Wolf Money(high interest saving account)

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The Vivid saving account offer by Singapura Finance has the highest interest offer to any saving account for amount below 20k in Singapore currently. On average the interest is slightly below 1.175% for $19999 and below but there are a few t&c. You wil be given a prepaid MasterCard with every account opening. The saving account come with e wallet(MasterCard). Before you spend, one need to transfer from vivid saving account to e wallet. All application has to be done online. 

There are other things to look out.


1.) Withdrawal has to be done at 1 of the 7 Singapura Finance branches. There will be a fee of $3 per withdrawal or deposit at branch. They are currently waving off the 3 dollars fees till end of Dec 2021.



2.) Keep the amount below 19.9k or else all interest earned for full amount in account will be reduced to 0.25%. To keep it within limit, put in a lower amount if you don’t wish to spend using the vivid MasterCard.

3.) Saving account is sdic protected up to 75k but the e wallet is not.

4.) Interest rate are subjected to changes at the finance company discretion.

5.) There is an early closure fee of $55 if account is closed with 6 months

For more information on terms and conditions please visit https://vividcard.sg/

Summary 

I find the account suitable for different group of individuals. It can be suitable for someone looking for a saving account with high fixed deposit like interest. It can also be a starter account for individuals who are studying or young adults just started out working who can’t meet the minimum 30k p.a income requirement for a credit card application. A prepaid card can be a great way to track spending.

Singapura Finance is currently running a promotion till end June 2021. A bonus of $10 will be credited for new account opened and $5 bucks for every successful referral. This account is not for everyone but it does give a decent interest for interest starve savers.


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Disclaimers 

All investments is highly speculative in nature and involves substantial risk of loss. We encourage our reader to invest very carefully. We also encourage reader to get personal advice from your professional investment advisor and to make independent investigations before acting on information that we publish. Much of our information is derived directly from information published by companies or submitted to governmental agencies on which we believe are reliable but are without our independent verification. Therefore, we cannot assure you that the information is accurate or complete. We do not in any way whatsoever warrant or guarantee the success of any action you take in reliance on our statements. All information provided are for information only. Buyer beware,do you own due diligence.



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