Singlife Account

[myhyip4me]

If I apply via myInfo.. Any document to submit?

 

[nedlowe]

anybody ordered the card?

why is my address invalid when it is right tho? is it because i never fill in the first line and second line and then clicked start over? lol

what does the first line and second line means? can have so many lines for your credit card name?

We split the name on your debit card into two lines - typically first name on the top, last name on the bottom. If you're having any issues, feel free to contact support from within the app! Thanks.

 

[Captain89]

Hows the withdrawal of money process like? Need use their debit card in order to withdraw? And how many days it takes to withdraw?

 

[nedlowe]

If I apply via myInfo.. Any document to submit?

Assuming your address is correct in MyInfo, then there are no documents to submit. Thanks.

 

[nedlowe]

Hows the withdrawal of money process like? Need use their debit card in order to withdraw? And how many days it takes to withdraw?

You can withdraw money either by spending on the debit card, or by doing a withdrawal from within the app to your own bank account. The transfer is same day - typically within 30 minutes. Thanks.

 

[LionPlushie]

We split the name on your debit card into two lines - typically first name on the top, last name on the bottom. If you're having any issues, feel free to contact support from within the app! Thanks.

is it possible to flip the order?

or just put everything on one line?

 

[Captain89]

If didnt appoint beneficiary, die liao will foresee any delay problem in payout?

 

[nekoarc]

Don't think is compound whole month. Should be compound whole year only then can get near 2.5%

Based on current earning rate, if 1st deposit is $9777 from the start of the policy year and no withdrawal. Month 12th deposit is accumulated to $10k so whole policy year same interest rate for calculation. After one whole year total interest earn is about $243.97. Refer to the initial deposit of $9777 is 2.495% , close to the 2.5% target payout.

This is correct. I will get our FAQs updated to illustrate. Thanks!

Don't see any changes to the FAQ, but I can confirm both $9777 and $10000 both earn $0.67/day.

So fudging the math a bit, 67 cents per day, compounded monthly for 12 months is :

Using 30 days per month
((0.67*30)/9777+1)^12 = 2.495%

Using 31 days per month
((0.67*31)/9777+1)^12 = 2.579%

So the actual final compound interest does seem to be 2.5%/year. I'm sorry for being so calculative, but I'll only keep exactly $9777 in the account.

 

[peppermint7]

Don't see any changes to the FAQ, but I can confirm both $9777 and $10000 both earn $0.67/day.

So fudging the math a bit, 67 cents per day, compounded monthly for 12 months is :

Using 30 days per month
((0.67*30)/9777+1)^12 = 2.495%

Using 31 days per month
((0.67*31)/9777+1)^12 = 2.579%

So the actual final compound interest does seem to be 2.5%/year. I'm sorry for being so calculative, but I'll only keep exactly $9777 in the account.

Ok I'll follow u only keep $9777

 

[testingabc]

Don't see any changes to the FAQ, but I can confirm both $9777 and $10000 both earn $0.67/day.

So fudging the math a bit, 67 cents per day, compounded monthly for 12 months is :

Using 30 days per month
((0.67*30)/9777+1)^12 = 2.495%

Using 31 days per month
((0.67*31)/9777+1)^12 = 2.579%

So the actual final compound interest does seem to be 2.5%/year. I'm sorry for being so calculative, but I'll only keep exactly $9777 in the account.

sorry korkor me maths noob, assuming every month i withdraw the interest, is $9777 still better than $10000? thanks in advance~

 

[nedlowe]

is it possible to flip the order?

or just put everything on one line?

Currently both lines are mandatory. Let me discuss with the team on how we can improve that for people with only one name, or a very short name. Note that the card is aligned vertically so it actually looks pretty cool split across two lines

 

[nekoarc]

sorry korkor me maths noob, assuming every month i withdraw the interest, is $9777 still better than $10000? thanks in advance~

Both $9777 and $10000 give 67 cents per day.
The $223 difference could be earning interest elsewhere.

Correction: Maybe some days earn 68 cents, I guess there's some rounding involved? Will do further testing

 

[DenOOO]

Both $9777 and $10000 give 67 cents per day.
The $223 difference could be earning interest elsewhere.

Currently have $10000 and interest accrued for 17 days is $11.49.

Some days do accrue $0.68.

 

[Hwsemb]

1 day interest is $0.67. But 2 days interest becomes $1.35. So it is like around $0.675 on average per day.

 

[Alok1103]

sorry korkor me maths noob, assuming every month i withdraw the interest, is $9777 still better than $10000? thanks in advance~

As 2.5% interest rate is only applicable up to 10,000 SGD. Interest earned on this amount (credited at the end of first month); earns 1% only for the remaining 11 months. Hence; the total interest for 9777 and 10000 might be same if you leave it for 1 year.

But if you withdraw you interest monthly; then the account balance at every month-end (policy monthiversary) remains 10000 SGD; hence, whole amount earns interest at 2.5 %.

I have done some rough maths:

Principal up to Annual Interest Daily equivalent
10000 2.5 6.7607E-05
from 10000 to 100,000 1 2.72429E-05

Principal Amount 10000

# of day in month starting balance at the beginning of month Interest earn this month
31 10000 20.95816196
28 10020.95816 18.94593964
31 10039.9041 20.99186216
30 10060.89596 20.33186168
31 10081.22783 21.02676127
30 10102.25459 20.36566354
31 10122.62025 21.0617184
31 10143.68197 21.07950564
30 10164.76147 20.41674959
31 10185.17822 21.11455046
30 10206.29277 20.45069257
31 10226.74347 21.14965354
Total at the end of year 10247.89312
Total interest earned 247.8931205

Note: Interest earned at the end of first month; earns interest at 1% for the remaining period. Same is applicable for all monthly interest credited as it up and above 10000.


Principal amount 9777

starting balance at the beginning of month Interest earn this month
9777 20.49079495
9797.490795 18.54660377
9816.037399 20.57261016
9836.610009 19.95070313
9856.560712 20.65753958
9877.218252 20.03306515
9897.251317 20.74281961
9917.994136 20.78629274
9938.780429 20.15792612
9958.938355 20.8721043
9979.81046 20.24114361
10000.0516 20.95827011
Total at the end of year 10021.00987
Total interest earned 244.0098732

Note: I have not rounded off to two decimal places.

 

[LionPlushie]

Currently both lines are mandatory. Let me discuss with the team on how we can improve that for people with only one name, or a very short name. Note that the card is aligned vertically so it actually looks pretty cool split across two lines

or is it possible to put last name on top and first name on bottom?

 

[nedlowe]

or is it possible to put last name on top and first name on bottom?

On a debit card, you can reorder the names if you like.

 

[myhyip4me]

Can we opt not to have the card?

 

[mosmos]

Can we opt not to have the card?

Yes, you need to opt in for the card.

So you don't opt in

 

[Jorgensen]

Is capital guaranteed for this account?