Last month, Heartland Boy wrote that the top 3 local banks have reduced the interest rates of their best savings accounts. Therefore, when a new kid on the block offers 2.5% per annum on the first $10,000 of deposits, Heartland Boy latched onto the idea readily. Singlife, a direct life insurer licensed by the Monetary Authority of Singapore (‘MAS’), is offering up to 2.5% interest rate for the Singlife Account. Here is Heartland Boy’s review of the Singlife Account, an insurance savings plan that provides flexibility for top ups and withdrawals with no lock in and charges.
2.5% Interest Rate on the First $10,000
For fear of disappointing the readers, Heartland Boy thinks it is better to declare that only the first $10,000 in the Singlife Account earns up to 2.5% interest rate. Additionally, the returns are not guaranteed and Singlife has absolute discretion to change it in the...
