Flexi Cash is now launched

Some details are found in this webpage:
http://www.income.coop/insurance/FlexiCash/

Flexi-Cash works like a bank account. You can put money in at any time. You will earn an interest rate on your money that is linked to the money market.

Currently, the money earns about 3% per annum. It will change with the interest rate in the money market. As interest rate is likely to increase, you can earn more.

The money market (or interbank rate) is what the bank pays to get money from other banks. Usually, the bank will pay 1% to 1.5% less than the money market rate for their fixed deposit.

In NTUC Income's case, we pay 0.25% less than the money market rate. This means that you can earn about 1% more than fixed deposit.

There is a small investment charge of 0.1% when you put money into this account. So, if you keep for more than 1 month, you will get a better return than fixed deposit. Anyway, your money is not locked up for 1 year. It can be taken out at any time.

If you are interested, call 6788 1111.