Nerfed: Core Managed Account is a Little Less Chocolatey, Drops Guaranteed Rate to 4.2% P.A.
Previously known as Chocolate Finance, Core Managed Account was renamed as such in late 2023 to avoid confusion over its regulatory status. Chocolate, Core, Durian… as long as the rates are good, I doubt anyone genuinely cares about name changes.
Unfortunately, the most recent change announced does impact what users care the most: from 1st May 2024, Core Managed Account’s guaranteed 4.5% p.a. rate for the first S$20,000 is reducing to 4.2% p.a.
A slight dip rather than a huge drop
While nobody likes nerfs, I have to say that a 0.3 percentile point drop from 4.5% isn’t the worst change in the world. For S$20,000, 4.2% p.a. will generate about S$70 interest a month, down from the approximately S$75 interest 4.5% p.a. gives.
In fact, colour me surprised that they didn’t drop the rate to a round 4% p.a. instead, which would still be a pretty competitive rate given how there are virtually no requirements to meet for this account. Of course, note that this isn’t a bank account so some may say that there is a certain level of risk involved.
As usual, the Core Managed Account targets 3.5% p.a. on amounts above S$20,000 without any guaranteed rate, and there is no change to this.
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Guaranteed rate until 30th June 2024 or S$500 million is reached
Since its inception, Core Managed Account has offered its guaranteed rate until either 30th June 2024 or S$500 million of assets under its management is reached, whichever is earlier.
Aside from a brief period of time they were accepting applicants in September 2023, they have yet to officially launch the product. It is hence unlikely that they have reached S$500 million.
30th June 2024 is a little over 2 months away so we’ll see probably see quite soon whether it’d be extended in future… so stay subscribed for updates.
So will it ever launch publicly?
A big question is – will it ever launch publicly? The size of this question is perhaps matched only by the curiosity to why it hasn’t launched after all this time.
Based on what a little birdy has told me: the answer is yes, though there are some hurdles to overcome. Judging from the reason I’ve heard to why they have not publicly launched, it does seem like they have their work cut out for them if they want to launch the product to more users.
Those who have previously signed up with my code would have enjoyed the fuss-free 4.5% p.a. Core Managed Account for months now. For the rest who haven’t and are waiting to get in, stay subscribed for updates and a full review when Core Managed Account launches publicly. I’ve been a happy user (of multiple accounts, ahem) since its launch, and I think it’s an interesting company to watch.
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.
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