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With inflation going through the roof, we’re all afraid our hard-earned money is going to be eroded into oblivion. That’s why earning interest on our cash is more important than ever.
As far as bridging the inflation gap is concerned, one useful tool is an insurance savings plan like the Singlife Account — a no-lock-in, capital-guaranteed insurance savings plan with a low barrier entry…a rare breed we feel!
Since its inception in 2019, the Singlife Account has undergone many updates (no thanks to the pandemic and haywire Fed interest rates). But today, it is better than ever. The plan keeps in step with our changing needs and current economic trends, which can only be a good thing for users. Let’s find out how the Singlife Account can help us fight inflation.
What is the Singlife Account?
The Singlife Account is an insurance savings plan that offers returns of up to 3% p.a.* — capital guaranteed.
Unlike a typical insurance savings plan, the Singlife Account offers great flexibility. With no lock-in period, you are free to make top-ups or withdrawals whenever you want.
What’s more, your capital is guaranteed. This means that no matter how much or how little you op up, you will not lose your initial sum.
At the same time, you enjoy life insurance coverage for death and terminal illness, giving you and your family an extra layer of financial protection.
As a Singlife Account user, you are also entitled to receive a Singlife Visa Debit Card. The card enables you to directly spend the money in your Singlife Account without having to make a withdrawal first, and you can enjoy zero foreign exchange fees charged by Singlife for overseas purchases.
There is also the Singlife App that lets you check your Singlife Account balance and transactions at your convenience, monitor the performance of your investments and review your insurance coverage.
The Singlife Account is now better than ever. Here are 4 new developments to be excited about.
1. Base rate level is up
Before 1 October 2022, the 2.0% p.a. interest rate comprised 1.0% p.a. base return on the first S$10K and an additional 1.0% bonus returns via campaigns.
But that’s since changed (for the better)!
As of 1 October 2022, the new 2.5% p.a. interest rate comprises a generous 1.5% p.a.^ base interest rate on the first S$10,000 and 1.0% bonus returns via campaigns. You’ll also earn 1.1% p.a. return on the next S$90,000 in your Singlife Account, up from 0.5% p.a. previously.
This means that even if you only earn the base interest rate, you already get decent enough returns.
So, what are these bonus campaigns that the Singlife Account is currently running to let you boost your returns?
For starters, get 0.5% p.a. on your first S$10,000 through Bonus Returns from the Save, Spend, Earn Campaign. Simply spend at least S$500 with the Singlife Visa Debit Card during the card spend period to qualify.
You can also earn another 0.5% p.a. on your first S$10,000 through Bonus Returns from the Singlife Sure Invest Bonus Return Campaign. All you have to do is apply for the Singlife Sure Invest policy, and fund it with at least S$1,000. Your policy must be issued by 30 November 2022 to qualify.
The Bonus Returns are stackable, meaning you can earn both at the same time — amounting to the bonus 1% p.a.
2. Cash bonuses!
From 1 October 2022, the exclusive Singlife Account Special Incentive Campaign lets new and existing customers earn a cash bonus of up to S$810†!
Simply fund or top up your Singlife Account with $10,000, $30,000 or $50,000 by 31 Dec 2022 and maintain the funds for 12 months to earn your cash bonus.
Top-up amount (fresh funds)
If you’re already maximising your returns by taking part in the other bonus return campaigns (see point 1 above), this cash bonus will enable you to earn up to 3% p.a. in effective returns.
That’s not all! New customers also receive $10 sign-up credit.
Who doesn’t love a cash bonus? Thank you, Singlife!
3. Even lower barrier to entry
Previously, Singlife Account customers needed to fund it with a minimum initial premium of S$500 to start, which was already a low enough barrier to entry.
Now, the barrier to entry has gotten even lower — you can start your Singlife Account with just S$100 from 1 October 2022.
That means users can enjoy more liquidity than before. If you want, you can even use the Singlife Account to store your emergency funds or spare liquid cash, while earning interest on that money at the same time.
The best part? You won’t be unnecessarily penalised if you need to dip into these funds — no lock-in period, remember? Just keep S$100 in there so that your Singlife Account remains active and you’ll continue to actively earn interest on your cash.
4. The good stuff remains
Everything we loved (and still love) about the Singlife Account remains unchanged!
That includes the fact that the account is capital guaranteed — you’ll never have to worry about losing the sum of money you put in.
The Singlife Account also offers ultimate flexibility, with no lock-in period and the freedom to withdraw anytime. That means you enjoy great liquidity and can access your cash whenever you need.
As a Singlife Account customer, you also enjoy life insurance coverage for death and terminal illness worth up to 105% of your account value.
Opening a Singlife Account is a quick and easy process. Simply download the Singlife App and complete the simple sign-up process to get started.
Fight inflation and grow your cash savings with the new and improved Singlife Account. Learn more about the Singlife Account and sign up once you’ve decided.
*Up to 3% p.a. = 1.5% p.a. (Base returns for the first S$10,000 of Account Value) + 0.5% p.a. bonus return from the Save, Spend, Earn Campaign and 0.5% p.a. bonus return from the Singlife Sure Invest Bonus Return Campaign + Cash Bonus from the Singlife Account Special Incentive Campaign. All campaigns are valid up to 31 Dec 2022.
^The Singlife Account’s base return is 1.5% p.a. on the first S$10,000 and 1.1% p.a. on amounts above S$10,000. There are no returns for amounts above S$100,000. Returns are not guaranteed.
†Terms and Conditions for the Singlife Account Special Incentive Campaign apply.
The Singlife Account is underwritten by Singapore Life Ltd. (“Singlife”).
The content on this page is published for general information only and does not have regard to the specific investment objectives, financial situation and particular needs of any specific person.
You may get a copy of the Product Summary from Singlife and the participating distributors’ offices. You should read the Product Summary before deciding whether to purchase the product. You may wish to seek advice from a Financial Adviser Representative before making a commitment to purchase the product. If you choose not to seek advice from a Financial Adviser Representative, you should consider whether the product in question is suitable for you.
The Singlife Account is an insurance savings plan. It is neither a bank savings account nor a fixed deposit. For disclosures under the Payment Services Regulation 2019 for the Singlife Account, please refer here.
Protected up to specified limits by SDIC. This advertisement has not been reviewed by the Monetary Authority of Singapore. The information is correct as at 14 November 2022.
The post Singlife Account 2022: 4 Ways It’s Now Better Than Ever appeared first on the MoneySmart blog.
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Original article: Singlife Account 2022: 4 Ways It’s Now Better Than Ever.
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