Singlife Account is raising their crediting rates from 1st October 2022! I signed up for the Singlife Account back in May 2020. Singlife Account is an insurance savings plan that was launched in November 2019.
Back then, Singlife Account delivers a return of 2.5% per annum for the first S$10,000 deposited. However, returns diminished over the years and the return is only 1.0% p.a. for the first S$10,000.
Singlife Raising Their Crediting Rates From 1.0% p.a. to 1.5% p.a. for First 10K
With interest rates rising, I have been hoping Singlife Account revise their crediting rates and indeed the good news came! For the first S$10,000, the crediting rate will be increased from 1.0% p.a. to 1.5% p.a.
To earn a higher return of 2.5% p.a., you can participate in their Save, Spend, Earn Campaign and the Singlife Sure Invest Bonus Return Campaign.
2.5% p.a. = 1.5% p.a. (Base return for the first S$10,000 of Account Value from 1 Oct 2022) + 0.5% p.a. bonus return from Save, Spend, Earn Campaign and 0.5% p.a. bonus return from Singlife Sure Invest Bonus Return Campaign
On top of that, the minimum amount to have an in-force Singlife Account Policy has also been reduced from S$500 to S$100.
|Account Value||Base returns before 1 Oct 2022||Base returns from 1 Oct 2022|
|First S$10,000||1.0% p.a.||1.5% p.a.|
|Next S$90,000||0.5% p.a.||1.1% p.a.|
|Amounts above S$100,000||None||None|
Since Singlife Account comes with an insurance cover, there are also changes to the benefits
Retrenchment Benefit: The retrenchment benefit will no longer be available for new in-force policies. For existing in-force policies, this benefit will expire after one year from the Policy Start Date. You remain protected with life insurance cover for death or terminal illness, of up to 105% of your Account Value.
Death and Terminal Illness Benefit: Customers will be eligible for the Death and Terminal Illness Benefit even if the claim event is due to pre-existing conditions.
Exclusion for the Death Benefit will only apply to suicide within the first policy year, while exclusions for the Terminal Illness Benefit will include infection by the Human Immunodeficiency Virus (HIV). In such cases, Singlife will refund your Account Value.
Singlife versus Dash PET
At this point of writing, Dash EasyEarn is not available for sign up and thus I am not comparing Singlife with Dash EasyEarn.
Below are the crediting rates side by side.
|Crediting Rate||1.5% p.a. for first S$10,000|
1.1% p.a. for next S$90,000
Higher return of 2.5% p.a. if you participate in their Save, Spend, Earn Campaign and the Singlife Sure Invest Bonus Return Campaign
|1.6% p.a. for First S$50,000|
0.7% p.a. for subsequent years
I am into the second year with Dash PET and the crediting rate is really unattractive at 0.7% p.a..
I am either going to without my money with Dash PET and put them into Singlife Account or purchase next month’s issue of Singapore Savings Bonds for better returns!