Singlife Account Reviews and Comparison - Seedly
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Singlife Account

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Insurance Savings Plans/Singlife Account
Insurance Savings Plans/Singlife Account
4.5
135 reviews
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Singlife Account

$100

MIN. ACC BALANCE

2.0% non-guaranteed + 0.5% bonus

RATE OF RETURN

2.0% for first $10k

INTEREST CAP

Singlife Account

$100

MIN. ACC BALANCE

2.0% non-guaranteed + 0.5% bonus

RATE OF RETURN

2.0% for first $10k

INTEREST CAP

Details

Singlife Account Review 2020: Is Singlife Account Worth it ?

Singlife Account is an insurance savings plan that gives you access to your savings via the Singlife App and Singlife Visa Debit Card. As an insurance savings plan that earns 2.0% p.a., the Singlife account also behaves like a Savings account where you can earn interest and spend with no lock-in period. It offers one of the highest interest rates for savings accounts in Singapore at 2.0% p.a. with no need for extra expenditure. There is also a limited time offer from 1 November 2020 to 28 February 2021 of addition of bonus interest rates of 0.5% p.a. if you spend at least S$500 on your Singlife Card per policy month.

Read More about Singlife Account
Reviews (135)

4.5

135 Reviews

  • 5
    86
  • 4
    37
  • 3
    8
  • 2
    1
  • 1
    3

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  • Updated 1d ago

    Purchased

    Singlife Account

    [Others] I own a Singlife account. I agree that the App is easy to use and the whole thing feels like a bank account. But I have doubt with what most people believe that it is 100% capital guaranteed for the money deposit in the account. As Singlife is a member of SDIC hence their product is covered by PPF scheme. So people believe it is 100% capital guaranteed (meaning die die will get back every cent in the deposit even the company collapse like Lehman Bros). But based on my experience from purchasing endowment (also an insurance product), the compensation entitlement differs between products covered by PPF scheme. Singlife account falls under the individual life and voluntary group life policies excluding annuities. In SDIC website, this is what is stated for compensation entitlement for policies under this group: - Individual life and voluntary group life policies (with the exception of annuities): Cap of S$500,000 for the aggregated guaranteed sum assured and S$100,000 for aggregated guaranteed surrender value per life assured per insurer.​ People then tend to think that the deposit amount in Singlife account will be protected up to $100,000. But my understanding is that although $100,000 is the ultimate cap, the actual SDIC guaranteed amount depends on "guaranteed surrender value". In an insurance policy, there is always a guaranteed surrender value and a non-guaranteed surrender value. SDIC will only compensate for the guaranteed surrender value. In the endowment policy, the guaranteed surrender value will always be clearly stated in the policy schedule. For example, say I purchase an endowment policy of $100,000 and the guaranteed surrender value is $70,000. Then if the insurance company goes belly up, SDIC will only compensate me $70,000 instead of $100,000. I looked into policy schedule, product summary and fine print on the Singlife website for Singlife account. But I can't find anything explained about the guaranteed surrender value for Singlife account. The closest I can find is below line stated in policy schedule: Surrender benefit - Account value as at the surrender date But it didn't clarify whether it is the guaranteed or non-guaranteed surrender benefit. So I am having doubt with how much of the deposit in Singlife account is actually protected/guaranteed by SDIC. Appreciate if someone could help to explain and clarify. Thanks!

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    Post
  • Updated 6d ago

    Purchased

    Singlife Account

    [Application Process] Straightforward and can be done via SingPass. [Withdrawal Process] I like that there're no withdrawal fees or service charges levied, which truly makes this account highly liquid. [Interest Rate] It's okay for this low-interest environment that we're in. At least I don't have to jump through 12 million hoops just to get the interest. I mean, it's a non-guaranteed interest rate, but hey, better than leaving it in a regular bank savings account right? [Customer Support ] Nothing much to gripe about. Had a question about the app and the customer service rep answered it promptly and clearly. [Insurance Benefit] Okay lor. It's nice to have but hopefully, I won't have to use it... touchwood.

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    Post
  • Updated 6d ago

    Purchased

    Singlife Account

    [Application Process] Opening the account was quick with MyInfo. [Fuss Free] Transferring money into the account was also fast and instantaneous. [Online Banking] App looks intuitive and great. [Withdrawal Process] The withdrawal process was fast too.

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    Post
  • Updated 6d ago

    Purchased

    Singlife Account

    [Interest Rate] Would consider it one of the better interest rate in town at this moment. 2% of your first $10k is reasonable for a savings account. [Application Process] Quick and fuss-free. Applied via SingPass, all information were extracted from SingPass, really easy and convenient. [User Experience] Not the best UI in town. But for someone who is just parking your deposit for interest rate with minimal interactions with the app, no complains. Was buggy initially, but got better overtime.

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    Post
  • Updated 2w ago

    Purchased

    Singlife Account

    while their Cust supp & app is nt the best in town, it is considered not too bad...(u may whatsapp them if u have queries) When it comes to FD, Saving accounts or the likes, i only look @ which can offer me the best rate in town - as they are all similar! THere is nothing to worry that Singlife's returns are non-guaranteed but there is nothing to cry as even Standard Chartered and CIMB 's returns are also NON-guaranteed too ref - seedly blog onn alternative-savings-account Previously they even have referal discounts of S$10 but due to "oversubscription", they stopped it and now they need 5-10 days to open Singlife! Who else could offer a higher than 2% with almost least no. of restrictions?

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Singlife account interest rate changes 2020

Highest Interest Rates for Singlife Account

How do you maximise the returns for Singlife Account?

Singlife's interest rates are straight-forward. The returns per annum for Singlife Account is 2.0% p.a. for account balances of up to S$10,000. Returns are not guaranteed.

  • 2.0% p.a. on the first S$10,000
  • 1.0% p.a. for the next S$90,000
  • 0% for anything amount above S$100,000
  • New addition of bonus interest rates of 0.5% p.a. if you spend at least S$500 on your Singlife Card per policy month - this is a limited time offer from 1 November 2020 to 28 February 2021.

Benefits of Singlife

  • Probably the highest interest rates offered by Savings accounts that do not require additional expenditure or investments.
  • Singlife Account is an insurance savings plan that gives you access to your savings via the Singlife App and Singlife Visa Debit Card
  • There is flexibility in accessing funds anytime and earn competitive interest rates.
  • It also comes with a Visa debit card with no monthly or annual fees.

Singlife vs GIGANTIQ vs EasyEarn, what are the differences and which is the best for you? Check out our Insurance Savings Plan Guide here

Eligibility: who can apply for Singlife Account

  • Singapore resident with valid NRIC or Fin
  • Aged between 18 and 65
  • Valid Singapore number and Singapore residential address

How to apply for Singlife?

Download the Singlife App on your mobile phone.

Set-up a Singlife ID & apply for your Singlife Account

Start with just $500 (transfer via FAST, from your OWN bank account)

Only one Singlife Account per person

About Singlife

Singlife is a homegrown wealth technology company in Singapore, the first since 1970 to be licensed as a life insurance company by the Monetary Authority of Singapore. The company offers digitally-enabled financial services that create a connected consumer financial journey and interface to manage, grow, and protect the wealth and financial well-being of its customers. Singlife is backed by leading insurance, wealth management, and financial services companies including Sumitomo Life, Aflac Incorporated, Aberdeen Standard Investments, and IPGL (Holdings) Limited, standing as one of the top-funded homegrown fintech companies in Singapore. It was most recently listed as one of “The World’s 100 Leading Fintech Innovators in 2018” by KPMG.