Singlife Account

[silverbomb]

tried to do a withdrawal but was not able to key my full name as it containers 20 characters (inclusive of space) but the field only allows 18 characters. anyone managed to do withdrawal without the full name as per bank records spelled out in full?

 

[nedlowe]

tried to do a withdrawal but was not able to key my full name as it containers 20 characters (inclusive of space) but the field only allows 18 characters. anyone managed to do withdrawal without the full name as per bank records spelled out in full?

It will work as long as 18 characters match. Failed withdrawals are put back into your account, so the money won't go missing either way. I'll get the name field extended! Thanks for your feedback.

 

[nedlowe]

Is capital guaranteed for this account?

There is some information here: https://singlife.com/manage/#protected-by-sdic Thanks.

 

[oceanicmanta]

There is some information here: https://singlife.com/manage/#protected-by-sdic Thanks.

FACT: SDIC PPF does not guarantee capital or premiums paid.

It covers the guaranteed benefit or guaranteed surrender value at point of failure. It is very different from Deposit Insurance Scheme.

So, referencing the PPF does not fully address the question.

 

[cassowary18]

FACT: SDIC PPF does not guarantee capital or premiums paid.

It covers the guaranteed benefit or guaranteed surrender value at point of failure. It is very different from Deposit Insurance Scheme.

So, referencing the PPF does not fully address the question.

Referencing the product summary, on point 2.2:

"The amount of the surrender benefit is equal to the account value as at the full surrender date."

So the account value = surrender value, and therefore account value is guaranteed.

 

[oceanicmanta]

Referencing the product summary, on point 2.2:

So the account value = surrender value, and therefore account value is guaranteed.

+1

wonder why it is not a straight forward "Yes" to the original question ?

SDIC PPF is often quoted but not well understood or mistaken with SDIC Deposit Insurance Scheme.

This applies to all insurance savings plans eg NTUC, GE270, SingLife, Aviva, Etiqa etc only a small handful guarantees capital explicitly (and it's not bcos SDIC PPF says so). Buyers beware.

 

[peppermint7]

+1

wonder why it is not a straight forward "Yes" to the original question ?

SDIC PPF is often quoted but not well understood or mistaken with SDIC Deposit Insurance Scheme.

This applies to all insurance savings plans eg NTUC, GE270, SingLife, Aviva, Etiqa etc only a small handful guarantees capital explicitly (and it's not bcos SDIC PPF says so). Buyers beware.

It is indeed confusing. Wonder if Singlife can explain to us here..

 

[Sambuca78]

I tried the web customer portal but not able to see the saving there, is it expected? Thanks.

 

[firewoman]

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

I have put 2 days
Day 1 with $1000 - total interest $0.06
Day 2 with $9777 - total interest $0.72 (increase of $0.66)

Counting backwards, I suspect the formula is deposit * 2.5/100 / total calendar days in year.

Applying formula:

Day 1 - $1000 * 2.5/100 / 366 = $0.068 but rounded down to $0.06 instead.

Day 2 - $9777 * 2.5/100 / 366 = $0.667 but rounded down to $0.66 instead.

Therefore, using same formula, the ideal deposit amount to get same interest as $10,000 ($0.683/day) is $9955.20 (exactly $0.68).

Going to test this out for Day 3. Haha.

 

[oceanicmanta]

@firewoman ... some days $1000 account show 0.07 of interest

 

[firewoman]

@firewoman ... some days $1000 account show 0.07 of interest

Haha really, don't know what's their formula liao

 

[oceanicmanta]

Haha really, don't know what's their formula liao

even if the difference is 0.1% (2.4% instead of 2.5%), the absolute amount is just $10 difference a year on 10k ... so think no need to split hairs over it

 

[yoha03]

Is there a way to upload proof of address without need to take photo? Want to upload proof of address but no options to upload file instead need to use camera with flash on so the result always bad

 

[firewoman]

even if the difference is 0.1% (2.4% instead of 2.5%), the absolute amount is just $10 difference a year on 10k ... so think no need to split hairs over it

Haha ikr, life is too short! But I guess in a way it's also "fun" to try to figure out

 

[Sauron]

Wanted to try but think the money put inside is not guaranteed. Need to find out more

 

[exterminazn]

Hi, my accounts show there is interest earn, but how come it doesn’t add to my capital?

And when I wanna withdraw, it doesn’t take into account of the interest.... so when I able to withdraw the interest?

 

[1993newbie]

Interest will be added every one month upon opening.

I open my account on 20th Feb, interest added on 20th March. I Guess every 20th of each month the interest will be added into my account.

Hi, my accounts show there is interest earn, but how come it doesn’t add to my capital?

And when I wanna withdraw, it doesn’t take into account of the interest.... so when I able to withdraw the interest?

 

[vegavega25]

Interest will be added every one month upon opening.

I open my account on 20th Feb, interest added on 20th March. I Guess every 20th of each month the interest will be added into my account.

Yes.

Unless Singlife wants to just synchronise everyone's accounts to the calendar month, you are right. That is my reading of this line as well:

The interest will be credited on the first day of the following policy month.

 

[slurpy0099]

Anyone got interest? How much yield?

 

[Captain89]

This morning like haven receive interest for today yet.. Abit lag ah..