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As a baby, I grew up studying concerning the significance of saving cash — the idea the place you stick all of your accessible cash right into a piggy financial institution earlier than depositing all the things into the financial institution on the finish of the yr.
30 years in the past, these have been good occasions.
In line with 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 immediately, 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 towards 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, resembling obligatory bank card spend, a lock-in interval, excessive minimal quantity to begin, and many others.
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 must fund an preliminary S$500, and preserve your account worth above S$100.
Because it’s an insurance coverage financial savings plan, it additionally offers insurance coverage protection, which can make it a helpful add-on to your insurance coverage portfolio.
Right here’s a have a look at a few of the key options of the Singlife Account:
First issues first: Singlife’s observe document
Singlife has been round for a number of years now, rolling out insurance policy since 2017 that embody endowment, time period life, crucial 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” corporations which are remodeling the monetary providers {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, corporations must be in good monetary standing with engaging 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, particularly 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 significant life insurance coverage in Japan in 2019 and that brings their whole funding so far to US$153 million.
You’ll be able to 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 must FAST switch S$500 to my Singlife Account, and preserve the account worth above S$100. Curiosity is calculated each 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 into consideration.
You’ll be able to even get your individual Visa Debit Card
It’s non-obligatory, 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, for those who 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 buying, or for reserving motels and air tickets.
You don’t even must pay foreign exchange charges and expenses. A couple of cents right here, a number of {dollars} there, all of it provides up. It is without doubt one of the key perks why individuals get a multi-currency account or journey pockets within the first place. Foreign money conversion charges on the Singlife Card comply with Visa’s aggressive trade.
The Singlife Card is a debit card, so no over-stretching your price range on loopy buying sprees.
You’ll be able to simply withdraw/deposit funds through FAST
With the Singlife Account, it’s straightforward 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 sort of on the spot. Insurance coverage protection, curiosity crediting and the Singlife Card will stop. The account worth will probably be credited to your checking account through FAST. If you happen to 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 nicely.
Every Singlife Account offers life insurance coverage cowl, which is renewed yearly until you flip 100 years outdated. Within the occasion of loss of life, 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.
Every little thing’s in your cell phone
Nowadays, all the things is cellular. And Singlife, being an insurtech firm, is unquestionably using that tech wave.
From the Singlife app, it’s straightforward 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 substitute through the identical platform.
No must dig for a telephone quantity, name the customer support, maintain the road, get annoyed with the automated directions and so forth. It’s additionally good for those who’re abroad and didn’t purchase talktime.
Singlife says that the everyday sign-up time is 15-18 minutes, because of commonplace issues that they should verify with the intention to defend the client towards fraud, impersonation and knowledge 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 will probably be rolling out much more options quickly
Singlife says that the app will get a number of extra options and extra insurance policy underneath their Shield and Develop product verticals will probably be launched on the Singlife App inside this yr.
Customers may also have the ability to hyperlink their Singlife Card to their Samsung Pay/Apple Pay/Google Pay accounts sooner or later. I’m undoubtedly retaining my eyes peeled for extra thrilling options that Singlife will probably be rolling out progressively!
How do I join a Singlife Account?
Right here’s what it is advisable to do to get began:
Eligibility
- Singapore resident with legitimate NRIC or FIN
- Aged between 18 and 65
- Legitimate Singapore quantity and Singapore residential handle
How to enroll
- Obtain the Singlife App in your cell phone from right here.
- Arrange a Singlife ID & apply in your Singlife Account
- Begin with simply S$500 (switch through FAST, out of your OWN checking account)
- Just one Singlife Account per individual
Discover out extra concerning the Singlife Account.
What do you concentrate on the Singlife Account? Tell us within the feedback under!
^2.5% p.a. on first S$10,000 | 1% p.a. on quantities above S$10,000. | There are not any returns for quantities above S$100,000. | Returns aren’t assured.
The data is supposed in your basic data and doesn’t regard any particular funding targets, monetary conditions or explicit wants any individual 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 right as at 25 March 2020.
