Launched in November 2019, the Singlife Account delivers a promotional base return of 3% per annum (p.a.) on the first $10,000 deposited without any lock-in period and 1% p.a. on the next S$90,000.
Users can enjoy up to 4% per annum on their first $10,000 through participation in 2 bonus campaigns that will earn an additional 0.5% p.a each on the first $10,000.
The first campaign is the Singlife Sure Invest Bonus Return campaign. You can earn the 0.5% for this campaign by ensuring that the Singlife Sure Invest plan (an investment-linked life insurance plan) is in force for at least 30 calendar days.
The second campaign is the Singlife Account Top-up Campaign. You can earn the additional 0.5% by making a net top-up of $800 each month.
A minimum deposit of $100 is required upon account opening, and a minimum balance of $100 needs to be maintained to enjoy the benefits of the Singlife Account. Returns are not guaranteed and subject to future changes.
Readers considering using the Singlife Account would undoubtedly be interested to know the differences between the Singlife Account and other high-interest accounts. We examine it below.
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Singlife Account Is NOT A Bank Account
Singlife is an insurance savings plan that is capital-guaranteed, with the value in the Singlife Account protected up to specified limits by the Singapore Deposit Insurance Corporation.
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As an insurance savings plan, the Singlife Account also comes with a life insurance coverage of up to 105% of the deposit in the event of death or terminal illness. The policy is automatically renewed every year subject to conditions and exclusions, and it will be terminated once the benefit is paid.
| In an event of death or terminal illness | Benefit |
| Before the policy anniversary on which life assured’s age last birthday is 61 | Sum of: – deposit; and – 5% of deposit or $50,000, whichever is lower |
| On or after the policy anniversary on which life assured’s age last birthday is 61 | Sum of: – deposit; and – 1% of deposit or $50,000, whichever is lower |
In addition to the insurance coverage, the Singlife Account used to come with a retrenchment benefit. Update: This is no longer available to new in-force policies, from 1 October 2022. For existing in-force policies, the benefit will expire one year from the policy start date.
As long as the account holder is retrenched after the first six months from the account opening and remains unemployed for at least 4 months, the account holder will receive the benefit for a period of three months capped at $10,000, subject to terms and conditions. The benefit amount is based on the average monthly Singlife Debit Card transaction made over the six months right before the date of retrenchment.
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How Singlife Account’s Interest Compares With Other Accounts
While your capital with Singlife Account is guaranteed, the interest returns are not. It is worthwhile to note that the interest rates offered by the major banks on their high-interest accounts may also be subjected to unannounced revision as well.
Here’s a comparison of Singlife Account’s interest rates with three popular high-interest rate accounts.
| Accounts | Rate (P.A.) | Terms and Conditions |
| Singlife Account | Up to 4% | – Initial deposit of $100 – Maintain a minimum balance of $100 to earn returns – First $10,000 receives 3% p.a. (up to 4% p.a. with participation in 2 campaigns) – Next $90,000 receives 1% p.a. – No interest above $100,000 |
| CIMB FastSaver Account | Up to 3.8% | – Initial deposit and minimum balance of $1,000 to earn interest – First $25,000 receives 1.5% p.a. – Next $25,000 receives 2.5% p.a. – Next $25,000 receives 3.5% p.a. – Above $75,000 receives 0.8% p.a. |
| UOB Stash Account | Up to 5% | – Initial deposit and minimum balance of $1,000 to avoid fall-below-fee of $2 – First $10,000 receives a base interest of 0.05% p.a. – Next $30,000 receives 2.00% p.a. (0.05% base interest + 1.95% in bonus interest) – Next $30,000 receives 3.00% p.a. (0.05% base interest + 2.95% in bonus interest) – Next $30,000 receives 5.00% p.a. (0.05% base interest + 4.95% in bonus interest) – $100,000 and above receives a base interest of 0.05% p.a. – To earn the bonus interest, you need to maintain or increase your monthly average balance (MAB), as compared to the previous month |
Singlife Account awards the highest interest on the first $10,000, but provides lower returns than both the CIMB FastSaver and UOB Stash accounts when it comes to larger sums of money.
Read Also: Best Savings Accounts In Singapore – If You Don’t Want To Keep Jumping Through Hoops
Signing Up For The Singlife Account
You need to be between the ages of 18 and 75 years old to apply for a Singlife account. You would also need to have a valid Singapore-registered mobile number and a Singapore residential address.
To sign up for a Singlife Account, you will first be required download the Singlife App and register your details using SingPass MyInfo.
After confirming the details, you can proceed to make a minimum initial deposit of $100 via FAST transfer from any bank account into the Singlife Account, and to make a request for the debit card to be mailed to you within 9 to 12 business days.
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This article was originally published on 31 March 2020 and updated to include the latest information.
