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
137 reviews
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This product is managed by Singlife.

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 Reviews 2021: Is Singlife Account Worth it ?

As an insurance savings plan that earns up to 2.0% 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 2.0% 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 28 February 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 (137)

4.5

137 Reviews

  • 5
    87
  • 4
    38
  • 3
    8
  • 2
    1
  • 1
    3

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    Most HelpfulMost RecentLow to HighHigh to Low
      Updated 5d ago

      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 3w ago

      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!

      0

      Post
      Updated on 28 Nov 2020

      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!

      1

      Peh Yeow Ming Lewis

      Peh Yeow Ming Lewis

      24 Dec 2020

      I read that it says “all singlife policies are protected up to specific limits by the Singapore Deposit insurance Corporation “. Does it mean it is insured up to $75k?
      Post
      Updated on 24 Nov 2020

      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.

      0

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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 2.0% p.a. for account balances of up to S$10,000. Take note that the returns are NOT guaranteed.

      • 2.0% p.a. on the first S$10,000
      • 1.0% p.a. for the next S$90,000
      • 0.0% 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.