Singlife Account

[Extremme]

It's quite clearly shown on their site though.

VIVID SAVINGS ACCOUNT INTEREST RATES
0-10k = 1.05%
10-20k = 1.3%

so 20k is about 1.175% pa

This account is covered by DI though so safe up to 75k

 

[Extremme]

Looks like no thread on that, that's why i just pump it here in hopes of finding someone using it can shed some light.

You can start one

https://seedly.sg/questions/has-anyone-tried-vivid-account-by-singapura-finance

 

[DenOOO]

VIVID SAVINGS ACCOUNT INTEREST RATES
0-10k = 1.05%
10-20k = 1.3%

so 20k is about 1.175% pa

This account is covered by DI though so safe up to 75k

As per mentioned from feedback by users, the interest rate is applied on the entire balance.

Mentioned below is confirmed by Vivid's CSO.

20k = 1.3% for the entire 20k
21k = 0.25% for the entire 21k

So, abit pointless for any amount above 20k since it will affect the entire % earned.

 

[testingabc]

Anybody using Vivid Savings Account ?

https://vividcard.sg/

1.3% for 10k-20k.

Decent but not great, cimb fastsaver and maybank isavvy merry-go-round can get 1.3K for 100K or more at least.

 

[DenOOO]

Decent but not great, cimb fastsaver and maybank isavvy merry-go-round can get 1.3K for 100K or more at least.

I have isavvy too, but only pump up to 75k.

 

[Extremme]

As per mentioned from feedback by users, the interest rate is applied on the entire balance.

Mentioned below is confirmed by Vivid's CSO.

20k = 1.3% for the entire 20k
21k = 0.25% for the entire 21k

So, abit pointless for any amount above 20k since it will affect the entire % earned.

very conflicting info on their website. Better to get it written in black and white

 

[crystalnox]

very conflicting info on their website. Better to get it written in black and white

Yeah exactly, I wouldn't trust what the CSO says over the black and white written on their site. I'm going to go with <1.2% for a total 20k balance when considering them, which doesn't make it very attractive.

 

[Extremme]

Yeah exactly, I wouldn't trust what the CSO says over the black and white written on their site. I'm going to go with <1.2% for a total 20k balance when considering them, which doesn't make it very attractive.

me too....I think some of them might not know the product well themselves.

it's stated tier interest which is the same as most similar products in the market.

IMOH, 1.1x% is quite ok with the current situation. It's the same as HL bank. CIMB is of course better at 1.3x%. I am not comparing those that need salary crediting like isavvy, UOB One etc. but to spread the risk, I think it can be done at 20k.

Unlike you are comparing FD then its different. I feel at this juncture, best to spread the risk. Its good to know this is covered by SDIC as DI scheme so its pretty safe

 

[sleepingcat]

So many pages still cannot confirm whether protected or not... kinda scared leh...feel like withdrawing and change to stanchart jumpstart instead.

 

[Extremme]

So many pages still cannot confirm whether protected or not... kinda scared leh...feel like withdrawing and change to stanchart jumpstart instead.

It's protected for sure but how much is it, personally I am unsure.

 

[crystalnox]

So many pages still cannot confirm whether protected or not... kinda scared leh...feel like withdrawing and change to stanchart jumpstart instead.

If you have jumpstart, then it's just 0.5% difference on $10k. If I were you and feeling uncomfortable, I would just switch.

 

[king2penn]

Have been following all the high-interest savings threads here. Honestly, CIMB Fastsaver is the only one thats a gold standard

(1) RHB Bank are using promotional rates, not standard set-in-stone (almost rates) like CIMB. Did not realize until I digged deeper
(2) Vivid appeared to be good, until I read the part about Withdrawals on Seedly. Apparently quite a hassle to make withdrawals due to Singapura's Finance limited footprint. Even electronically via FAST not possible I believe (correct me if I am wrong)
(3) HLB one is the only one that looks like it has some promise but if you put in 100k, effective interest of 1.1%+ still lower than 1.325% if you put in 100K into fastsaver. Plus CIMB much bigger. They have promo rates going out as well but will consider this seriously as this is 2nd best behind CIMB Fastsaver
(4) I also have a SingLife account but it tops up at 10K @ 2.5% annum, 1% after that, but hesitant to put in more due to the grey area around its SDIC coverage (saw folks here arguing about it)
(5) I am not counting MayBank ISavvy and others due to the number of hoops have to jump through to get interest, and not counting those with just promotional rates (as is RHB above) that will fall to paltry figures after that.

Above is a summary of what I have learnt past few weeks. So top choice would be CIMB fastsaver, then SingLife, then HLB one. You can also consider CIMB Starsaver but that's 0.8% + you need to top up every month min. 500 (slight hassle) to get up to 1%

EDIT: SCB jumpstart is damn good as well, but I'm over the age limit!

 

[testingabc]

Have been following all the high-interest savings threads here. Honestly, CIMB Fastsaver is the only one thats a gold standard

(1) RHB Bank are using promotional rates, not standard set-in-stone (almost rates) like CIMB. Did not realize until I digged deeper
(2) Vivid appeared to be good, until I read the part about Withdrawals on Seedly. Apparently quite a hassle to make withdrawals due to Singapura's Finance limited footprint. Even electronically via FAST not possible I believe (correct me if I am wrong)
(3) HLB one is the only one that looks like it has some promise but if you put in 100k, effective interest of 1.1%+ still lower than 1.325% if you put in 100K into fastsaver. Plus CIMB much bigger. They have promo rates going out as well but will consider this seriously as this is 2nd best behind CIMB Fastsaver
(4) I also have a SingLife account but it tops up at 10K @ 2.5% annum, 1% after that, but hesitant to put in more due to the grey area around its SDIC coverage (saw folks here arguing about it)
(5) I am not counting MayBank ISavvy and others due to the number of hoops have to jump through to get interest, and not counting those with just promotional rates (as is RHB above) that will fall to paltry figures after that.

Above is a summary of what I have learnt past few weeks. So top choice would be CIMB fastsaver, then SingLife, then HLB one. You can also consider CIMB Starsaver but that's 0.8% + you need to top up every month min. 500 (slight hassle) to get up to 1%

EDIT: SCB jumpstart is damn good as well, but I'm over the age limit!

Yes I agree CIMB Fastsaver is currently best option, next is Maybank merry-go-round. HL iSavings looks good except the $5K minimum which I don't like it. Maybank iSavvy every months have promotional rates unlike RHB and HL but you need to be diligent and careful when to switch.

 

[kram62]

It has already been repeated several times but people don't know how to read. Singlife account is not a bank account. It has nothing to do with SDIC.

It's covered by the PPF scheme, up to the surrender value which is clearly defined as the account value in the terms and conditions. The limit on PPF scheme for surrender value is 100k so for all people only storing 10k inside singlife account, they can sleep well knowing the money is insured. (might only lose up to one month uncredited interest but that's not a catastrophe)

Now I don't know why people seem to have such paranoia here about this topic. But really there's nothing to worry if just putting 10k here. It IS protected, not by SDIC but by PPF scheme.

 

[Extremme]

It has already been repeated several times but people don't know how to read. Singlife account is not a bank account. It has nothing to do with SDIC.

It's covered by the PPF scheme, up to the surrender value which is clearly defined as the account value in the terms and conditions. The limit on PPF scheme for surrender value is 100k so for all people only storing 10k inside singlife account, they can sleep well knowing the money is insured. (might only lose up to one month uncredited interest but that's not a catastrophe)

Now I don't know why people seem to have such paranoia here about this topic. But really there's nothing to worry if just putting 10k here. It IS protected, not by SDIC but by PPF scheme.

Agree.

Summary

CIMB covered by SDIC- Deposit Insurance Scheme

HL iSavings covered by SDIC- Deposit Insurance Scheme

Vivid Account covered by SDIC- Deposit Insurance Scheme

RHB covered by SDIC- Deposit Insurance Scheme

Singlife covered by SDIC - Policy Owners' Protection (PPF) Scheme

 

[sleepingcat]

SCB Jumpstart is protected right?

The age stated on the website is 18-26 years old. If I am 25 years old and I apply for an account, will the interest rate drop when I turn 27 years old?

 

[wutawa]

@kram62,
Ppf not under sdic meh?

 

[crystalnox]

SCB Jumpstart is protected right?

The age stated on the website is 18-26 years old. If I am 25 years old and I apply for an account, will the interest rate drop when I turn 27 years old?

All traditional bank accounts are covered, including those at SCB under the Deposit Insurance Scheme $75K.

From what I read, the interest rate is yours to keep until SCB decides to drop it for everyone.

 

[gazar1]

All traditional bank accounts are covered, including those at SCB under the Deposit Insurance Scheme $75K.

From what I read, the interest rate is yours to keep until SCB decides to drop it for everyone.

Hi singlife the first $10k is it guaranteed 2.5% interest?

 

[gazar1]

I am not qualify for the standard chart jumpstart as over age limit.

Currently OCBC 360 also have also flowing balance of around $20k

Should I put $10k in singlife and $10k in vivid saving account?

Anybody can guide me?

These $20k must be flexible, can be withdraw anytime.