Singlife Account Reviews and Comparison - Seedly
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Singlife Account

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  • Reviews (46)
  • Questions (14)
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Singlife Account

Up to 2.5% p.a
INTEREST RATES
$500
MIN. INITIAL DEPOSIT
$100
MIN. AVG DAILY BALANCE

    Singlife Account

    Up to 2.5% p.a
    INTEREST RATES
    $500
    MIN. INITIAL DEPOSIT
    $100
    MIN. AVG DAILY BALANCE

Details

Singlife Account is an insurance savings plan that gives you access to your savings via the Singlife App and Singlife Visa Debit Card

Hightest Interest Rates for Singlife Savings Account

The returns per annum for Singlife Account is 2.50% p.a. for account balances of up to S$10,000. Returns are not guaranteed.

  • 2.50% p.a. on the first S$10,000
  • 1.00% p.a. on the next S$90,000
  • 0% p.a. on amounts above S$100,000
Read More about Singlife Account
Reviews (46)

4.7

46 Reviews

  • 5
    33
  • 4
    12
  • 3
    0
  • 2
    0
  • 1
    1

Read Review About...

application process

fuss free

online banking

customer service

bank account

debit card

saving account

salary credit

fast transfer

open account

Most HelpfulMost RecentLow to HighHigh to Low
  • Updated 2d ago

    Purchased

    Singlife Account

    Bad customer service and support team in handling fund top up verification issue. It took more than a week to settle the top up fund verification process. It took me with multiple follow up and chasing before the issue was addressed. On top of that the fund transaction date was only locked in on the later date after the verification process. There was no indication of any compensation on the lost of interest on the delay in locking in the transaction date.
    0 comments
    0
  • Updated 2w ago

    Purchased

    Singlife Account

    I was quite sceptical about this Company at first as they offered 2.5% of interest per annum (which is the highest for any normal savings account, even higher than Standard Chartered JumpStart!) and offers some form of insurance at the same time. However, after looking at the Company's credentials and how our money is backed by SDIC, I decided to give it a try and I've been earning those interest since March! :)
    0 comments
    0
  • Updated 2w ago

    Purchased

    Singlife Account

    [Application Process] Application via the app is done swiftly as long you use Singpass to enroll. [Online Banking] Easy to link up your bank account for future transaction and withdrawal. Transferred amount showed up within 3mins upon completion using FAST [Interest] According to published rates, it should be 2.5%pa for 1st $10,000 and calculated daily and credited monthly, just signed up so need some time to see how good this is since the interest is non guaranteed.
    0 comments
    0
  • Updated 3w ago

    Purchased

    Singlife Account

    [Application Process] Application was quick and done smoothly with the use of MyInfo. Time taken from start to finish was less than 30 minutes. Do note that the bank account that is used to deposit funds from must be your OWN personal account. [Interest] The 2.5% p.a interest rate promoted was what attracted me to sign up for the product, and after calculating my previous month's interest, it really is indeed 2.5% (2.4-ish to be exact but I guess it's because of the round off), so thumbs up to the team for that. Do note that it requires a minimum sum of $500 to start earning interest. [Customer Service] Their mode of contact would be via Whatsapp. It took about 2 hours to get a reply back when I faced an issue, and though their reply wasn't really that professional and presentable, they managed to resolve the issue. [Online Banking] Depositing funds into the account is fuss-free and quick. However, withdrawals to your bank accounts usually take around 15 minutes. FAST transfer isn't offerred and they have stated that it can take up to 3 hours for the withdrawal to be successful. [Terms and Conditions] 1. $100 is required to kick start the policy coverage 2. IT IS NOT A BANK ACCOUNT. REMEMBER THAT. 3. They stated that the 2.5% interest isn't guaranteed. Don't really know if that translates to reserving the right to adjust the interest rate at will. [Salary Crediting] It is not possible to credit your salary into this account as deposits can only be made via your own bank account.
    0 comments
    0
  • Updated 3w ago

    Purchased

    Singlife Account

    Tried this as I wanted to take advantage of the 2.5% interest rates + insurance coverage. I think it's a pretty good deal when you just park some money inside (min $500 to register/activate card) and you get insurance coverage too. No need for salary crediting, purchases etc. The physical card that comes is a Visa debit card. So useful if you want to do any card purchases especially in Covid-19 situation when card is advocated vs cash. Registration was pretty fast and received my card within 1-2 weeks, which probably due to the covid-19 situation now. At point of registration, the team under promise by stating that it might take longer so I think that's good. Also, for transactions from bank a/c into Singlife, the transactions appear almost immediately on the app. Only exception is withdrawal, which they state will appear in few hours (3 if I remember correctly) and it did. I read somewhere min. withdrawal = $100, not true or maybe the rules have changed because I managed to transfer out $1.28. Hah!
    0 comments
    0
Questions (14)
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Singlife Account

Savings

Savings Accounts

Interest Rates

Would you suggest someone who is self-employed to put their savings with Singlife Account, since they provide the interest of 2.5% p.a. for the first 10k and 1% p.a. for the next 90k?
G
Gaius
Level 3. Wonderkid
Answered 1d ago
In my opinion, its a really good place to put your "emergency fund". Since most people have expenses of around 1.5-3k a month, saving 3-6 months worth of expenses for an "emergency fund" usually amounts to around 10k. The best part about Singlife imo is that there are no requirements to meet in order to get the 2.5%. Just set it up and forget it. Because of that, its definitely a good idea. However, if you're going to be spending the money, I think opting for a debit/credit card that has spending rebates and a reasonably high interest rate would probably be a better option. I personally have the Standard Chartered Jumpstart account that gives 1% cashback and 2% on the first 20k since I'm still pretty young, but you'll have to find out what works best for you. Cheers!
šŸ‘ 1

Savings

Savings Accounts

Singlife Account

Is the singlife savings account trustworthy?
Tay WenHao
Tay WenHao
Level 6. Master
Answered 5d ago
Hi as many have mentioned, it should be quite reliable since its backed by SDIC. But they may adjust the interest rate in this difficult times. So enjoy while it last.
šŸ‘ 0

Insurance

Singlife Insurance

Singlife Account

Singlife Card

Savings

How is Singlife sustainable?
Lok Yang Teng
Lok Yang Teng
Top Contributor

Top Contributor (Apr)

Level 9. God of Wisdom
Answered on 20 Apr 2020
As you have mentioned, the 2.50% rate in non-guaranteed and the subsequent rate is rather low at 1.0%. With a deposit of $30,000, effective interest rate will drop to ~1.50%. The Singlife Account was launched Sep 2019 in conjunction with a rebranding exercise from Singapore Life to Singlife and unveiling a new strategy called 'Manage, Grow & Protectā€™. The savings insurance account could be a marketing strategy to rope in new and young customers with its digital platform and high interest. In addition, when the account was launched, the market was in its longest bull run in history. It is possible to achieve returns more than 2.5% had the markets not crash due to the pandemic.
šŸ‘ 1

Singlife Account

Can we open the Singlife account without opting for the Singlife Visa card? Or is the card compulsory?
Gabriel
Gabriel
Level 8. Wizard
Answered 4w ago
Hey Anon, yes you can as the debit card is optional. You'll only get it if you request for one.
šŸ‘ 1

Singlife Account

Can the Singlife account be funded by SRS monies? Or can it only be funded by cash?
SW
Shaun WQ Lim
Level 7. Grand Master
Updated 4w ago
Things to note The interest is paid monthly on the date that you fund the minimum amount to earn the interest, instead of calendar month like a bank account.
šŸ‘ 0

Savings

Savings Accounts

Singlife Account

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?
Gabriel
Gabriel
Level 8. Wizard
Answered on 30 Apr 2020
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.
šŸ‘ 2

Singlife Account

Savings Accounts

How do I know whether I qualify for this bonus interest rate?
Gabriel
Gabriel
Level 8. Wizard
Answered on 30 Apr 2020
Hey Anon, it's not stated anywhere on their platform whether there are 20,000 customers. Either way, just sign up for the account and deposit at least $500 and check the next day to see the amount of interest earned (not credited). From there you'll know if you're still within the first 20k customers entitled to the 2.5% interest p.a, since opening an account is free of charge.
šŸ‘ 0

CIMB FastSaver Account

Singlife Account

Am considering between the CIMB fast saver and singlife account. CIMB gives 1% interest up to 50,000 balance, but Singlife gives 2.5% for first 25k and 1% up to 100k. Which one is better?
Johnson Koh
Johnson Koh
Level 4. Prodigy
Answered on 01 Apr 2020
How much money do you have? if you have 50k, cimb interest = $500 singlife = $250 + $400 = $650. it's 2.5% for first 10k btw. note: singlife is not guaranteed - in the sense that they can change anytime. if you have other amount you can just apply the simple math - but from what i see singlife CIMB in interest rate for any amount. tried withdrawing via singlife, settled in 3hrs. CIMB should be instant via FAST transfers.
šŸ‘ 2

Savings

Standard Chartered JumpStart Account

Singlife Account

I have $10,000 savings and 24yrs old can anyone advice on this: Singlife (2.5%) or SC Jumpstart (2%)?
Gabriel
Gabriel
Level 8. Wizard
Answered on 09 Apr 2020
Hey Anon, why not open both? 1) Singlife Account Pros: 2.5% interest p.a for now with no other terms and conditions or penalties Cons: Returns are not guaranteed and is subject to changes, which they'll inform via email 2) SCB Jumpstart Pros: You'll still get 2% interest even after you pass 26 years old, no minumum deposit/spending etc. Cons: 2% interest p.a only applies to the first $20k deposits If I were you, I'll put my funds in Singlife to earn the higher interest and open SCB Jumpstart at the same time to secure the interest rate, so that I'll have the flexibility of moving my funds around should Singlife announce a change of interest rate. Ultimately, it depends if you're willing to go through the hassle of transferring the funds accordingly. For me, I put my emergency funds/life savings in Singlife account (not meant to touch/spend) and a small sum in SCB Jumpstart for expenses as it also comes with a free debit card which offers 1% rebate. Hope this helps!
šŸ‘ 2

Singlife Account

Interest Rates

Singlife's ADV => Earning 2.5% p.a. returns per annum. Returns are not guaranteed. How should I interpret "Returns are not guaranteed"?
Gabriel
Gabriel
Level 8. Wizard
Answered on 09 Apr 2020
Hey Anon, it simply means that the interest rate is subject to changes at their discretion. Anyway, I contact their support previously and was told that they'll inform us by email should there be a change of interest rate. So for now, the returns are still at 2.5 interest p.a. Your capital is guaranteed, so rest assured.
šŸ‘ 0
Load more questions

How to maximise the returns for Singlife Account?

The returns per annum for Singlife Account is 2.50% p.a. for account balances up to S$10,000. Returns are not guaranteed.

  • 2.50% p.a. on the first S$10,000
  • 1.00% p.a. on the next S$90,000
  • 0% p.a. on amounts above S$100,000

Benefits from Singlife Account

  • 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.

Eligibility: who can apply for Singlife

  • 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 ā€œThe Worldā€™s 100 Leading Fintech Innovators in 2018ā€ by KPMG.