Points beat percentages: Why three in four Singaporeans think their spare cash is underperforming

The majority of Singaporeans, 89 percent, have spare cash according to a recent survey by research firm Milieu. However, only 11 percent are confident in knowing the interest rate their bank accounts pay. Chocolate Finance, a cash management fintech founded by Walter de Oude, has identified this gap and is launching a product to address it.

The research, conducted from September 25 to October 5, 2026, shows that people tend to focus more on visible rewards like cashback or reward points rather than the interest rates on their savings. Almost half of the respondents checked their cashback or reward points in the past six months, while only 37 percent checked the interest rates on their spare cash.

This behavior is attributed to the visibility of cashback offers and points appearing in apps, while interest builds up quietly in the background. The survey also reveals that many Singaporeans use an average of 3.7 banks and financial platforms, making it difficult to keep track of where their money is earning. Chocolate Finance aims to tackle this issue with its upcoming Jars product, allowing customers to divide their balance into pots for specific goals such as an emergency fund, holiday, or home, each with its own purpose and timeframe.

The introduction of Jars is intended not only to provide a savings feature but also as a retention tool, as money given a specific purpose is less likely to leave when a rival offers a better welcome rate.