Lastest S$ Deposit updates - Part 3

Sharonnnn

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FYI, Great eastern launching 2year single premium endowment with guaranteed 1.8%pa return, on 5 May.

May not be as good as other 3yr endowment by other insurer, but a good alternative for 2yr of money being locked in.

What's the plan's name?
 

sherry009

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that's a good one too! Would the credibility of the insurer a concern? I mean in general, cos there are so many general insurers offer such endowment also. Has anyone got past experience with that?
 

semiret

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If I'm wrong please correct me. SDIC only protect surrender value and not principle amount. On top of that, if you break the FD likely only forego the interest amount and not capital. If during emergency u need fund it's more feasible to break FD than Insurance. But it also depends of individual bank's policy. Do check with the bank b4 put FD with the bank.
 

vsvs24

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If I'm wrong please correct me. SDIC only protect surrender value and not principle amount. On top of that, if you break the FD likely only forego the interest amount and not capital. If during emergency u need fund it's more feasible to break FD than Insurance. But it also depends of individual bank's policy. Do check with the bank b4 put FD with the bank.

Agree. Think twice. Don't risk your money just to get a bit more.

https://www.straitstimes.com/busine...utm_medium=social-media&utm_campaign=addtoany

The Monetary Authority of Singapore (MAS) last Tuesday said services such as insurance were affected by the slowdown in global economic activity in the first three months of the year and faced a bleak outlook in the coming months.

Its biannual macroeconomic review noted that the insurance segment will continue to face rising medical and commercial claims, and that reinsurers stand to lose the most from extreme mortality events like pandemics. Premiums received from existing policyholders are also expected to decline, it added.
 
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ultimax

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For a while DBS/POSB had the best FD rate for 12 months, 1.40% pa. Now that's over :s13:

(up to $100k)
10-11 months: 1.10% pa
12 months: 1.15% pa
18 months: 1.30% pa

https://www.dbs.com.sg/personal/rates-online/singapore-dollar-fixed-deposits.page

Now DBS fixed deposit max 11 mths.
Yesterday, go to branch and put 18mths, this morning DBS called me to cancel. Refused, but they die die also cancel and put the money into my saving acct.
Don't know can complaint or not. Anyhow can cancel confirmed transaction.
 

vsvs24

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Now DBS fixed deposit max 11 mths.
Yesterday, go to branch and put 18mths, this morning DBS called me to cancel. Refused, but they die die also cancel and put the money into my saving acct.
Don't know can complaint or not. Anyhow can cancel confirmed transaction.

That's not ethical. Did they give you any FD slip ?
 

Squaredot

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Now DBS fixed deposit max 11 mths.
Yesterday, go to branch and put 18mths, this morning DBS called me to cancel. Refused, but they die die also cancel and put the money into my saving acct.
Don't know can complaint or not. Anyhow can cancel confirmed transaction.

cancelled when FD already placed?? got such thing :eek:
 

luvpraline

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FYI, Great eastern launching 2year single premium endowment with guaranteed 1.8%pa return, on 5 May.

May not be as good as other 3yr endowment by other insurer, but a good alternative for 2yr of money being locked in.

Might as well go for Etiqa's Elastiq.. 1.8% for 3 years but has the flexibility to partially withdraw after 3 months, or do full withdrawal without surrender charges after the free look period.

Although Elastiq's rate is less than its other 3 year product... the good thing is that the account value (including accrued interest and premiums paid) is equal to the surrender value.. there are no surrender charges unlike typical endowment plans. As mentioned by some helpful ppl here, SDIC PPF covers only the surrender value at point of failure, not your premiums paid.
 

luvpraline

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this is shocking but useful info :(

tiq unlikely to close down hor?

Well I hope not cos I'd previously bought an endowment plan with them before covid-19 :s13: Anyway, even in the case of any insurer's failure, oceanicmanta had kindly shared before the reply from SDIC on the options they could exercise.

In the event the life insurer fails, MAS has a few options as to how it wants to deal with the failed insurer. MAS may transfer the business of the failed life insurer to another insurer, direct SDIC to continue to run the business of the failed insurer (run-off) or terminate the policies (least preferred option) issued by the failed life insurer. A combination of options may be adopted for the entire business of the failed life insurer.
 

ultimax

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That's not ethical. Did they give you any FD slip ?

Yes. Not happy with the cancellation but don't have a choice since I am not a lawyer. DBS told me 18mths is a mistake and they have the right to cancel it or change to 11mths.
 
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hatisinga

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Yes. Not happy with the cancellation but don't have a choice since I am not a lawyer. DBS told me 18mths is a mistake and they have the right to cancel it or change to 11mths.

Why is that a mistake?? Did they quote you a higher interest rate than what was advertised?

It appears that they are still advertising FD for 12 months and 18 months on their website. If the webpage has wrong information, then they should remove it asap.
 

lzydata

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Why is that a mistake?? Did they quote you a higher interest rate than what was advertised?

It appears that they are still advertising FD for 12 months and 18 months on their website. If the webpage has wrong information, then they should remove it asap.

Now they added this: "Interest rates for tenors of 12 months and above are applicable only to rollover of existing placements at the same tenor."

https://www.dbs.com.sg/personal/rates-online/singapore-dollar-fixed-deposits.page
 

F1ngolf2012

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Suggest you call or write to FIDREC. Free.

https://www.fidrec.com.sg/website/index.html

Yes. Not happy with the cancellation but don't have a choice since I am not a lawyer. DBS told me 18mths is a mistake and they have the right to cancel it or change to 11mths.

It really depends on what on the fine prints which usually is one-sided. Anyway, aside from FIDREC, I find the social media can be an effective way to get them to offer a resolution.:)
 

vsvs24

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It really depends on what on the fine prints which usually is one-sided. Anyway, aside from FIDREC, I find the social media can be an effective way to get them to offer a resolution.:)

Yah. Social media might be more effective.
 
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