GREAT270 was a Great Eastern single-premium endowment that paid a guaranteed 2.70% a year over five years when it launched back in 2018. It sold out, and short-term endowment tranches like it open and close in days, so there is no GREAT270 to buy today and no fixed return to quote. What carries forward is the checklist. Before you put a lump sum into any short-term endowment plan in 2026, work through seven factors: the guaranteed yield versus the illustrated one, the lock-in and what you lose if you surrender early, the minimum premium, whether it accepts SRS money, the PPF Scheme protection limits, whether the return clears inflation, and how the deal stacks up against a fixed deposit, T-bill or Singapore Savings Bond on the day you commit. Current tranches are paying roughly 1.4% to 2.2% per annum guaranteed, well below the 2.70% GREAT270 era, because the whole short-end rate market has fallen.
GREAT270 was a short-term endowment plan from Great Eastern sold around 2018. The "270" referred to the headline: a guaranteed 2.70% per annum, paid as yearly coupons over a five-year term, on a single lump-sum premium. You put money in once, it sat for five years, and you took the 2.70% each year or let it accumulate.
Short-term endowment plans are sold in limited tranches. An insurer prices a batch against the interest rates available that month, opens it, and closes it once the allocation is taken, often within days. GREAT270 was one such tranche. It is not a standing product you can apply for now, and its 2.70% reflected 2018 rates, not 2026 ones.
If you searched GREAT270 hoping to buy it, the honest answer is that the relevant question is no longer "how good was GREAT270" but "what is the live equivalent paying, and is it worth locking my cash for." The factors below answer that. They apply to every short-term endowment tranche from any insurer, not just Great Eastern's.
Guaranteed yields on short-term endowment tranches have compressed along with the rest of the short-end market. Singapore dollar interest rates fell through 2025 and into 2026, dragging down what insurers can promise. The 2024-era plans that quoted 3.2% to 4.25% per annum are not the current reality.
As a snapshot of live or recent tranches in 2026, DBS SavvyEndowment 23 is a 2-year, 100% capital-guaranteed single-premium plan illustrating around 1.44% per annum on the guaranteed basis (up to about 1.60% on the higher illustrated basis), and it accepts SRS. Singlife Max Saver II, a 2-year single-premium plan, has offered a guaranteed 2.00% per annum with a S$20,000 minimum and SRS eligibility. Great Eastern's own GREAT SP, a 24-month plan correct as at December 2025, guarantees only about 0.70% per annum in survival benefits with 100% of premium back at maturity.
Treat every figure here as a moving target. Tranches reprice constantly and close fast, so the exact rate you see depends on the day you look. The point is the band: short-term endowment guaranteed yields in 2026 sit roughly in the 1.4% to 2.2% per annum range, not the 2.70% of the GREAT270 days.
| Plan | Term | Guaranteed yield p.a. | Min single premium | SRS |
|---|---|---|---|---|
| DBS SavvyEndowment 23 | 2 years | ~1.44% (up to ~1.60% illustrated) | From S$5,000 | Yes |
| Singlife Max Saver II | 2 years | ~2.00% | S$20,000 | Yes |
| Great Eastern GREAT SP | 24 months | ~0.70% | S$10,000 | Yes |
| GREAT270 (closed, 2018) | 5 years | 2.70% | n/a | n/a |
The single most misread number on an endowment is the rate. Short-term endowment plans are usually non-participating, meaning the return is fixed and there is no bonus on top. For these, the guaranteed yield is the real yield. That is the number to compare against a fixed deposit.
Some plans, and most longer endowments, are participating. They quote two figures: a low guaranteed yield and a higher "illustrated" or projected yield that assumes the insurer's fund earns a certain rate. The illustrated yield is not promised. Singapore insurers illustrate at two assumed rates set by industry guidelines, and the actual payout can land anywhere up to the higher figure or down at the guaranteed floor.
The trap is comparing an endowment's illustrated yield against a fixed deposit's guaranteed rate. That is not a fair fight. Compare guaranteed to guaranteed. If a 2-year endowment guarantees 1.44% and illustrates 1.60%, the number you can bank on is 1.44%.
An endowment's headline yield only holds if you keep the policy to maturity. The biggest difference between an endowment and a deposit is what happens when you need the money early.
Surrender a short-term endowment before maturity and you receive the surrender value, which in the early months is often less than the premium you paid. On a 2-year plan, breaking it in year one can mean getting back less than you put in. The capital guarantee that makes these plans feel safe applies at maturity, not on the day you cash out early.
This is the core trade-off. A fixed deposit broken early usually costs you the interest but returns your principal; an endowment broken early can cost you part of the principal itself. So an endowment only makes sense for money you are confident you will not touch for the full term. Keep your emergency fund somewhere you can reach instantly, and only commit surplus cash with a known horizon.
Short-term endowments are single-premium: one lump sum, no monthly top-ups. The minimum varies by plan. DBS SavvyEndowment tranches have started from around S$5,000, while Singlife Max Saver II asks for S$20,000. The minimum decides whether a plan is even an option for the cash you have to park.
Because tranches are limited and close once filled, you cannot always buy the best-quoted plan when you happen to have money ready. The practical workflow is to keep your lump sum liquid (in a high-yield savings account or a T-bill ladder), watch for a tranche that fits your term and minimum, and move when the rate beats your alternatives. Insurers and banks announce new tranches on their product pages and to existing customers.
Do not stretch to hit a minimum you cannot comfortably lock away. If a plan needs S$20,000 and that would dip into money you might need, the lower guaranteed rate on a S$5,000-minimum plan, or simply staying in a liquid deposit, is the better call.
Most short-term endowment tranches accept both cash and Supplementary Retirement Scheme money, and this is one of their genuine uses. SRS cash earns next to nothing sitting in the account (the SRS operator account pays a token rate), so parking idle SRS funds in a capital-guaranteed endowment that yields more is a reasonable, low-risk move while you decide on a longer-term SRS investment.
SRS contributions also give you tax relief in the year you contribute, up to S$15,300 a year for Singapore citizens and PRs. The relief comes from contributing to SRS, not from the endowment itself; the endowment is just what you do with the money once it is in. Check whether topping up SRS makes sense for your bracket with our income tax calculator or the dedicated SRS relief calculator, and read the income tax guide for how reliefs stack.
One caution: SRS money has its own withdrawal rules and a penalty for taking it out before the statutory retirement age. The endowment maturing does not free the SRS funds to spend; the proceeds stay inside your SRS account. So an SRS endowment suits money you have already committed to SRS, not cash you might need back soon.
Endowments are not covered by deposit insurance. Bank deposits are protected by the Deposit Insurance Scheme up to S$100,000 per depositor per bank (raised from S$75,000 on 1 April 2024), run by the Singapore Deposit Insurance Corporation (SDIC). Insurance policies sit under a separate scheme.
Life policies, including single-premium endowments, are covered by the Policy Owners' Protection (PPF) Scheme, also administered by SDIC, if your insurer is a Scheme member and fails. The PPF Scheme covers guaranteed benefits only, subject to caps: an aggregate cap of S$500,000 on guaranteed sum assured and S$100,000 on guaranteed surrender value, per life assured per insurer. These caps aggregate across all your individual life and voluntary group life policies (excluding annuities) with the same insurer.
For a typical short-term endowment of a few thousand to a few hundred thousand dollars, you are comfortably inside the caps. The difference from a deposit is mechanical: a deposit's S$100,000 cover is per bank, while an endowment's protection runs through the PPF caps per insurer, and only on the guaranteed portion. Any non-guaranteed bonus on a participating plan is not protected.
| Bank deposit (SDIC DI) | Endowment policy (PPF Scheme) | |
|---|---|---|
| What is protected | SGD savings, current, fixed deposit, SRS deposits | Guaranteed benefits of life policies only |
| Cap | S$100,000 aggregate per depositor per bank | S$500,000 guaranteed sum assured; S$100,000 guaranteed surrender value per life per insurer |
| Not covered | Foreign-currency and structured deposits, investments | Non-guaranteed bonuses, investment-linked portions |
| Administered by | SDIC | SDIC |
The real test of a short-term endowment is whether it out-earns the safe, liquid alternatives for the same money and a similar horizon. In 2026 the gaps are narrow, so this comparison matters more than ever.
The 6-month Singapore T-bill cut-off yield was around 1.40% at the 7 May 2026 auction, and yields move with each issue. The June 2026 Singapore Savings Bond paid roughly 1.46% in year one and a 10-year average near 2.11%, and you can redeem an SSB any month with no penalty and full principal back. The best 6-month fixed deposit promotions were around 1.50% per annum (HL Bank and SBI), with the best 1-year promo near 1.60% (GXS), all insured by SDIC and far more flexible than an endowment.
Against that backdrop, a 2-year endowment guaranteeing about 2.00% per annum (such as Singlife Max Saver II) edges out the deposit and T-bill rates, which is the case for using one. A plan guaranteeing 0.70% to 1.44% does not, once you weigh the lock-in. The endowment wins only when its guaranteed yield clearly beats the best deposit and bond rates by enough to justify giving up liquidity for the full term.
There is one more liquid option the endowment competes with: a cash management account from a robo-advisor (Endowus, StashAway, Syfe, MoneyOwl), which parks money in money-market and short-bond funds. These quote a projected, not guaranteed, yield and carry a small fund risk, but they stay liquid and have at times paid more than the lowest endowment tranches. They are not capital-guaranteed, so treat their rate as indicative when you rank options.
Run the numbers in dollars, not just percentages. On S$20,000 over two years, the difference between 1.50% and 2.00% per annum is roughly S$200, before considering that the deposit stays liquid and the endowment does not. Our fixed deposit vs investing calculator and the SSB vs T-bill vs fixed deposit comparison lay the options out side by side, and the robo-advisor comparison covers where cash management accounts fit.
| Option | Guaranteed yield p.a. | Liquidity | Protection |
|---|---|---|---|
| Short-term endowment (2yr) | ~1.4% to 2.2% | Locked; early surrender can lose principal | PPF Scheme (guaranteed benefits) |
| 6-month T-bill | ~1.40% (7 May 2026 auction) | Held to maturity; secondary sale possible | Government-backed |
| Singapore Savings Bond | ~1.46% yr 1, ~2.11% 10-yr avg (Jun 2026) | Redeem any month, no penalty | Government-backed |
| 6-month fixed deposit | ~1.50% promo | Locked; early exit forfeits interest, keeps principal | SDIC up to S$100,000 |
| Cash management account | Projected, not guaranteed | Liquid, withdraw anytime | None; small fund risk |
A guaranteed yield only helps if it keeps your money ahead of rising prices. This is where the old GREAT270 pitch came from: in 2018, a guaranteed 2.70% sat clearly above headline inflation, so the plan preserved purchasing power and a bit more. The maths in 2026 is tighter, and on the weakest tranches it goes the wrong way.
MAS core inflation ran at 1.7% year on year in March 2026, and CPI-All Items inflation was 1.8% in April 2026. MAS and the Ministry of Trade and Industry project both measures to average 1.5% to 2.5% over 2026, with core inflation expected to push toward the upper end for part of the year. So the relevant hurdle for any short-term endowment is roughly 1.5% to 2% per annum, not zero.
Hold that next to the tranche rates. A plan guaranteeing about 2.00% per annum (such as Singlife Max Saver II) roughly matches or slightly beats expected inflation, giving you a small real gain. A plan at 1.44% may trail it, and one at 0.70% loses purchasing power every year you hold it, even though the dollar figure on the maturity statement looks larger. "Capital-guaranteed" protects the nominal sum, not its real value.
Run the comparison in real terms before you lock in. If the guaranteed yield is below the inflation rate you expect over the term, the endowment is a slow way to lose buying power with extra lock-in attached, and a liquid Savings Bond or a higher-rate deposit usually serves you better. Our inflation entry explains why the nominal rate is only half the picture, and the compound interest calculator shows how a small real-return gap widens over the term.
Short-term endowments are sold through two channels, and it pays to know which you are using. Insurers like Great Eastern and Singlife distribute through their own advisers, while banks such as DBS and OCBC sell single-premium endowment tranches over the counter and through digital banking. GREAT270 itself was offered through both Great Eastern and OCBC in 2018. The underlying policy is issued by the insurer in every case; the bank is the distribution channel, not the guarantor, so the PPF Scheme protection in Factor 5 still runs through the insurer.
Every life policy in Singapore, including a single-premium endowment, comes with a free-look period of at least 14 days from the day you receive the policy document. Within that window you can cancel and get your premium back, less any expenses the insurer has already incurred (such as medical fees, which rarely apply to a simple savings endowment). This is your one clean exit. Use it to read the actual policy contract, confirm the guaranteed yield matches what you were quoted, and check the surrender schedule, before the lock-in from Factor 2 takes hold.
Treat the free-look period as part of the decision, not an afterthought. Once it lapses, the only way out before maturity is surrender at a value that can be below your premium. If anything in the signed documents differs from the sales illustration, raise it in writing inside the 14 days. Our free-look period entry covers how the cooling-off rule works across insurance products.
A short-term endowment is for a specific situation, not a default place to keep cash. It fits when all of these are true: you have a lump sum you genuinely will not need for the full term, the guaranteed yield clearly beats the best deposit and Savings Bond rates available that month, and you value a fixed, capital-guaranteed outcome over flexibility.
It also has a legitimate role as a parking spot for idle SRS money, where the alternatives inside SRS are limited and the operator account pays almost nothing. There, even a modest guaranteed yield beats leaving the SRS cash dormant.
If you might need the money, or if rates on deposits and Savings Bonds match the endowment anyway, skip it. The lock-in is a real cost, and 2026's narrow rate gaps mean the flexibility of a liquid option is often worth more than a tenth of a percent. For the bigger picture on where short-term savings fit alongside your goals, the money management guide sets out the order of priorities.
No. GREAT270 was a limited-tranche Great Eastern endowment from around 2018, paying a guaranteed 2.70% per annum over five years. That tranche sold out and is closed. Short-term endowment plans open and close in days, so you can only buy whatever tranche is live now, at the rate it currently offers, which in 2026 is lower than 2.70%.
Roughly 1.4% to 2.2% per annum guaranteed on 2-year single-premium tranches, depending on the plan and the day. For example, DBS SavvyEndowment 23 illustrated around 1.44%, Singlife Max Saver II has offered about 2.00%, and Great Eastern's GREAT SP guarantees about 0.70%. Tranches reprice and close fast, so confirm the live rate before committing.
At maturity, yes for plans marketed as capital-guaranteed: you get back at least 100% of your single premium. But the guarantee applies only if you hold to maturity. Surrender early and you receive the surrender value, which in the first months is often less than what you paid in.
Yes, through the Policy Owners' Protection (PPF) Scheme run by SDIC, if your insurer is a Scheme member. It covers guaranteed benefits only, with caps of S$500,000 on aggregate guaranteed sum assured and S$100,000 on aggregate guaranteed surrender value, per life assured per insurer. This is separate from the S$100,000 deposit insurance that covers bank accounts.
Most short-term endowment tranches accept SRS funds, and it is a common use because idle SRS cash earns almost nothing. The endowment proceeds stay inside your SRS account on maturity, subject to SRS withdrawal rules, so it suits money already committed to SRS rather than cash you might need back soon.
Only when its guaranteed yield clearly beats the best fixed deposit, T-bill and Savings Bond rates that month, by enough to justify locking the money. In 2026 the best 6-month FD promos were around 1.50% and 6-month T-bills around 1.40%, so an endowment guaranteeing 2.00% wins, while one at 0.70% to 1.44% does not once you account for the lock-in.
You get the surrender value, not necessarily your full premium. On a 2-year plan, surrendering in year one can return less than you put in, because the capital guarantee only applies at maturity. Treat an endowment as money locked for the full term, and keep anything you might need elsewhere.
Yes, within the free-look period. Every life policy in Singapore, including a single-premium endowment, gives you at least 14 days from receiving the policy document to cancel and get your premium back, less any expenses the insurer has incurred. Use it to check the signed contract matches the quote. After the 14 days, the only exit before maturity is surrender, which can return less than you paid.
Only the higher tranches will. MAS core inflation was 1.7% in March 2026 and is projected to average 1.5% to 2.5% over the year, so a plan guaranteeing about 2.00% per annum roughly keeps pace, while one at 0.70% to 1.44% loses real purchasing power even though the maturity figure looks larger. Compare the guaranteed yield against expected inflation before locking in.
For an individual, no. Singapore does not tax capital gains, and maturity proceeds and gains on a personal endowment policy are treated as capital receipts rather than income, so they are not subject to personal income tax. The separate tax benefit, if any, comes from contributing to SRS before you place the money, not from the endowment itself.
Yes. There is no cap on how many endowment policies you can hold, and spreading a large lump sum across tranches or insurers can keep each within the PPF Scheme caps (S$500,000 guaranteed sum assured and S$100,000 guaranteed surrender value per life per insurer). Tranches are limited and close fast, so you may not always find one open when you have cash ready.
This is general financial information for Singapore, not personal financial advice. Figures change — verify current rates against the official sources above before acting. See our full disclaimer.