Save, Spend, Earn and Be Insured with Singlife Account with 2.5% interest p.a

Save, Spend, Earn and Be Insured with Singlife Account with 2.5% interest p.a

In case you haven’t heard before, “Save, Spend, Earn and Be Insured” is tagline from Singlife, an Insurance Savings Plan which allow you to earn up to 2.5% p.a. interest on your first S$10,000.

Singlife Account at a glance

INSURANCE SAVINGS PLAN Capital guaranteed with no hidden fees or charges.
EARN UP TO 2.5% P.A. Start earning with a minimum of S$500. No gimmicks, just pure savings.
INSURANCE BENEFITS You get life insurance coverage of up to 105% of your account value and retrenchment benefits.
SINGLIFE CARD Indulge in your retail therapy with our complimentary Singlife Visa Debit Card.
NO LOCK-IN You can withdraw your money anytime via FAST with no costs and no minimum term required.
EASY APPLICATION PROCESS Just download the app and sign up – a few minutes is all it takes.

 

Save, Spend, Earn and Be Insured with Singlife Account with 2.5% interest p.a
Save, Spend, Earn & Be Insured

Insurance savings plan

The Singlife Account is neither a bank savings account nor fixed deposit. Singlife Account is an insurance savings plan that credits interest and offers flexibility to make top ups and withdrawals with no lock in and charges. It is a capital guaranteed insurance savings plan that gives up to 2.5% p.a.* returns.

Singapore Life Pte. Ltd. (Singlife) is a direct life insurer licensed by the Monetary Authority of Singapore (MAS) hence they are a financial institution you can trust. Furthermore all Singlife policies, including the Singlife Account are protected up to specified limits by the Singapore Deposit Insurance Corporation (SDIC).

Earn up to 2.5% p.a. 

Although Singlife Account advertise 2.5% p.a returns, do note that returns are not guaranteed. You need to remember the Singlife Account is not a bank account or a fixed deposit. It is an insurance savings plan that earns a crediting interest rate, but you can take your money out anytime via FAST transfer or by using your Singlife Visa Debit card.

This is how does the 2.5% p.a. crediting rate (returns) work

  • 2.5% p.a. crediting rate for your first S$10,000
  • 1% p.a. crediting rate for your next S$90,000
  • 0% p.a. crediting rate for account value above S$100,000
  • Returns are calculated daily and credited to your account value on a monthly basis.
  • The returns on your Singlife Account policy will be credited on the first day of the following policy month.

Crediting rates will be revised from 2.5% p.a. to 2.0% p.a. for the first S$10,000 from 1 Nov 2020. However, you can keep earning 2.5% p.a. returns under the Save, Spend, Earn Campaign which allow you to earn additional 0.5% p.a. on top of your 2% p.a. base return* as long as you spend on the Singlife Card from 1 Nov 2020 till 28 Feb 2021.

Insurance Benefits

Life Insurance Coverage

Singlife Account customers will receive life insurance coverage for death or terminal illness of up to 105% of the account value and also retrenchment coverage where you will receive benefit for a period of 3 months, up to S$10,000 in case you are retrenched and remain unemployed for at least 4 months. The retrenchment benefit is your average monthly card transaction values made over the 6 months immediately before the date of retrenchment.

No Lock-In

Some financial products have a “lock-in” period. This is the length of time during which you are not allowed to change your financial arrangement – which includes early withdrawal of your money.

Enjoy “No Lock-In” with your Singlife Account. This means you can access and withdraw your money at any time from your Singlife Account policy without any financial penalty.

You need to maintain a minimum account value of S$100. There are no returns to your Singlife Account policy if the account value falls below S$100.

Free Visa Debit Card – No FX Fees, No Annual Fees

Along with your free Singlife Account, you will have the option of having a complimentary Singlife Visa Debit Card delivered to you. While this card will not earn you any cashback or miles (it is a debit card after all), you will not have to pay any FX fees when using the card for non-SGD transactions. As a quick reminder, most major banks in Singapore charge around 3.25% FX fee when you use a credit card so this can be quite lucrative for some of you out there.
Singlife Visa Debit Card

Sign up

It’s really simple, you can start by using your mobile phone, go to App Store / Google Play, download Singlife App and start sign up for a new Singlife Account policy.

All you need to do is to fund S$500 to activate your Singlife Account policy. You can then start earning the returns. To continue enjoying the benefits of the Singlife Account policy once you have activated it, you would need to maintain a minimum account value of S$100.

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