Sing Investments & Finance (SIF) GoSavers Account Review: Best Savings Account Without Salary Crediting?

Yen Joon

Yen Joon

Last updated 02 February, 2024

Given that most savings accounts require you to meet various criteria to qualify for higher interest rates, don’t you wish that there was an account that didn’t require you to jump through hoops? Here’s why the SIF GoSavers Account might be worth considering. 

Are you looking for a high-interest-bearing savings account that doesn’t require any salary crediting?

While high-yield savings accounts offer attractive interest rates, they often require you to fulfil several requirements to earn higher interest. These include hitting a minimum spend on your credit card, investing in a bank’s investment product, purchasing an insurance product with a bank, increasing your monthly balance, crediting your monthly salary, etc.

Needless to say, it can be hard to achieve these criteria, especially if you’re a student, homemaker, retiree, freelancer, or National Serviceman (NSF) and don’t have a fixed monthly income. 

But what if we told you that there’s a savings account which allows you to earn maximum interest without meeting extra terms and conditions?

This is where the Sing Investments & Finance Limited (SIF) GoSavers Account can come in handy. The SIF GoSavers Account is a no-frills savings account that offers up to 3.50% p.a.* on your savings without jumping through hoops. 

But is it really that simple? Read on to find out more.

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What is the SIF GoSavers Account?

The SIF GoSavers Account is the flagship savings account of Sing Investments & Finance Limited, a licensed financial institution in Singapore that’s also regulated by the Monetary Authority of Singapore (MAS). 

SIF was incorporated in Singapore on 13 November 1964 and has been listed on the Singapore Stock Exchange (SGX) since 1983. 

Aside from the GoSavers Account, SIF also offers other financial products and services, including fixed deposits, personal financing (home loans, HDB loans, car loans), and corporate/SME Financing (commercial property loans, machinery loans, land and construction loans, unsecured business loans, etc.). 

SIF is the first finance company in Singapore to offer a range of convenient services through their mobile and business apps. With their E-services, you can easily open a personal account with MyInfo, make FAST transfers, and even place fixed deposits online.

SIF GoSavers Account overview 

Product summary

Maximum interest rate

3.50% p.a.*

Minimum initial deposit


Minimum average daily balance


Fall-below fee

S$2 if the average balance falls below S$1,000

Early account closure fee


Maximum Deposit cap


Insured by the Singapore Deposit Insurance Corporation (SDIC)?

Yes, up to S$75,000


How does the SIF GoSavers Account work?

The SIF GoSavers Account is a no-frills, e-statement-based savings account that pays up to 3.50% p.a.* interest on your savings. 

It works like a traditional savings account where you simply need to increase your account balance to enjoy higher interest rates. So, there’s no need to worry about fulfilling complicated criteria to unlock a higher interest rate, which is great whether you’re a student looking for a fuss-free savings account or simply want a savings account to park your emergency funds.

You can do a FAST transfer online from participating banks to your GoSavers Account and start to earn interest immediately.

Here are the main upsides of the SIF GoSavers Account:

Earn up to 3.50% p.a.* interest without jumping through hoops

Unlike most savings accounts, which usually require you to meet five or six terms and conditions to earn higher interest, the SIF GoSavers Account doesn’t have such requirements. Indeed, all you need to do is park your savings to enjoy the maximum interest rate!

You’ll earn 2.50% p.a.* on your first S$100,000, 3.00% p.a. on your next S$150,000, and 3.50% p.a.* on amounts above S$250,000.

Account balance

Interest rate (p.a.)*

First S$100,000


Next S$150,000


Above S$250,000


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No initial deposit requirement

It also has a low minimum deposit requirement where you can deposit any amount when you open your account. However, note that a fall below fee of S$2 will be charged if your monthly average daily balance falls below S$1,000.

No early account closure fee

Most banks usually have timelines for closing your account too early, usually about 6 months. However, there’s no such repercussion with the SIF GoSavers Account as there’s no early account closure fee. 

Monthly interest crediting

Unlike traditional banks, the interest is calculated based on your daily balances and credited at month’s end. You can withdraw your money at any time without worrying about losing interest. 


Insured up to S$75,000 by SDIC

You’ll also be glad to know that your SGD deposits are protected up to S$75,000 by SDIC. This means that your money is protected should the financial institution fail. 

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How to apply for the SIF GoSavers Account

You can apply for the SIF GoSavers Account by downloading the SIF Mobile app and applying via MyInfo on the SingPass app. You can also apply for a joint account by visiting any of their Branches. 

You may apply for SIF GoSavers account if you’re 16 years old and above. 

[Promotion ended]: CNY SIF fixed deposit promo: earn up to 3.08% p.a.* & a FREE Abalone^

Want to earn a higher interest on your savings? 

In this volatile stock market and high-interest climate, parking your funds in low-risk investments such as savings accounts and fixed deposits may be the way to go. Not only can you take advantage of the high rates offered to combat inflation, but it can also make you feel more secure knowing that your investments are protected against market swings.

If you’re looking for a low-risk alternative to park your funds during this volatile stock market, consider SIF’s fixed deposit. **

Celebrate the majestic Year of the Dragon with their CNY fixed deposit promotion and enjoy up to 3.08% p.a.* on your savings and receive a special gift (while stocks last) when you make a minimum deposit of S$50,000!

SIF_CNY FD Promotion_website home banner_2500 x 990px

Not only can you enjoy a competitive interest rate, but it’s also extremely convenient to open a SIF fixed deposit account as you can open it online via the SIF mobile app or at any of their branches. On top of this, your funds are also insured up to S$75,000 by the SDIC.  


This article was written in partnership with SIF. 


Terms and conditions apply.

*Interest rate is subject to change without prior notice. 

** Online fixed deposit placement must be via funds transfer from GoSavers Account. Download SIF Mobile app to open a GoSavers Account online via MyInfo with Singpass. You can do a FAST transfer online from participating banks to your GoSavers Account.

^ Minimum deposit amount is S$50,000. One free can of Australia Abalone for every S$50,000 deposit placed. While stocks last. You can collect your Australia Abalone at the SIF Main Branch, located at 96 Robinson Road, SIF Building #01-01 Singapore 068899, 2 working days following your online placement. Please bring your NRIC for the gift redemption. If the fixed deposit is withdrawn before the maturity date, no interest will be paid, and you are required to refund S$50 for each can of Australia Abalone collected. This promotion applies only to personal accounts and fresh funds placed. Other terms and conditions apply.

Deposit Insurance Scheme: Singapore Dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$75,000 in aggregate per depositor per Scheme member by law.

In my past life, I was always broke because of a lack of financial literacy. Now, I publish a few posts every week* on personal finance to help you manage your money better. *I mean, I’ll try


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