment is expected, just didn't see it coming so fast. 

Having said that, you are still able to earn up to 2.5% (p.a. on the first S$10K) via the following simple steps:   

credit: Singlife

So, what's next with my Singlife Account? For my case, it's an easy decision. I will continue to keep my Singlife Account for the following reasons:

1. Even after the interest reduction (to 2.0% p.a.), it is still one of the most competitive interest rate available in the market now.

2. I am still able to withdraw the fund or make use of the fund via the attached visa debit card as and when I needed it (free of charge, at least for now). 

3. Sweetener : both my friends and me can both enjoy the free $10 token (upon successful opening of account and made the initial deposit). If you are keen to open the Singlife Account, why not take the full advantage of the scheme by registering via this invitation link?

Cheers!

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