Hi there, there’s a lot rave going on about Singlife. Can you explain how it works? Do we have to deposit money monthly or just let it compound itself?

SingLife has a insurance saving plan, so how does the returns work?

Enjoy 2.5% p.a. returns* on your first S$10,000.

Amounts above your first S$10,000 up to S$100,000 will earn 1% p.a. returns*.

Amounts above S$100,000 will not earn any returns.

*Note that returns (crediting rates) are not guaranteed. The Singlife Account is an insurance savings plan. It is neither a bank savings account nor fixed deposit. Each person is only entitled to one Singlife Account policy.

So what happen, if I open SingLife insurance saving plan with a small amount of eg. $500?

You will still earn 2.5% p.a non-guaranteed returns until it hit over $10,000. Which is eg. $10,100, your $100 will earn that 1% p.a returns instead of 2.5% p.a.

You may use the referral code if you are interested to open an account with SingLife.

https://app.singlife.com/OIQHjPCqn9

Do note it come with SingLife Visa Card upon register and their app is easy to use to withdraw the amount.

Singlife has a savings insurance plan, the Singlife Account, which offers non-guaranteed 2.5% for the first $10,000. Amounts above $10,000 will earn 1% capped at $100,000. Like a typical savings account, you just have to deposit your money in order to earn the interest.

For more info, you can read up more on their website or various finance blogs. You can also read the reviews on Seedly's review page.