Changes to Singlife Account Bonus Return Rates From 01 November 2020 - Earn 2.0% (From 2.5%) p.a. on First S$10,000
Singlife has been offering consumers the opportunity to earn up to 2.5% p.a. bonus rates on the first S$10,000 account balance but starting from 01 November 2020, the bonus return rates will be adjusted down to 2.0% p.a. - there will be an opportunity to earn the additional 0.5% p.a. bonus return rates but you will be required to spend on the Singlife Visa Debit Card (no FX fees for foreign currency transactions).
Click HERE to sign-up for a free Singlife account and start earning bonus return rates!
Photo Credit: Singlife
Singlife is a direct life insurer licensed by the Monetary Authority of Singapore and in case you have not heard, it will be merging with Aviva Singapore in a S$3.2 billion deal which is expected to complete by January 2021. Starting from 01 November 2020, Singlife customers (new and current) will only earn a 2.0% p.a. rate of returns on the first S$10,000 but they will continue to earn 1.0% p.a. return rates on the next S$90,000 (no change). This change is not a result of the recent merger plans but just a way to stay competitive in the current business environment.
Singlife customers will continue to enjoy free-withdrawls and no lock-ins from 01 November 2020 and there is also a new opportunity to earn 0.5% p.a. bonus return rates (on top of the 2.0% p.a. return rates) on the first S$10,000 under the new “Save, Spend, Earn” campaign which will run from 01 November 2020 to 28 February 2021. To quality, customers will have to spend S$500 on their Singlife Visa Debit Card (no FX fees for foreign currency transactions) within the specified card spend period to earn a bonus 0.5% p.a. return rates for the duration of one policy month. Therefore, in order to earn the full 0.5% p.a. return rates throughout the campaign, you will have to spend at least S$500 each month on the Singlife Visa Debit Card - it does not earn you credit card points or cashback but it does not have FX fees for foreign currency transactions (which can go as high as 3.5% in Singapore).
Effective 1 December 2025, UOB will lower the interest rates on the UOB One Account for the third time this year. The maximum Effective Interest Rate (EIR) will drop from 2.50% p.a. to 1.90% p.a. for account holders with a balance of S$150,000 who credit their salary and meet the minimum card spend. This revision represents a reduction of S$900 in annual interest for those maximising the account.