Hi everyone, any comments on Singlife's new financial product: Singlife Account, what is it and is it better than other bank's savings accounts?

The Singlife Account is really attractive as it functions like a bank account and the interest of 2.5% p.a it offers is super competitive and the highest in the market at the moment, with no other terms and conditions, penalties or whatsoever, such as minimum spending, salary credit etc. It also comes with an optional debit card which can be used for both online and offline/physical purchases. However, do take note that the 2.5% interest p.a only applies to the first $10k and the returns (interest) are not guaranteed. Nevertheless and most importantly, your deposits/capital is guaranteed and insured under the SDIC so rest assured.

Hi Ellz,

From what I saw, they offer a better % rate for saving insurance (with limit of course) and the sign up seems to be a breeze. They also offer insurance coverage in the case of death (up to 105% of account value) & retrenchment benefit (limited offer) up to $10,000 over 3 months based on your card usage.

They also comes with a complimentary Singlife card, which would be 0% FX fees and zero annual fees. It might work if the FX conversion rates is better than Youtrip/Transferwise.

The one thing that concerns me is that though they are regulated by MAS, their reputation are lesser-known vs the prominent players. So.. yeah. If you don't use DBS multipliers because they are too complicated and all or if you just need to park some funds in a saving account somewhere with some form of insurance, this would be a good one to consider.