SingFinance GoSavers Account Review: Fuss-free 2.28% p.a. Interest

Update: the account’s interest rate will be revised to 1.88% p.a. from 15th July 2025

I recently did an article and video on fuss-free accounts to use for interest, and a viewer pointed out that I missed out SIF GoSavers Account. The name rang a bell, and I realised I covered it before in early 2023.

It wasn’t particularly impressive then, but in mid-2025, SIF GoSavers Account compares pretty favourably to other fuss-free accounts in the market. At 2.28% p.a., the account comes in higher than multiple banks which are mostly offering under 2% p.a. for savings accounts that don’t need pesky requirements. So… is there a catch?

MAS licensed, SDIC-insured… but not a bank?

The last time I talked about this account years ago, I erroneously mentioned that SingFinance (SIF) was a bank. It is in fact not a bank, though under some MAS licensing mambo jambo the company is able to offer bank-like services. This includes taking deposits, which allows the firm to offer savings accounts like SIF GoSavers Account which should work just about what you’d expect a bank account to function.

Like bank accounts, it is insured by SDIC’s Deposit Insurance scheme up S$100,000 per depositor per financial institution. I did do some cursory digging for SingFinance’s capital adequacy ratio which hovers around 14% to 15% according to their annual disclosures, something that seems in line with other banks. If it helps, the company is also a listed company on SGX.

By and large, I personally wouldn’t worry about the fact that it isn’t a bank. MAS seems satisfied that this company can take deposits, and I don’t believe I know better than our regulatory body in this regard. As SDIC puts it, I wouldn’t push the panic button. Please don’t w*thdraw eve…

Interest Rates

The account offers its best rates for the first S$100,000:

Account Balance	Interest Rate
First $100,000	2.28% p.a.
Next $150,000	1.80% p.a.
Next $150,000	1.85% p.a.
Next $100,000	1.90% p.a.
Above $500,000	1.80% p.a.

Antiquated app design, 5 to 8-day turnaround time?

It’s probably a trivial matter to many, but if you care about things like user interfaces and app design, the app is about what you’d expect from a financial institution you probably have never heard of. To put it nicely, it looks like something my secondary school CCA mates might have designed back in the day (yes, I was in the Computer Club, and yes that was the early 2000s).

The turnaround time to open an account was what made me raise my eyebrows a little more. When I opened my account yesterday evening (25th June 2025), I could immediately login and see my account number after getting my account “approved in principle”.

I was initially impressed by what seemed like instant account opening, though that quickly turned into disappointment because the account had to be activated first. Today (26th June 2025), I dropped them a call and learnt that it would take another 5 to 8 working days for someone to verify my account application before I could start using my account. Update: my account has been activated as of 27th June 2025 1PM. Not bad.

On a positive note, it didn’t take too long to reach a human operator calling in their hotline, something that is increasingly rare with banks these days.

No incoming or outgoing PayNow

One gripe about the account would be the lack of PayNow support. There is no option to register one’s mobile phone or IC number to receive incoming PayNow transfers, and worse, the app can’t transfer funds via PayNow to individuals or businesses.

Accountholders will have to rely on FAST instead, which requires the bank name and account number of the person or business you are intending to transfer funds to.

Fall-below fee and other charges

While a search online would suggest that SIF GoSaver came with a S$2 fall-below fee for a monthly average balance that’s less than S$1,000, I could not find such literature on SingFinance’s website. Other accounts like GoVault mentions a S$2 fall-below fee the account fails to maintain an average daily balance of S$200, while no such fee is stated for SIF GoSaver.

Update: I have confirmed with the company over a phone call that there is no fall-below fee for GoSavers Account. It is also notable that there are no early closure fees as well.

Conclusion

Given that this is one of the highest rates for a fuss-free account, some of the flaws I’ve pointed out are possibly in the nitpicking territory. Those who have a need for a place to park spare cash could find this a worthy option to consider, if they can get over the fact that it’s not a bank and that rates for fuss-free accounts are simply not the most exciting right now.

I think my experience so far can be summed up succinctly with this App Store review:

You can find out more and sign up here.

Verdict

Decent interest rate of 2.28% makes this a viable account for those who have maxed out high-yield savings accounts and/or other fuss-free accounts.

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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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