Nerfed: SIF GoSavers Account Dropping Interest Rates to 1.88% p.a. From 15th July 2025
In an abrupt change, SingFinance is dropping the interest rate of SIF GoSavers Account to 1.88% p.a. This is down from 2.28% p.a. and will take effect from 15th July 2025.
New Rates
| Account Balance | Interest Rates Before 15th July 2025 (p.a.) | Interest Rate From 15th July (p.a.) |
|---|---|---|
| First $100,000 | 2.28% | 1.88% |
| Next $150,000 | 1.80% | 1.50% |
| Next $150,000 | 1.85% | 1.60% |
| Next $100,000 | 1.90% | 1.70% |
| Above $500,000 | 1.80% | 1.50% |
Just 2 weeks’ notice, existing customers not informed
Instead of an email or text message to its customers, SingFinance has updated their website to reflect the upcoming change. It is unclear when they did so, but helpful chat member nataliez pointed out the change on 4th July 2025.
I think it is pretty poor form to make negative adjustments to products offered to retail customers with just 2 weeks’ of lead time for users to react, and it is even worse when such changes are not directly communicated to customers. The review of the account has been updated to reflect this under the Cons column.
In SingFinance’s defence, their website has been displaying a disclaimer stating that rates are subject to changes without prior notice, so fair warning has been provided.
Should a minimum notice period exist?
While it does not seem like a regulatory requirement, banks and financial institutions tend to give at least 1 month’s notice before effecting nerfs. This is a good practice, but it is occasionally broken by companies which I feel erodes trust not just in the offending financial institutions but also the overall system as well.
Perhaps the regulator should codify a minimum notice period for better consumer protection.
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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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