Nerfed: Chocolate Finance Drops Top-up Programme Rate to 2.5% and 2.2% p.a. on First S$50,000 From 1st September 2025
Following rate drops from various digital banks and popular savings accounts UOB One and OCBC 360, Chocolate Finance has announced that it will reduce rates for its Top-up Programme for the 3rd time this year.
Chocolate Finance
Get up to 2% p.a. returns with Chocolate Finance and 1 Max Mile per dollar with Chocolate Card.
💰 Welcome Reward
Sign up by 31st August 2026
| Funding | Reward |
|---|---|
| Fund S$1,000 | S$30 Cash or S$40 Grab Vouchers |
| Fund S$10,000 | S$50 Cash or S$60 Grab Vouchers |
| Fund S$20,000 | S$120 Cash or S$130 Grab Vouchers |
Holding period: 60 days
💳 Chocolate Card
Get 1 Max Mile per dollar spent and no forex fees.
See airlines that Max Miles can go to. You need a HeyMax account first.
💰 Top-up Programme
| Balance | Rates |
|---|---|
| Up to S$20,000 | 2% p.a. (with top-up) |
| S$20,000 to S$50,000 | 1.8% p.a. (with top-up) |
| Above S$50,000 | Target 1.8% |
For reference only; refer to exact details in terms and conditions
Rates Reduced
From 1st September 2025, the rate will fall to 2.5% p.a. on the first S$20,000, down from the current 3% p.a.
For the next S$30,000, the rate will drop to 2.2% p.a. from the current 2.7% p.a.
Amounts above S$50,000 will see a target 2.2% p.a. with no top-up programme — your returns can vary from this 2.2% p.a. figure.
| Balance | Until 31st August 2025 (p.a.) | From 1st September 2025 (p.a.) |
|---|---|---|
| Up to S$20,000 | 3% (with top-up) | 2.5% (with top-up) |
| S$20,000 to S$50,000 | 2.7% (with top-up) | 2.2% (with top-up) |
| Above S$50,000 | Target 2.7% | Target 2.2% |
Here are a few balance amounts and the effective rates you can expect to get:
| Balance Amount | Effective Rate (p.a.) |
|---|---|
| S$10,000 | 2.50% |
| S$20,000 | 2.50% |
| S$30,000 | 2.40% |
| S$40,000 | 2.35% |
| S$50,000 | 2.32% |
The asset management firm has also announced that the Top-up Programme will continue until 31st December 2025 or when the firm reaches S$1.5 billion of assets under management.
When returns are lower than the rates of the Top-up Programme, the company tops up the difference. For instance, for the first S$20,000, if the fund returns are lower than 3% p.a. (or 2.5% p.a. from 1st September 2025 onwards), the firm will still offer the rate of the Top-up Programme.
Bond funds have been doing well
Conversely, if the fund returns are higher than the rates of the Top-up Programme, Chocolate Finance will keep the additional returns which is how they make money.
A few months ago, I invested a small amount in funds similar to the underlying ones of Chocolate Finance and have been getting pretty good returns. As interest rates dip, bonds should do well given the inverse relationship. Investing yourself means that there is no “top-up programme” to speak of, of course, and you will get the full returns or losses of the funds you are invested in.
Subscribe for more deals and updates!
I’ve been meaning to do a piece on my cash savings and that is coming soon so subscribe for updates.
If you’re someone who wants to earn more from credit cards, savings accounts and other financial deals, stay subscribed to the Telegram so you can be notified of news and deals. Leave notifications turned on so that you don’t miss time-sensitive updates!
Seth Wee was a licensed financial adviser representative from 2009 to 2025, with over 16 years of experience in Singapore’s financial advisory industry.
He started Sethisfy.com in 2019 to share practical insights on credit cards, banking products, and miles strategies, helping readers identify financial products that deliver the best value. Seth has been featured in CNA, Channel 8, Today, and a host of other publications. In 2025, he was also part of a panel at CPF’s Ready For Life festival.
Subscribe to the channel for free updates!
Disclaimer: I may receive an affiliate/referral fee when you sign up for services/products on this site, and such fees keep the site running. I would only recommend services/products I would personally use or recommend to my own friends and family, but I do not provide any warranty or guarantee for the quality of these services/products. Thank you for supporting my site!
Please exercise due diligence when signing up for any service/product as I will not be liable for any personal loss, financial or otherwise. Content published here are my sole views and personal opinion, and none of the information here constitutes personal financial advice nor represents the views of my employer(s).