Singlife ramps up interest rates of flagship digital savings plan

Half of Singaporeans find it hard to meet conditions for maximum interest rates on savings accounts.

Singlife’s Singlife Account, a flagship digital insurance savings plan, said it will increase its base returns beginning today.

A Singlife-commissioned survey found that 50% of Singaporean consumers find it challenging to meet conditions for maximum interest rates on savings accounts.

Recognising the importance of emergency funds (emphasised by 60% of consumers), Singlife Account offers a straightforward solution without additional conditions.

ALSO READ: Sumitomo Life buys Singlife shares from TPG, plans full ownership

The base rate return on the first S$10,000 to S$100,000 has been increased to 3% per annum (p.a.). For amounts higher than S$100,000, base rate return will stay at 1% p.a..

Singlife Account Top-up Bonus Campaign and the Singlife Sure Invest Bonus Return Campaign participants could earn up to 4% p.a. on their first S$100,000. Both programmes offer an additional bonus return of 0.5% each. Clients could also choose to participate in both or either campaign.

Singlife Account allows fund top-ups or withdrawals without lock-in periods or fees. It also includes life insurance coverage up to 105% of the account value for death or terminal illness.

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