Heartland Boy

Seriously Singaporean Financial Literacy

MENUMENU
  • About
  • Investment
    • Investment
      • REITS
      • Singapore Stocks
      • Singapore Property
      • Cryptocurrency
    • review-of-dividend-machines-by-the-fifth-person

      Review of Dividend Machines By The Fifth Person

      February 22, 2021 By Alison_Liew 7 Comments

    • rex-internationa-initiation-report-target-price

      Rex International Initiation Report- How Much Is My Target Price

      posted in Investment, Singapore Stocks

    • my-experience-helping-my-parents-apply-for-hdb-sale-of-balance-sbf-flats

      My Experience Helping My Parents Apply For HDB Sale Of Balance (SBF) Flats

      posted in Investment, Singapore Property

  • Banking & Insurance
    • Banking & Insurance
      • Bank Deposits
      • Bank Loans
      • Credit Card
      • Insurance
    • using-the-dbs-multiplier-insurance-category-hack-to-enjoy-higher-interest

      Using the DBS Multiplier Insurance Category Hack To Enjoy Higher Interest Rate

      posted in Bank Deposits, Banking & Insurance

    • review-instarem-amaze-card-foreign-currency-fee-cashback

      Review of Instarem amaze Card: Avoid foreign currency fees, receive additional cashback

      posted in Banking & Insurance, Credit Card

    • gro-capital-ease-eco-inforgraphic

      REVIEW OF INCOME’S 3-YEAR INSURANCE SAVINGS PLAN: GRO CAPITAL EASE ECO

      posted in Banking & Insurance, Insurance

  • Retirement
    • Retirement
      • Singapore CPF
      • Singapore SRS
      • Taxes
    • parents-heres-how-you-can-check-your-child-cpf-account-with-ease-now

      Parents- Here’s how you can check your child CPF account with ease now

      posted in Retirement, Singapore CPF

    • invest srs

      Why Invest Your SRS Funds In ETF

      posted in Retirement, Singapore SRS

    • what-i-did-this-year-to-reduce-my-income-tax

      What I Did This Year To Reduce My Income Tax

      December 14, 2020 By Alison_Liew 3 Comments

  • Lifestyle
    • Lifestyle
      • Dining
      • Travel
      • Parenthood
      • Wedding
      • Others
    • review-of-mealpal-singapore-that-now-serves-hawker-food

      Review of MealPal Singapore That Now Serves Hawker Food

      posted in Dining, Lifestyle

    • cruise-to-nowhere-review-of-caribbean-spectrum-of-the-seas

      Cruise To Nowhere: Royal Caribbean Spectrum of the Seas Review

      posted in Lifestyle, Travel

    • how-much-my-family-saves-in-transport-costs-from-cycling

      How Much My Family Saves In Transport Costs From Cycling

      posted in Lifestyle, Parenthood

  • Resources
  • Contact

Bank Deposits Banking & Insurance Insurance

Review of Singlife Account, An Insurance Savings Plan

review-of-singlife-account-an-insurance-savings-plan

Last month, Heartland Boy wrote that the top 3 local banks have reduced the interest rates of their best savings accounts. Therefore, when a new kid on the block offers 2.5% per annum on the first $10,000 of deposits, Heartland Boy latched onto the idea readily. Singlife, a direct life insurer licensed by the Monetary Authority of Singapore (‘MAS’), is offering up to 2.5% interest rate for the Singlife Account. Here is Heartland Boy’s review of the Singlife Account, an insurance savings plan that provides flexibility for top ups and withdrawals with no lock in and charges.

2.5% Interest Rate on the First $10,000

For fear of disappointing the readers, Heartland Boy thinks it is better to declare that only the first $10,000 in the Singlife Account earns up to 2.5% interest rate. Additionally, the returns are not guaranteed and Singlife has absolute discretion to change it in the future. That is fine with Heartland Boy because should the need arise, moving the funds somewhere else incurs no penalties and takes only a matter of seconds.

interest-rate-singlife-account

Diagram 1: Returns for each deposit tier of the Singlife Account

To start earning 2.5% on your first $10,000 in the Singlife Account, an initial funding of $500 is required. As Diagram 1 shows, the next $90,000 would net a return of 1% p.a. Amounts above $100K will not earn any returns though. Therefore, the effective interest rate on the first $100,000 in the Singlife Account is 1.15%. The interest rate is calculated daily and credited to your account value on the first working day of the following policy month.

interest-rate-calculation-singlife-account

Diagram 2: Returns on Heartland Boy’s savings in the Singlife Account

As shown in Diagram 2, Heartland Boy’s first $10,000 earned $1.35 for the first 2 days. That’s right, Heartland Boy chose only to deposit $10,000 as he felt that his remaining monies could earn rates higher than 1% for similar products. However, a like for like comparison should always be made. For instance, fixed deposits have guaranteed interest rates. However, the Singlife Account is highly liquid and incurs no charges for withdrawals. On the other hand, fixed deposits or regular endowment plans typically impose a penalty for withdrawal before maturity.

Transfer Funds Via FAST

Deposit and withdrawal of funds is via the Fast And Secure Transfer (‘FAST‘) methodology. This means it is almost instantaneous for funds to cross between your Singlife Account to your bank account and vice versa. There is full access to the funds via the Singlife App or the Singlife Visa Debit Card. While there is no fall-below fee, note that if the account value falls below $100, all benefits will cease. Most importantly, please note that monies deposited in the Singlife Account are protected up to specified limits by the Singapore Deposit Insurance Corporation (‘SDIC’) and the prevailing rate is $100,000 at time of writing under the Policy Owner’s Protection Scheme.

However, Heartland Boy would like to highlight that Singlife Account should not replace your bank account completely. That is because important banking functions such as PayNow, GIRO and ATM cash withdrawal are still not available yet.

Death, Terminal Illness and Retrenchment Benefit

As a product by an insurance company, it is not surprising that the Singlife Account offers some form of insurance benefits. Just like an endowment plan, it is non-participating in nature. If death or terminal illness befalls the insured and the insured is below the age of 61, Singlife will pay out 105% of the account value or $50,000, whichever is lower. For those above the age of 61, it changes to 101% of the account value or $50,000, whichever is lower. The Singlife Account will automatically cease thereafter. Normal exclusions such as pre-existing conditions or suicide within first year of application apply.

In addition, the Singlife Account also pays out retrenchment benefits if the insured is unemployed for at least 4 months. The retrenchment benefit is the average monthly card transaction values made over the past 6 months immediately before date of retrenchment, capped at $10,000 over 3 months. Note that this retrenchment benefit will not be payable if insured is retrenched within first 6 months of policy start date or if insured’s severance package is more than 3 months of monthly salary. The qualifying criteria is stringent and the benefit is capped but this is still a nice buffer to have during such difficult economic times.

Singlife Debit Visa Card

If you have a Singlife Account, you can also apply for the Singlife Debit Visa Card and it will be mailed to your residence in approximately 12 business days. There is zero annual fees and no additional forex fees payable if payment is made in foreign currency, i.e. Visa’s competitive exchange rate will be applied. If payment is made in SGD, it will be subject to dynamic currency conversion. The Singlife Debit Card can be conveniently locked and unlocked through the Singlife App and the customer will be able to view all transactions. Receive instant notifications on your spending as well. At this moment, the Singlife Debit Card is unable to perform ATM withdrawals yet.

Sign Up Online

Heartland Boy thinks that this is good product for your first $10,000, the other being the more superior GIGANTIQ or the Standard Chartered JumpStart Savings Account which Heartland Boy is too old to qualify. Singapore citizens, Singapore Permanent Residents (SPR) and foreigners holding valid passes who fall between 18-75 years will be eligible for the Singlife Account. To sign up for the Singlife Account, one has to download the Singlife mobile app first. It also incorporates MyInfo function which expedites the onboarding process.

singlife-account-issued-policy-document-contract

Diagram 3: Successful application of Singlife Account and issuance of policy contract

After your application is successful, you will be asked to make your transfer to a DBS Bank Account belonging to Singlife. For anyone who has queries, kindly contact Singlife customer service at its email address via [email protected] or via whatsapp at +65 6911 1111.

Announcement: Note that from 1 Jul 2021 onwards, Singlife has reduced its interest to 1.0% for the first $10,000. To earn a higher interest rate of 2.0%, you may participate in its Save, Spend, Earn and Grow Bonus Return (review here) campaigns. In addition, there is a Member Get Member referral programme where customers and referees can earn $35 each when they sign up for the Singlife Account and Card, as well as Singlife Grow. Use my referral code NkCvYVDN or sign up via this link here

Disclosure: This article is meant purely for informational purposes and should not be construed as financial advice. For customised advice on your financial needs, you should seek advice from a licensed representative. It has not been reviewed by MAS. Information is correct as at 17 May 2020


42 Comments

« Thoughts On The NTUC Enhanced IncomeShield Plan Premium Increase
Get Additional Cashback With UOB One Card During Circuit Breaker »

Comments

  1. Robin says

    May 17, 2020 at 6:10 pm

    Hi,

    Just want to double check, What if I decide to withdraw all the money from Singlife account? Any penalty?

    Reply
    • Alison_Liew says

      May 17, 2020 at 7:28 pm

      Hi Robin,

      No penalty

      Reply
  2. Marc says

    May 18, 2020 at 6:15 pm

    If i were to place 10k into the singlife account, i will need to withdraw the interest earned as any amount above 10k will not be getting the 2.5% interest right?

    Reply
    • Alison_Liew says

      May 18, 2020 at 6:56 pm

      Hi Marc,

      Yes, your interest above $10,000 is earning 1% interest only.

      Reply
  3. WK says

    May 23, 2020 at 2:28 pm

    I transferred $1 from my DBS (not FAST since within the same bank) to test out but not reflected in the app. Is the amount to little? WhatsApp them but no reply yet…

    Reply
    • Alison_Liew says

      May 23, 2020 at 2:36 pm

      Hi waikiat,

      Its not too little, i did the same. As it is the long weekend now, you probably should wait till a working day to check back.

      Reply
  4. Kelvin Tan says

    May 26, 2020 at 11:44 pm

    How long does the balance gets updated?

    Reply
    • Alison_Liew says

      May 27, 2020 at 8:11 am

      Hi Kelvin,

      Daily.

      Reply
  5. Mark says

    May 30, 2020 at 1:59 pm

    HWZ people are saying put $9777 inside instead. They said it is a rough value that ensure all the balance in the account is earning high rate. What’s your take on that?

    Reply
    • Alison_Liew says

      May 30, 2020 at 2:20 pm

      Hi Mark,

      I wouldn’t spend too much time fretting over this.

      Reply
  6. Lim Zheng Ping says

    May 31, 2020 at 12:35 am

    Hi just to check with you the initial payment / initial funding of $500. Is it a payment or would it be reflected in the singlife bank account?

    Reply
    • Alison_Liew says

      May 31, 2020 at 9:18 am

      Hi,

      It will be reflected in your Singlife bank account as a deposit. This account has no fees, so there is no payment.

      Reply
  7. Zplim says

    May 31, 2020 at 4:46 pm

    Okay thank you

    Reply
  8. John says

    June 2, 2020 at 3:36 am

    When is your accrued interest credited into the account balance? I expected the interest to credit into account balance on 1 Jun but it did not.

    Reply
    • Alison_Liew says

      June 8, 2020 at 7:50 am

      Hi John,

      For my case, it was credited upon completion of the first month, i.e. 7 June.

      Reply
  9. Joseph says

    June 2, 2020 at 8:39 am

    Hi can I check with you that, for me to enjoy the 2.5%/annum interest, the balance in the account must be kept below $10000 at all times? It does not work like if I have $20,000 in, the first 10,000 receives the 2.5% while the next $10,000 receives 1%?

    Reply
    • Alison_Liew says

      June 2, 2020 at 7:08 pm

      Hi Joseph,

      the first 10,000 receives the 2.5% while the next $10,000 receives 1%?

      Reply
  10. Linda says

    June 2, 2020 at 10:45 pm

    Hi, will my capital be guaranteed? In the event of singlife’s bankruptcy(touchwood), will i get back the money I have put in?

    Reply
    • Alison_Liew says

      June 3, 2020 at 8:24 am

      Hi Linda,

      You have to make your own judgment on this.

      Reply
  11. linu says

    June 28, 2020 at 9:06 pm

    Hi Alison do you have info on who are the promoters of Singlife. What is their track record?

    Reply
    • Alison_Liew says

      June 29, 2020 at 7:34 am

      Hi Linu,

      The track record of the founders and investors are listed on their website.

      Reply
  12. Shar says

    July 2, 2020 at 1:13 am

    Maybe do a review in the dash easyearn? Kinda similar to this imo.

    Reply
    • Alison_Liew says

      July 2, 2020 at 7:21 am

      Hi Shar,

      Yes, that’s in the works.

      Reply
  13. John says

    July 20, 2020 at 12:52 pm

    Is it really safe and insured by SDIC in the sense that we will get back the exact amount we deposit (for my case 10k)?

    I emailed Singlife as well as SDIC but none of them gives a clear answer.
    Even SDIC said something along the line of “decided by MAS”.

    I tried calling in but line’s busy.

    Please advise.

    Reply
    • Alison_Liew says

      July 20, 2020 at 1:08 pm

      Hi John,

      All i can say is that it is protected under the Policy Owners’ Protection Scheme which is administered by the Singapore Deposit Insurance Corp (SDIC). As I am not a financial advisor, I am not licensed to provide financial advice. Thank you for your understanding.

      Reply
  14. David Yew says

    August 5, 2020 at 7:47 am

    What is your referral code ?

    Reply
    • Alison_Liew says

      August 5, 2020 at 10:49 am

      Hi David,

      Here’s the referral code: (https://app.singlife.com/14rD7YeRo8)

      Reply
  15. Henry says

    August 11, 2020 at 3:52 pm

    I submitted my application 3 months ago. Until now still not approved. Other than the WhatsApp and customer service, how else can I seek redress?

    Reply
    • Alison_Liew says

      August 11, 2020 at 4:53 pm

      Hi Henry,

      I think you can visit the branch to address all your queries in person?

      Reply
  16. Sierra says

    August 24, 2020 at 2:27 pm

    Hi! What/Where is your promo code? Clicked the link but it just brought me to Singlife homepage

    Reply
    • Alison_Liew says

      August 24, 2020 at 2:55 pm

      Hi Sierra,

      The link is the promo code. Just complete your registration after clicking the link. Thanks in advance!

      Reply
  17. Rayz says

    August 24, 2020 at 7:55 pm

    Hi, I topped up $10 for testing. They do not allow me to withdraw the $10 that is the only amount of money in my account. Thanks!

    Reply
    • Alison_Liew says

      August 24, 2020 at 8:12 pm

      Hi Rayz,

      You confirmed this with the customer officer?

      Reply
  18. Lim Rui Min says

    August 24, 2020 at 8:56 pm

    I’m just curious if they will return. Imagine keeping that $100minimum sum. Is it even possible to everything out ?

    Reply
    • Alison_Liew says

      August 25, 2020 at 4:04 pm

      Hi,

      I have clarified with Singlife. The account must be activated first before funds can be withdrawn. A min. $500 must be deposited to activate the account. Once activated, you can withdraw all $500 without penalty.

      Reply
  19. Lim Rui Min says

    September 10, 2020 at 10:55 am

    Hi when will the interest be credited into the balance ? It shows that you earned interest but it’s not credited into ur $10k balance

    Reply
    • Alison_Liew says

      September 10, 2020 at 12:31 pm

      Hi Rui Min,

      it’s credited monthly.

      Reply
  20. Linda says

    October 9, 2020 at 9:53 pm

    Hi, how much have u earned so far?
    Have u tried withdrawing?

    Reply
    • Alison_Liew says

      October 9, 2020 at 9:58 pm

      Hi Linda,

      Hi, I commenced Singlife in June and have been earning 2.5% on the first $10,000. Yes, I have successfully withdrawn my interest.

      Reply
  21. David ng says

    November 1, 2020 at 5:19 pm

    Hi! I have put amount of $500. It does reflect that day now I got an SMS ask me top up n the $500 in apps not reflected anymore can’t find where the $500 gone too? Have you experience such way?

    Reply
    • Alison_Liew says

      November 1, 2020 at 6:47 pm

      Hi David,

      Never encountered this. Do contact them.

      Reply

Trackbacks

  1. Should I Top Up And Max Out My Baby CDA? | TheFinance.sg says:
    August 30, 2020 at 2:57 pm

    […] can continue to maintain relatively high interest rates for his savings. So far, he has managed to: Achieve 2.5% on $10,000 savings in Singlife Achieve 2.06% on $26,000 savings in Etiqa Elastiq Achieve 2.1% by unlocking salary + 3 categories […]

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Welcome to Heartlandboy.com

Hello there, I am Heartland Boy! I am always thinking about how I can improve my financial literacy in order to achieve financial independence. This is the place to be if you are hungry for financial independence (sometimes good hawker food as well) and foolish enough to believe in the musings of Heartland Boy. Read More…

  • About Heartland Boy
  • Contact
  • Work With Us
  • Privacy Policy
As Seen On

Copyright © 2022 Heartland Boy · All Rights Reserved
All content expressed herein are the personal opinions of Heartland Boy and does not constitute the views of any company nor as professional financial advice.

Copyright © 2022 · Divine Theme on Genesis Framework · WordPress · Log in