Rate Drop: Chocolate Finance’s Top-up Programme Reduced to 3.6% p.a. For First S$20,000 From 1st November
As interest rates fall, Chocolate Finance has announced that its top-up programme rate will be decreasing from 4.2% p.a. to 3.6% p.a for the first S$20,000 of funds. At the same time, the company is also going to extend its top-up programme to cover funds from S$20,000 to S$50,000 with a rate of 3.2% p.a.
These changes will take place from 1st November 2024. Until then, Chocolate Finance users will continue to get 4.2% p.a. for their first S$20,000 with a target of 3.5% p.a. for amounts above that in the month of October 2024.
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
New Rates
| Balance | Current Returns | Returns From 1st November |
| Up to S$20,000 | 4.2% p.a. with top-up programme | 3.6% p.a. with top-up programme |
| S$20,000 to S$50,000 | Target 3.5% p.a. | 3.2% p.a. with top-up programme |
| Above S$50,000 | Target 3.5% p.a. | Target 3.2% p.a. |
Other features remain unchanged
Other features of the app, such as instant withdrawals for amounts up to S$20,000 per day, remain unchanged. Returns are still credited daily past midnight each day.
The top-up programme, however, will be extended to 31st March 2025 or when Chocolate Finance reaches S$1 billion assets under management, whichever comes first.
Are the less chocolatey rates still competitive?
Personally, 4.2% p.a. on the first S$20,000 without much hassle has been pretty attractive to me. On balances of S$20,000, it’s about S$70 of returns which really isn’t too shabby for something that doesn’t require all kinds of requirements.
3.6% p.a, however, does feel a little underwhelming especially since relatively fuss-free options still exist until the end of this year. HSBC EGA, for instance, offers between 3.10% to 4.25% p.a. until end of 2024 without too much fuss. StanChart e$aver is also offering relatively fuss-free 3.35% to 3.5% p.a. interest (stay subscribed for updates on this). Those who feel more reassured with bank accounts may indeed find these options more attractive.
On the flipside, Chocolate Finance does not require fresh funds like the above 2 options, and the extension of the top-up programme to cover funds beyond the first S$20,000 albeit at a lower 3.2% p.a. rate may be something that appeals to savers.
| Balance | New Rate (Blended) | Approximate Monthly Returns |
| S$10,000 | 3.6% p.a. | S$30 |
| S$20,000 | 3.6% p.a. | S$60 |
| S$30,000 | 3.46% p.a. | S$86.66 |
| S$40,000 | 3.4% p.a. | S$113.33 |
| S$50,000 | 3.36% p.a. | S$140 |
Will you be seeking alternatives for the funds you have in Chocolate Finance?
Since there is still almost a month to enjoy 4.2% p.a. on the S$40,000 I have across two players, there is time to think through my options. I have been rethinking my entire cash setup in recent months, so stay subscribed if you want updates on that.
What about yourself? Share your thoughts on what you would do come 1st November when these new changes kick in over at the Telegram.
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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