Are you tired of switching between saving accounts to get the best interest rate on your savings?
Instead of a savings account, why not consider an insurance savings plan like the SingLife Account?
I’ve been using the account since March 2020, and found that it has great benefits, with only a few downsides.
Here’s why I believe everyone should apply for one now.
Table of Contents
- What is the SingLife Account?
- Why is the SingLife Account Better Than Other Insurance Savings Plans?
- Who Is Eligible for a SingLife Account?
- How Do I Apply for a SingLife Account?
- What Are the Requirements for the SingLife Account?
- How Does the SingLife Debit Card Work?
- How Do I Withdraw Money From the SingLife Account?
- Is SingLife Safe?
- How Do I Terminate My SingLife Account?
- How Does SingLife Compare With Other Alternatives?
- Should I Get the SingLife Account?
- SingLife Referral (Get $10 For Signing Up)
What is the SingLife Account?
You may have seen the ad of Henry Golding promoting this plan.
Launched in November 2019, the SingLife Account is a capital guaranteed insurance savings plan.
Savings plans are usually offered by insurance companies to help you grow your savings.
So how does the SingLife Account work?
You credit your money into the SingLife Account. SingLife will then use this money to invest in certain assets that will generate a return. Part of the returns will be given to you at the prevailing interest rate.
Although SingLife did not explicitly state how they can generate such high returns, they should be investing in low risk assets.
This is because the SingLife Account is capital guaranteed. This means that SingLife will have to return you the capital (aka amount) that you’ve put into the account, no matter what.
As such, they may not want to invest in assets that are too risky!
Here’s the interest rate offered by SingLife:
|First $10k||2.5% p.a|
|Next $90k||1% p.a.|
|Any Amount > $100k||0% p.a.|
2.5% p.a. is a really good deal for your first $10k!
One thing I really like about the app is that it shows you the interest rate you have earned for each day.
SingLife has an online portal as well for you to check your balance, if you prefer to do so.
When you create your SingLife Account, you will be given a SingLife ID. You can login to the portal using either your mobile number or username.
The interest rate is calculated daily, and will be credited to you at the end of each month.
SingLife considers the start of each month to be the exact date that you applied for the account.
For example, if you created the account on the 13th day of the month, you will receive your interest on the 13th day of each month.
The 2.5% interest rate may seem really attractive, but it is important to note that the interest rate is not guaranteed. SingLife may adjust the interest rate at any point of time.
As such, it is best to make the most of this interest rate before SingLife decides to lower it!
The SingLife Account is an insurance plan as well. As such, it provides you with certain benefits for:
- Terminal Illness
If you pass on with the policy in effect, you will receive a death benefit according to your age.
|Age of Death||Death Benefit|
|Before 61 y/o||Account Value + the LOWER of 5% of Account Value OR $50K|
|After 61 y/o||Account Value + the LOWER of 1% of Account Value OR $50K|
If you are diagnosed with a terminal illness, you will receive the full death benefit, depending on your age.
Here is SingLife’s definition of a terminal illness:
Do I need insurance plans if I already have the SingLife Account?
The insurance benefits provided by the SingLife Account are insufficient to cover you fully.
For example, let’s say you pass on and you’re below 61 years old.
If you have $10k in the SingLife Account, you will only receive $10.5k when you pass on.
This means you are just able to cover the expenses for a funeral with this payout.
What if you still have loans outstanding, such as your housing loan?
Your family will still need to repay the loan on your behalf!
As such, it is insufficient to just rely on the payouts provided by the SingLife Account in case of death or total permanent disability.
If you have any dependants or outstanding loans, it would be best to purchase an additional life insurance plan.
These plans give a payout ranging from $100k to more than $1million. This amount will be able to provide for your family.
As such, the insurance benefits provided by the SingLife Account are good to have, but you should not solely rely on them.
Why is the SingLife Account Better Than Other Insurance Savings Plans?
Previously, insurance savings plans used to be very rigid.
There are 2 main ways that you place your funds into a plan:
- Regular Monthly Deposits
- One-Time Lump Sum
Once you have committed to a plan, the money is locked up with the insurance company. You can only withdraw it at the end of the agreed period.
In contrast, there is no lock-in period for SingLife.
You can freely deposit and withdraw funds to and from the account, at any point of time!
Some insurance companies may charge fees for their plans. For example, you may be charged a withdrawal fee.
However, the SingLife Account does not charge any fees. The only catch is that you do not get to enjoy the interest rate if your account value is less than $100.
It is important to note that the SingLife Account is neither a savings account nor a fixed deposit.
The SingLife Account is just a flexible insurance savings plan that has similar characteristics to a savings account.
It is important to note this difference, especially when it comes to the definitions under SDIC.
Who Is Eligible for a SingLife Account?
Here’s the criteria, as stated on SingLife’s website:
- You have to be a Singaporean Resident who is either a:
- Singapore Citizen
- Singapore PR
- Foreigner holding a valid pass
- Your age has to be between 18-75 years old
The requirements are very flexible, and almost anyone can open an account with SingLife!
How Do I Apply for a SingLife Account?
Here’s how to apply for the SingLife Account:
- Download the app on the App Store or Google Play Store (you can use my referral link to sign up for the account)
- Sign up for a SingLife ID using MyInfo (your ID will be your phone number)
- Apply for the SingLife Account in the app
Although SingLife’s website states that you require a few minutes for the signup process, the app can get a bit laggy and may not load properly.
If you are experiencing such problems, I would recommend that you wait a few hours before trying to apply via the app again.
Once you’ve successfully signed up for the account, you can login to the app either using Touch / Face ID or a 4-digit PIN code.
You’ll have to deposit a minimum of $500 first to start earning the interest.
SingLife is an insurance company, and not a bank. As such, it is not able to issue you a bank account. However, your SingLife Account is tagged to a DBS bank account. You will use this account for any deposits you wish to make.
You’ll need to add the account number assigned to you as a payee in your local bank account, before you can transfer any money.
After you’ve set your SingLife account as a payee, you can freely deposit any amount from your local bank account into SingLife.
The transfer is really fast as well. You should receive a notification below once you’ve transferred money from your bank account to your SingLife Account.
What’s more, SingLife will send you a summary of the transactions you made on the previous day.
Although SingLife does not provide an e-Statement at the end of each month, this summary is a good way for you to check your daily transactions.
What Are the Requirements for the SingLife Account?
There are very few terms that you’ll have to comply to, and there’s no fall below fee as well!
You’ll need a minimum of $100 inside the account to continue the earn the interest rate.
If your account value is below $100 for more than 60 days, SingLife reserves the right to terminate your policy.
How Does the SingLife Debit Card Work?
The SingLife Account comes with a Visa debit card as well.
Whenever you use the card, the amount will be debited from your SingLife Account.
The SingLife debit card has 2 main benefits:
No fees (FX or annual)
The card does not have any FX fees or annual fees.
FX fees are foreign transaction fees being charged to your card when you use it for overseas purchases.
Such fees are around 2.5-3.5% of the actual amount that you need to pay.
SingLife states that they offer competitive exchange rates as well. So you can consider using this card for your overseas online purchases!
You are able to use this card for your day-to-day purchases in Singapore as well.
However, you are unable to use the card to make withdrawals from a local ATM.
How does the SingLife debit card compare to YouTrip?
This sounds very similar to the YouTrip card, a multicurrency debit card.
Here’s a comparison between the 2 debit cards:
|Multiple currencies in account?||No (can choose either SGD or foreign currency at point of sale)||Yes|
|Top-up needed?||No (direct from SingLife account)||Yes (min $20)|
|Inactivity Fee||No||$5/mth if inactive for 12 mths|
|FX Rates||Unknown||Very competitive|
|ATM Withdrawal||No||Overseas only (fee will be charged)|
Depending on your spending patterns, you may choose one card over another.
Since I have the YouTrip card which provides really competitive FX rates, I do not see a need to get the SingLife debit card.
However, if you wish to receive the referral bonus using my code, you will need to order and activate the SingLife debit card.
Another unique feature of the debit card is its retrenchment benefit.
If you have been retrenched and you remain unemployed for ≥ 4 months, SingLife will pay a retrenchment benefit for a period of 3 months, up to $10k.
This benefit is calculated based on the average card transaction values you have made in the past 6 months before you are retrenched.
It is certainly a unique feature of the SingLife Account.
However, I still prefer to use the Standard Chartered JumpStart debit card.
This is because it gives me a 1% cashback on any eligible Mastercard transaction.
Moreover, I do not have a use for the retrenchment benefit at this point of time.
Ordering the SingLife Debit Card
To qualify for the referral bonus, you will need to order and activate your SingLife debit card.
Here’s a step-by-step guide to order the SingLife debit card:
#1 Go to ‘Order Card‘
#2 Enter your address manually or via postal code
#3 Confirm how your name will be displayed on the card
#4 Place the order
The card should arrive within 9-12 business days.
You should receive an SMS confirmation as well.
How Do I Withdraw Money From the SingLife Account?
Withdrawing money from SingLife can be done in 4 steps:
- Go to ‘Withdraw‘
- Tap on ‘Add New Bank Account‘
- Enter your bank details (The account has to be under your name!)
- Select the amount you wish to withdraw
#1 Go to ‘Withdraw’
#2 Tap on ‘Add New Bank Account‘
#3 Enter your bank details
The account that you enter has to be under your name!
#4 Select the amount you wish to withdraw
There is no withdrawal limit or minimum withdrawal amount. You can even withdraw $10 from the account!
However, if you wish to continue earning the interest rate, you will need to maintain a minimum of $100 in the account.
For the bank account that receives the money, it can be any bank account from any bank.
The only condition is that this bank account must be under your name.
After you make the withdrawal request, it may take up to 3 hours before the money is transferred to your account.
From my experience, it usually takes less than an hour (around 10-15 mins) for it to be transferred.
I think that the 3 hours is just a disclaimer in case anything happens for a transfer. However, I’m not willing to take this risk, especially if I need the money immediately.
This is the main drawback of the SingLife Account, since the transfers take a longer time compared to a FAST transfer.
Moreover, the SingLife app can be rather buggy at times. It may take a while for it to show all of your transactions.
Sometimes after logging into the app, I may receive this error message.
This is not ideal if you need to withdraw the money immediately!
As such, I would suggest against leaving all of your emergency funds in the SingLife Account. Having some in a savings account would help to ensure better liquidity.
Even though SingLife has an online portal, you are only able to view your balances. You can’t withdraw money from the portal, and only from the app.
I hope that the online portal will have a withdrawal option in the future!
Is SingLife Safe?
SingLife is a relatively new company, so you may be worried about leaving your money with them.
The SingLife Account is an insurance savings plan.
Hence, it is protected by the Policy Owner’s Protection Scheme, under the Singapore Deposit Insurance Corporation (SDIC).
This is different from the Deposit Insurance Scheme that bank accounts fall under.
The SingLife Account is considered an individual life policy.
The sum assured will thus be up to $100k for the surrender value of the policy.
In the unfortunate event that SingLife closes down, the amount that you put in will still be protected by the SDIC.
This should give you some reassurance that SingLife is a credible company, and one that is here to stay.
How Do I Terminate My SingLife Account?
In the event that you wish to terminate your SingLife Account, you can do so via the SingLife app.
Here’s a step-by-step guide to terminating your SingLife Account:
#1 Tap the hamburger icon on the top left of the SingLife App and go to ‘Account’
#2 Go to ‘Terminate’
#3 Tap ‘Yes’ to confirm your termination
From the policy document, it states that your benefits will cease on the day that the surrender benefit is paid.
The surrender benefit is equal to the total account value at the full surrender date.
However, the interest is only credited to you at the end of each month.
If you decide to terminate your policy halfway into the month, you risk losing half a month’s worth of interest!
SingLife also did not explicitly state how and by when would they return the surrender benefit to you. As such, you may have to be prepared to wait a while before the surrender benefit is paid to you.
If you decide to surrender the policy, you have the possibility of reinstating your policy in the future. However, this is up to the discretion of SingLife and they may decide not to reinstate your policy.
There are many limitations if you decide to terminate the policy. I strongly recommend you to think twice before cancelling it!
How Does SingLife Compare With Other Alternatives?
There are a few different alternatives to the SingLife account.
With SingLife’s attractive interest rate, especially for the first $10k, it is very hard to find another option that can beat SingLife.
Standard Chartered JumpStart
With JumpStart reducing its rates from 2% to 1% for the first $10k, many students have been searching for an alternative to Jumpstart.
Here are my 3 alternatives to the JumpStart Account that you can consider.
Should you switch from JumpStart to SingLife?
Both accounts have their merits, and here’s a quick comparison between the 2 accounts.
|Interest Rate||2.5% for first $10k, 1% for next $90k||1% for first $20k, 0.1% for any subsequent balance|
|Eligibility||18-75 y/o||18-26 y/o|
|Account Setup||Fast (Within an hour)||Fast (Within an hour)|
|Speed of Transfer||Slower (Up to 3 hours)||Faster (Almost instant)|
|Minimum Account Balance||$100||No minimum|
|Debit card||No FX fees|
|iBanking||Laggy||Laggy and poor UI|
It would be best to have both accounts if you are eligible for them!
I prefer JumpStart for its liquidity and the 1% cashback, and SingLife for its higher interest rate.
Other Bank Accounts (DBS Multiplier, CIMB FastSaver)
The DBS Multiplier and CIMB FastSaver recently announced revisions to their interest rates.
The 2.5% and even the subsequent 1% offered by the SingLife Account is way better than these 2 accounts!
Other Flexible Insurance Savings Plans (Etiqa Elastiq and Dash EasyEarn)
Besides the SingLife Account, there are two other insurance savings plans that have a degree of flexibility as well.
They are Etiqa Elastiq and Dash EasyEarn.
One thing to note is that Dash EasyEarn is also being provided by Etiqa.
Comparing with the other plans, SingLife is the clear winner as well.
|Interest||2.5% for first $10k, 1% for next $90k||1.8% for initial premium||1.5% base + 0.5% (for first year only)|
|Lock-in Period||None||90 days||None|
|Min. Daily Balance||$100||$5,000||$2,000|
|Fall Below Fee||None||$5||None|
|Withdrawal Fee||None||None||$0.70, waived if withdraw to Dash|
The SingLife Account has the least requirements and the highest interest rate among the 3.
It should be the plan that you aim to get first!
StashAway Simple is being advertised as a fuss-free cash management solution.
Previously, StashAway Simple offered a 1.9% return, which was pretty attractive. However, StashAway has since revised the rate to 1.4% p.a. instead.
Here’s a quick comparison of SingLife vs StashAway Simple:
|Interest Rate||2.5% for first $10k,|
1% for next $90k
|Withdrawal Time||Up to 3 hours||Up to 3-4 business days|
SingLife trumps StashAway Simple, with its higher interest rate and much faster withdrawals.
However, you may want to consider StashAway Simple for your short term goals, due to the slightly higher interest rate you can earn.
Should I Get the SingLife Account?
Here’s a recap of its pros and cons:
|2.5% interest for first $10k||Laggy app that is rather unresponsive|
|No lock in period||Withdrawals slower vs normal FAST transfers|
|Very low minimum account balance of $100||Unable to withdraw money from the online portal|
|No minimum withdrawal or deposit||Interest rate is not guaranteed|
|Life insurance policy included||Cannot use SingLife debit card to withdraw money from ATMs|
|Debit card with no FX fees|
|No other fees for using the plan|
The only major complaint I have with SingLife is that its app’s design and speed could be improved.
Since the withdrawal requests can only be made on the app, it should definitely be more stable.
I would encourage you to create the account with SingLife, and aim to max out the $10k and earn the 2.5% interest.
Afterwards, it would not matter whether you’re placing your money in JumpStart or SingLife, since you will get a 1% interest rate either way.
The JumpStart account has FAST transfers, which allows you to transfer cash almost instantly. Moreover, Standard Chartered has quite a few ATMs that you can withdraw your funds in cash.
This is in contrast to the SingLife Account. The transfers may take up to 3 hours to go through. Furthermore, the SingLife debit card does not allow you to make local ATM withdrawals.
As such, I would recommend placing your excess funds into JumpStart due to its liquidity and cashback.
I’m using both the JumpStart account and the SingLife account as my emergency funds. You can find out more about emergency funds in an article that I’ve written as well.
Overall, the SingLife Account presents a strong case for you to place $10k to earn a decent 2.5% interest rate. It has one of the best deals in this current market and I strongly encourage you to create the account.
If you are unsure of the terms and conditions, feel free to contact me as well!
SingLife Referral (Get $10 For Signing Up)
Are you interested in signing up for the SingLife Account?
If you use my referral code, we will both receive a top-up of $10 in our SingLife Accounts.
Here’s a step-by-step guide on what you need to do:
- Click on my referral link on mobile (it does not work on desktop)
- Download or install the SingLife App
- Create your SingLife ID
- Create the SingLife Account by agreeing to the Policy Document
- Order your SingLife Visa Debit Card
- Activate your SingLife Visa Debit Card
Once you’ve completed all the steps, both of us will receive $10 each.
Do contact me if you have any queries regarding the referral program!