This put up was written in collaboration with Singlife. Whereas we’re financially compensated by them, we nonetheless try to keep up our editorial integrity and overview merchandise with the identical goal lens. We’re dedicated to offering the perfect suggestions and recommendation so as so that you can make private monetary choices with confidence. You may view our Editorial Tips right here.
As a baby, I grew up studying in regards to the significance of saving cash — the idea the place you stick all of your out there cash right into a piggy financial institution earlier than depositing all the things into the financial institution on the finish of the 12 months.
30 years in the past, these had been good occasions.
Based on the Financial Authority of Singapore, common rates of interest of financial institution financial savings deposits in 1990 was a pleasant 3.50% p.a., however as we speak, this hovers round 0.16% p.a. — simply cannibalised by the inflation charges (January 2020’s core inflation was 0.3%).
I’m really dropping cash over time… ouch.
In order adults who know higher, we attempt to hedge in opposition to inflation and different rising prices by selecting financial institution accounts with increased rates of interest (I’m getting 1.85% p.a. on my financial savings deposits account), investments (i.e. unit trusts, bonds, shares), endowment plans, fastened deposits and even cashback playing cards.
However the issue with many of those is that there are such a lot of circumstances to fulfil, akin to obligatory bank card spend, a lock-in interval, excessive minimal quantity to begin, and so forth.
The Singlife Account, which not too long ago launched on 18 March, is perhaps a gamechanger. It gives 2.5% p.a.^ with no lock-in interval and a free Visa debit card. To get began, you solely have to fund an preliminary S$500, and hold your account worth above S$100.
Because it’s an insurance coverage financial savings plan, it additionally supplies insurance coverage protection, which can make it a helpful add-on to your insurance coverage portfolio.
Right here’s a have a look at among the key options of the Singlife Account:
First issues first: Singlife’s monitor document
Singlife has been round for a number of years now, rolling out insurance policy since 2017 that embrace endowment, time period life, important sickness, most cancers, and common life.
It’s additionally licensed by the Financial Authority of Singapore as a life insurance coverage firm, and all Singlife insurance policies (sure, together with the Singlife Account) are protected as much as specified limits by the Singapore Deposit Insurance coverage Company.
In 2018, Singlife was named as one of many rising 50 on the Fintech100 checklist, which broadcasts the world’s “prime 50” and “rising 50” firms which are remodeling the monetary companies {industry} within the areas of digital funds, lending, insurtech and neo-banking.
And for the Fintech100 checklist launched in 2019, Singlife rose to #40 on the checklist.
To qualify for this checklist, firms should be in good monetary standing with enticing capital injections. They’re additionally judged by a panel that features senior companions from H2 Ventures and KPMG. Singlife can also be backed by industry-recognised leaders, specifically IPGL (Holdings) Restricted, Sumitomo Life, Aflac Inc. and Aberdeen Customary Investments. They’ve secured a US$90 million funding from Sumitomo Life Insurance coverage — a serious life insurance coverage in Japan in 2019 and that brings their complete funding to this point to US$153 million.
You may develop your financial savings by as much as 2.5% p.a.
I’m glad that the Singlife Account gives a fuss-free 2.5% p.a.^ returns, with a number of easy circumstances:
- 2.5% p.a. returns on first S$10,000
- 1% p.a. returns on quantities above S$10,000
- No returns for quantities above S$100,000
To kickstart this, I have to FAST switch S$500 to my Singlife Account, and hold the account worth above S$100. Curiosity is calculated every day and credited on a month-to-month foundation, so even when I’ve S$4,000 on payday and S$1,000 the week after, it’s all taken under consideration.
You may even get your individual Visa Debit Card
It’s optionally available, however you’ll be entitled to a free Singlife Visa Debit Card (Singlife Card).
What am I going to do with one other piece of plastic? Effectively, for a begin, when you don’t have any Visa card, you’ll benefit from the comfort of paying with Visa all around the world. Sure, even for on-line purchasing, or for reserving accommodations and air tickets.
You don’t even have to pay foreign exchange charges and costs. A number of cents right here, a number of {dollars} there, all of it provides up. It is among the key perks why folks get a multi-currency account or journey pockets within the first place. Forex conversion charges on the Singlife Card observe Visa’s aggressive trade.
The Singlife Card is a debit card, so no over-stretching your price range on loopy purchasing sprees.
You may simply withdraw/deposit funds through FAST
With the Singlife Account, it’s simple to FAST switch cash in and out out of your checking account.
I can do that any time of the day, and as many occasions as I need. Additionally, it implies that my cash isn’t caught in right here like some investments that normally include a lock-in interval.
The termination course of is nearly prompt. Insurance coverage protection, curiosity crediting and the Singlife Card will stop. The account worth can be credited to your checking account through FAST. In case you change your thoughts, you may reinstate your Singlife Account anytime which is topic to approval.
You get the insurance coverage safety
It’s not nearly rising your financial savings, however getting insurance coverage safety as properly.
Every Singlife Account supplies life insurance coverage cowl, which is renewed yearly until you flip 100 years previous. Within the occasion of dying, in case you are:
-
60 years and youthful, the payout would be the sum of the
– account worth; AND
– 5% of the account worth or S$50,000, whichever is decrease -
61 years and above, the payout would be the sum of the
– account worth; AND
– 1% of the account worth or S$50,000, whichever is decrease
For instance, if a 59-year-old Singlife Account holder has an account worth of S$100,000 and passes away, the payout is S$5,000 AND the account worth within the Singlife Account.
There’s additionally a limited-time supply of a retrenchment cowl that pays out 3 months of your common month-to-month Singlife Card spend in case you are retrenched.
The whole lot’s in your cell phone
Lately, all the things is cell. And Singlife, being an insurtech firm, is certainly using that tech wave.
From the Singlife app, it’s simple to verify your Singlife Account’s transactions and all of the coverage paperwork are simply accessed from the app. Paperless, eco-friendly and all the things’s in a single place. Who is aware of what number of insurance coverage paperwork I’ve misplaced or have disintegrated in my drawers?
For safety, I can lock my Singlife app with a 4-digit pin quantity; and in circumstances the place the Singlife Card is stolen or misplaced, I can instantly lock it through the Singlife app and request for a alternative through the identical platform.
No have to dig for a cellphone quantity, name the customer support, maintain the road, get annoyed with the automated directions and so forth. It’s additionally good when you’re abroad and didn’t purchase talktime.
Singlife says that the standard sign-up time is 15-18 minutes, on account of commonplace issues that they should verify as a way to shield the client in opposition to fraud, impersonation and information misuse. However I most likely took about 5-7 minutes… I used MyInfo to fill in my particulars, answered a number of questions and was quickly a Singlife Account holder.
Singlife can be rolling out much more options quickly
Singlife says that the app will get a number of extra options and extra insurance policy beneath their Shield and Develop product verticals can be launched on the Singlife App inside this 12 months.
Customers will even be capable to hyperlink their Singlife Card to their Samsung Pay/Apple Pay/Google Pay accounts sooner or later. I’m positively preserving my eyes peeled for extra thrilling options that Singlife can be rolling out progressively!
How do I join a Singlife Account?
Right here’s what it is advisable do to get began:
Eligibility
- Singapore resident with legitimate NRIC or FIN
- Aged between 18 and 65
- Legitimate Singapore quantity and Singapore residential deal with
How to enroll
- Obtain the Singlife App in your cell phone from right here.
- Arrange a Singlife ID & apply to your Singlife Account
- Begin with simply S$500 (switch through FAST, out of your OWN checking account)
- Just one Singlife Account per particular person
Discover out extra in regards to the Singlife Account.
What do you consider the Singlife Account? Tell us within the feedback beneath!
^2.5% p.a. on first S$10,000 | 1% p.a. on quantities above S$10,000. | There aren’t any returns for quantities above S$100,000. | Returns usually are not assured.
The data is supposed to your basic information and doesn’t regard any particular funding targets, monetary conditions or explicit wants any particular person might need and shouldn’t be relied upon as monetary recommendation. Protected as much as specified limits by SDIC.
This commercial has not been reviewed by the Financial Authority of Singapore.
Data is appropriate as at 25 March 2020.
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