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Singlife Account

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  • Reviews (139)
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Insurance Savings Plans/Singlife Account
Insurance Savings Plans/Singlife Account
4.5
139 reviews
claimed

Claimed

This product is managed by Singlife.

Singlife Account

$100

MIN. ACC BALANCE

1.5% non-guaranteed + 0.5% bonus

RATE OF RETURN

1.5% for first $10k

INTEREST CAP

Singlife Account

$100

MIN. ACC BALANCE

1.5% non-guaranteed + 0.5% bonus

RATE OF RETURN

1.5% for first $10k

INTEREST CAP

Details

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  • Claimed in December 2020

Singlife Account Reviews 2021: Is Singlife Account Worth it ?

As an insurance savings plan that earns up to 1.5% p.a., the Singlife Account behaves like a high-interest rate savings account with added Singlife life insurance policy coverage. It can earn you a decent rate of return with no lock-in period, all whilst providing you with some sort of protection.

It offers one of the highest rate of returns in Singapore at up to 1.5% p.a. effortlessly, unlike actual high-interest savings accounts where multiple criteria have to be met. Plus you can easily access your savings via the Singlife App and Singlife Visa Debit Card.

From 1 November 2020 to 30 June 2021, there is a limited offer of an additional rate of return 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 (139)

4.5

139 Reviews

  • 5
    88
  • 4
    39
  • 3
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    Most HelpfulMost RecentLow to HighHigh to Low
      Updated 2w ago

      Purchased

      Singlife Account

      [Application Process] Fuss-free, download the application from the App store. Bug free, and the process was quick and easy via (Myinfo) Singpass. I received the card within a week of application. [User Experience] App itself is simple to navigate and not very confusing. The burger menu is short and simple, you can check your account for the t&c / documents & other benefits, where & how to transfer $$ into your account, profile settings. [Others] Cons / Area to improve on: Face ID (as a way to faster login)

      0

      Post

      Updated 4w ago

      Purchased

      Singlife Account

      Started my account back in the good old days when it still offered 2% p.a. non-guaranteed returns, fast forward to today I'd still say it's a better option to earn higher rates than leaving all your money in your bank account.

      0

      Post

      Updated on 18 Jan 2021

      Purchased

      Singlife Account

      [User Experience] UI was very intuitive and easy to use. Depositing money via FAST was a breeze and the money was credited to my Singlife account almost instantly. Interest rates are one of the best on the market now, at 2% per annum. [Application Process] Seamless application process, able to singup using Singpass for greater convenience.

      0

      Post

      Updated on 06 Jan 2021

      Purchased

      Singlife Account

      Been on Singlife Account for about a year now. The whole experience is seamless and it's easy to monitor your funds, interest returns, withdrawals and top ups. Definitely one of the places to park your emergency funds or short term savings goals with full flexibility, no hidden charges, and additional insurance coverage too. Recently they've introduced Grow, their investment linked plan with direct funding from your Singlife Account available and bonus interest.

      0

      Post

      Updated on 23 Dec 2020

      Purchased

      Singlife Account

      [Application Process] Creating an account was super straightforward and FAST (takes about 10 minutes at most). Also, the account doesn't take long to be approved. My Singlife card was sent to me in 3 working days as well. [Customer Support] I like how the Support button is obvious unlike other more cluttered apps where we have to dig through the Settings, Profile etc. to find the Support button. Have not tried contacting the Support yet. [User Experience] Also, the app is super easy to use - It works like a bank account where you can easily transfer money in and out. I especially like how it requires us to login with our phone number instead of email (sometimes users can have multiple email addresses you know). However, I felt like the first page of the login process (where we key in our phone number only) is unnecessary if there's already the second page that requires our mobile number and password? [Transfer Process] And for first-time users, I think there can be more guidance throughout the money transfer process because when I first transferred money in, I wasn't sure if my Singlife account is currently processing my money already. So my suggestion: When user has clicked "Top Up" and the FAST transfer information shows up, maybe there can be a "I've done the transfer." button which user can click into and see what the next steps are, like "Singlife is currently processing your money transfer. It will take X days to reflect in your account" etc. [Others] Overall a super clean and user-friendly app, does not take long to master how to use it!

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      Singlife account interest rate changes 2020

      How to get the Highest Rate of Returns for Singlife Account

      How do you maximise the interest rates returns for Singlife Account?

      Singlife Account's rate of returns are pretty straightforward. The returns per annum for Singlife Account is up to 1.5% p.a. for account balances of up to S$10,000. Take note that the returns are NOT guaranteed.

      • 1.5% p.a. on the first S$10,000
      • 1.0% p.a. for the next S$90,000
      • 0.0% for anything amount above S$100,000
      • Bonus 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 Account

      • Probably the highest rate of returns offered by insurance savings plans in the market right now, that does not require additional expenditure or investments
      • Singlife Account is a flexible insurance savings plan that gives you access to your savings via the Singlife App and Singlife Visa Debit Card so you can withdraw or top-up more funds to it anytime
      • You can request for a Singlife Visa Debit card which comes with no monthly or annual fees
      • Life Insurance Benefit - Every Singlife Account provides life insurance coverage for death or terminal illness, up to 105% of your account value.
      • Retrenchment Benefit - Singlife accountholders, who are retrenched and unemployed for at least 4 months, can stand to get a retrenchment benefit of their average monthly card transaction values made over the 6 months prior to the retrenchment for 3 months.
      • It is important to remember that Singlife is not a bank savings account, but an insurance savings plan with capital guaranteed by Singapore Deposit Insurance Corporation (SDIC).

      Note: Singlife has currently halted new sign-ups from 15 December 2020

      Wondering what are the differences between the Singtel Dash EasyEarn vs GIGANTIQ vs Singlife Account? And which is the best for you? Check out our Insurance Savings Plan Comparison!

      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?

      1. Download the Singlife App on your mobile phone.
      2. Set-up a Singlife ID & apply for your Singlife Account
      3. Start with just $500 (transfer via FAST, from your OWN bank account)

      Note: you can only open one Singlife Account per person!

      Terms and Fees to look out for in Singlife Account

      • Minimum Account Value: S$100
      • Initial Fund for Account Activation: S$500
      • Interest is calculated daily and credited to your account value on a monthly basis.
      • The interest will be credited on the first day of the following policy month.

      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.

      Contact us at [email protected] should you require any assistance or spot any inaccuracies.