[This is a sponsored article with Chocolate Finance]
For decades, Singaporeans were taught that good financial habits meant putting money into a savings account, or locking it away in a fixed deposit.
That approach made sense when bank interest rates were competitive and the choices were limited.
But today’s savers face a very different landscape.
Traditional savings accounts often require salary crediting, minimum spending, or multiple banking products to unlock their highest interest rates. Fixed deposits, meanwhile, ask customers to trade liquidity for returns.
As more Singaporeans become comfortable managing their own money, many are starting to ask the same question: Why let cash sit in a bank account earning little when it could potentially earn more—without locking it away?
It’s a question that entrepreneur Walter de Oude believes the financial industry hadn’t answered well enough. His solution is Chocolate Finance, a Singapore-based cash management platform designed to help people put their spare cash to work without the lock-ins or complexity typically associated with investing.
The idea has clearly resonated. Since launching in 2024, Chocolate Finance has amassed more than 150,000 users and S$1.5 billion in assets under management.
The problem Walter wanted to solve
The idea behind Chocolate Finance can be traced back to Walter de Oude’s previous venture, Singlife, which he founded in 2014.
In 2019, Singlife introduced the Singlife Account, an insurance savings product that gave customers a place to park their cash while earning a higher rate than many traditional bank accounts.
It quickly became one of the company’s most popular products, confirming the demand Walter had expected: Singaporeans weren’t necessarily looking for more investment products, they simply wanted a better place for their spare cash.
The product gained 60,000 customers within its first year. However, according to Walter, the Singlife Account was deprioritised as a customer acquisition tool once Singlife acquired Aviva due to its “very low profit margin and high capital costs.”
Spotting an opportunity for a platform dedicated entirely to cash management, he founded Chocolate Finance. The company claims to have “consistently delivered bank beating returns” since it launched.
But Walter’s ambition was not to build just another cash product.
His vision was to create a simpler way for people to manage all of their money, helping customers choose the right home for different types of savings, from everyday cash to longer-term goals, without unnecessary complexity.
How Chocolate Finance works
Rather than operating as a bank, Chocolate Finance is a licensed fund manager offering a cash management account. Customer funds are invested in a professionally managed portfolio of high-quality, short-duration fixed-income and money market funds.
The aim is to generate competitive returns while keeping funds accessible, with no lock-in period or withdrawal penalties. Customer funds are also held in segregated accounts, meaning they are kept separate from the company’s own operating funds—and hence ringfenced and protected.
At the time of writing, Chocolate Finance offers 2% p.a. on customers’ first S$20,000 and 1.8% p.a. on the next S$80,000, with balances above S$100,000 up to 1.8% p.a.
It has also rolled out a US dollar account, offering 4.1% p.a. on customers’ first US$20,000 and 3.8% p.a. on the next US$80,000 with balances above US$80,000 up to 3.8% p.a.
Imagine returns better than a fixed deposit, but you could take it out anytime. That’s exactly the problem Chocolate Finance was built to solve: helping people get better returns on short-term cash without locking it away.
Walter de Oude, founder of Chocolate Finance
It’s worth noting that, as a fund management platform, Chocolate Finance does not guarantee investment returns.
Customer funds are invested in a managed portfolio, meaning both returns and principal are subject to market movements, and deposits are not protected under the Singapore Deposit Insurance Corporation.
That said, to provide greater certainty, Chocolate Finance’s Top Up Programme supports the advertised returns on the first S$100,000 and US$100,000 if portfolio performance falls short during the qualifying period, which has been extended to Dec 31, 2026, or until the company reaches S$2 billion in assets.
Its Visa debit card, which offers zero foreign exchange fees, HeyMax miles perks and the option to convert cash returns into miles, has also made it a favourite among frequent travellers and miles collectors.
The company also has since expanded into helping businesses in Singapore get better returns on their spare cash with the launch of its business account, which offers eligible companies 1.5% p.a. returns on their first S$300,000.
While its cash account remains the foundation, Chocolate Finance sees it as the first step. The company plans to introduce more products tailored to different savings goals and investment horizons, while keeping its core promise of making money management simple.
Getting more out of your cash
With no account fees, no minimum investment amount and a straightforward sign-up process, Chocolate Finance lowers the barriers for consumers looking to make better use of their spare cash.
It comes at a time when many Singaporeans are reassessing where they keep their savings.
Fixed deposit rates have fallen from their 2023 highs—the best 12-month rates now sit around 1.5% p.a.—while many bank savings accounts continue to offer low base interests. As a result, significant amounts of household cash remain in low-yield accounts.
S$50,000 in a basic savings account earns roughly S$25 a year, but the same amount in a cash management solution could earn S$1,350–1,500 with no lock-in.
For those looking beyond traditional savings products, Chocolate Finance offers an alternative worth considering.
If you’d like to learn more, visit Chocolate Finance and see why more than 150,000 users have chosen to rethink where they keep their spare cash. After all, when it comes to managing your money, leaving cash idle can come with an opportunity cost.
[Disclaimer: Chocolate Finance is a brand of Chocfin Pte Ltd (UEN 202347190R). Chocfin Pte Ltd is licensed and regulated by the Monetary Authority of Singapore (CMS101452) to perform fund management activities. Chocolate’s returns are subject to change based on market conditions, with Chocolate top-up support offered as an incentive during the Qualifying Period, and it does not constitute a guarantee of return or capital. Returns are calculated on a compounded basis. Terms and conditions apply. This advertisement has not been reviewed by the Monetary Authority of Singapore. Past performance is not indicative of future results. All investments involve risk, including the risk of losing all of the invested amount and may not be suitable for everyone.]
Featured Image Credit: Chocolate Finance
