Lastest S$ Deposit updates - Part 3

[a4973]

alamak open the account liao! then realise why the rate is so slow - lucky open online the account - no transfer yet.

thank for alert !

But just leaving it unfunded will you be hit with fall below fees ?

 

[merlot6230]

But just leaving it unfunded will you be hit with fall below fees ?

oh dear, any advice plse

Bank ask me to go branch to activiate it - so been pending this few day.

but the rate is so miserable

 

[sgreview]

oh dear, any advice plse

Bank ask me to go branch to activiate it - so been pending this few day.

but the rate is so miserable

How come need to go bank to activate it? Nv hear about this before.
Previously, account was open online and activated immediately upon approval, so in a way, u are liable for the minimum amount to maintain to avoid the fall below fee already.

So if yours is not activated (which is puzzling to me), then should not be affected, better double check with the bank what is your current status, maybe they had some changes in their policy recently.

 

[sgreview]

but the rate is so miserable

To add on, their current 0.88%p.a. (for any amount up to 200k) is still quite decent comparing with most other no frill savings accounts, the only issue most people have is the minium ADB of 5k to avoid fall below fee.

But for your case, more uncertainties ahead as the current rate is only up till end of Sep, so still have to see what they are going to offer in the next 6 months as there is early closure fee if account is close within 6 months from opening.

 

[merlot6230]

thank to all who response my query.

so i have to go down to the branch after i recd call yesterday morning:
1.Her advice is personally ask the branch to waive off the $30 charger even there no fund inside.
2. At the branch, he mention after one month will be terminate without penalty
3. Request for confirmation document, he call up his superior to revert back either i pay $30 to terminate the account or leave it for 6mth to auto terminate.

I was shocked there were 3 version - i request to revert to marketing dept to stop this type of nonsence to future customer next time. Why can't i terminate immediate since without fund instead of 6mth for them to followup to cancel. Wasting time and resources from the bank and customer too.

In the end, i demand a proof that after 6mth without any penalty charger - he decline so i wrote it down on the request form with my signature - ask him to photocopy for me to keep as proof.

I really wasted my time and travelling to settle this errand !

 

[Alex.hero]

thank to all who response my query.

so i have to go down to the branch after i recd call yesterday morning:
1.Her advice is personally ask the branch to waive off the $30 charger even there no fund inside.
2. At the branch, he mention after one month will be terminate without penalty
3. Request for confirmation document, he call up his superior to revert back either i pay $30 to terminate the account or leave it for 6mth to auto terminate.

I was shocked there were 3 version - i request to revert to marketing dept to stop this type of nonsence to future customer next time. Why can't i terminate immediate since without fund instead of 6mth for them to followup to cancel. Wasting time and resources from the bank and customer too.

In the end, i demand a proof that after 6mth without any penalty charger - he decline so i wrote it down on the request form with my signature - ask him to photocopy for me to keep as proof.

I really wasted my time and travelling to settle this errand !

Put in singlife can liao lah. Haiyo

 

[merlot6230]

Put in singlife can liao lah. Haiyo

I already done that long ago...when singlife launch.

Tks for the head up

 

[Guojing88]

thank to all who response my query.

so i have to go down to the branch after i recd call yesterday morning:
1.Her advice is personally ask the branch to waive off the $30 charger even there no fund inside.
2. At the branch, he mention after one month will be terminate without penalty
3. Request for confirmation document, he call up his superior to revert back either i pay $30 to terminate the account or leave it for 6mth to auto terminate.

I was shocked there were 3 version - i request to revert to marketing dept to stop this type of nonsence to future customer next time. Why can't i terminate immediate since without fund instead of 6mth for them to followup to cancel. Wasting time and resources from the bank and customer too.

In the end, i demand a proof that after 6mth without any penalty charger - he decline so i wrote it down on the request form with my signature - ask him to photocopy for me to keep as proof.

I really wasted my time and travelling to settle this errand !

Hmm, so what does this mean for the rest of us with the account for more than 6 months already?

Can we leave $0 and they will auto terminate without charging any fall below fees?

 

[merlot6230]

Hmm, so what does this mean for the rest of us with the account for more than 6 months already?

Can we leave $0 and they will auto terminate without charging any fall below fees?

of course no lah, bcz mine is bcz previous forumer never indicate about the gimick so i fall into it. Lucky i didn't transfer fund into it but need to explain why i want to be out of it since the rate is so miserable.

 

[Guojing88]

of course no lah, bcz mine is bcz previous forumer never indicate about the gimick so i fall into it. Lucky i didn't transfer fund into it but need to explain why i want to be out of it since the rate is so miserable.

This is really a silly requirement, that we must present ourselves physically in the branch before we can close the account.

Citibank allows us to close account remotely so it cannot be an MAS requirement.

 

[MrCoconut]

https://www.greateasternlife.com/sg/en/personal-insurance/our-products/wealth-accumulation/great-sp2.html?utm_campaign=gels_pdt_ld_gsp2s0920&utm_medium=social&utm_source=facebook&utm_content=dark_post&utm_term=

Anyone got this? It seems like the other singlife, elastiq kind of plans

Sent from robertson quay using GAGT

 

[Gimago19]

Yes, it is sold as an endowment plan from insurance company, not from the bank.

https://www.greateasternlife.com/sg/en/personal-insurance/our-products/wealth-accumulation/great-sp2.html?utm_campaign=gels_pdt_ld_gsp2s0920&utm_medium=social&utm_source=facebook&utm_content=dark_post&utm_term=

Anyone got this? It seems like the other singlife, elastiq kind of plans

Sent from robertson quay using GAGT

 

[MrCoconut]

Yes, it is sold as an endowment plan from insurance company, not from the bank.

So if I got singlife and elastiq, no harm getting this also right?

Sent from robertson quay using GAGT

 

[Gimago19]

Singlife and Elastiq have a cap on the amount you can put in. For this GE endowment plan, you must make sure not to touch this account for 1 year as there is penalty of not getting back your 100% of your principal.

To apply, you may go to the link below

http://sg.gelife.co/GSP1155088

So if I got singlife and elastiq, no harm getting this also right?

Sent from robertson quay using GAGT

 

[vsvs24]

Singlife and Elastiq have a cap on the amount you can put in. For this GE endowment plan, you must make sure not to touch this account for 1 year as there is penalty of not getting back your 100% of your principal.

To apply, you may go to the link below

XXXXXXX

Referral link not allowed. Please remove.

Note to others : Above is referral link. If you sign up based on this link, insurance agent with this code will be assigned to your policy. There is no benefits given to you from GE.

 

[MrCoconut]

Singlife and Elastiq have a cap on the amount you can put in. For this GE endowment plan, you must make sure not to touch this account for 1 year as there is penalty of not getting back your 100% of your principal.

To apply, you may go to the link below

http://sg.gelife.co/GSP1155088

Min. premium sum is 100k?

Sent from robertson quay using GAGT

 

[vsvs24]

Min. premium sum is 100k?

Sent from robertson quay using GAGT

The 100k used is for illustrative purposes only.

The minimum single premium amount will depend on the entry age (as of the next birthday) of the Life Assured and the payment method.

Following is what my agent sent to me. I did not ask further as I am not interested.

*Great SP Series 2* - *A 1-Year Maturity Savings Plan*
---------
Benefits @ a glance:
- 1 Year Single premium endowment (i.e a one time lump sum payment only)
- Guaranteed Issuance
- *Guaranteed* return of 1.05% p.a.
- Cash / SRS
- Min Single Premium: $10k for age 65 and below (20K for age 66-75)

Will close once tranche hits

GE has issued similar trache at different rates. But first time see that the amount is based on age and payment method.

 

[item2sell]

https://www.cpf.gov.sg/members/FAQ/...avings from 55&folderid=12854&ajfaqid=2189257

If you opt for BRS, can’t withdraw interest and TOP up

Yes. I definitely going for BRS

I have zero trust in CPF. As soon as I can , I will get everything out from the shady fund.

Only can pray they dun remove BRS within next 10 years

 

[vsvs24]

Yes. I definitely going for BRS

I have zero trust in CPF. As soon as I can , I will get everything out from the shady fund.

Only can pray they dun remove BRS within next 10 years

Exactly like my sister. She just want to take out the money even if earn low interest at banks.

But where are you going to place the funds. Interest is so low.

 

[item2sell]

Exactly like my sister. She just want to take out the money even if earn low interest at banks.

But where are you going to place the funds. Interest is so low.

you rather have some money in your hands, or no money?

I rather have bank low interest than CPF.