This product is managed by Singlife.
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.
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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.
Note: Singlife has currently halted new sign-ups from 15 December 2020
Note: you can only open one Singlife Account per person!
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.