Singlife Account

[sleepingcat]

If put in 10k, then suddenly the company collapse... will get back? Since the Owners' Protection Scheme stated insure up to 75k

Another thing is if put in 10k into the singlife account, can withdraw?

Anyone got their monthly interest yet??

 

[1993newbie]

I’m on my third month. Past 2 months I got my interest. Withdraw the interest. So far so good

Yes can withdraw.

If put in 10k, then suddenly the company collapse... will get back? Since the Owners' Protection Scheme stated insure up to 75k

Anyone got their monthly interest yet??

 

[confused]

So if u terminate and want to sign back it still possible?

According to the T&C, its called reinstatement but it also mention reinstatement costs if any as determined by Singlife.

 

[sleepingcat]

I’m on my third month. Past 2 months I got my interest. Withdraw the interest. So far so good

Yes can withdraw.

How much you put in? Monthly get $20 if put in 10k?

 

[1993newbie]

Second month was $10k. Yes above $20 interest.

How much you put in? Monthly get $20 if put in 10k?

 

[sleepingcat]

Second month was $10k. Yes above $20 interest.

Oh... like not bad.

But the $10k got insured right?

 

[crystalnox]

Oh... like not bad.

But the $10k got insured right?

It should be insured up to $100k since the account value is guaranteed.

Compensation
In the event a life insurer which is a PPF Scheme member fails and
a. you have a claim under a life insured policy which happened before the PPF Scheme member failed;
b. you have given notice to the life insurer that you want to surrender a life insured policy before the failure; or
c. if your policies have matured before the insurer fails; or
d. you have been receiving annuity payments,

you are entitled to be paid compensation for the guaranteed benefits payable under your life insured policy.

I think we should fall under d.?

 

[IronMan123]

Top up via FAST is almost instant. This 2.5% interest p.a although not guarantee for the long term but at least better than most of the savings acc with banks in Singapore.

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[bright_84]

Top up via FAST is almost instant. This 2.5% interest p.a although not guarantee for the long term but at least better than most of the savings acc with banks in Singapore.

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make sure you follow the instructions and in your fast transfer you do indicate in the optional comment your registered a/c name with singlife.

else backoffice has to manually reconcile, and it'll be while before they figure out its you.

 

[kram62]

make sure you follow the instructions and in your fast transfer you do indicate in the optional comment your registered a/c name with singlife.

else backoffice has to manually reconcile, and it'll be while before they figure out its you.

I don't think this is strictly required, because the account number they give you is personalised. My wife transferred the money with just her initials (3 letters) in the comment box and the money still arrived instantly (less than 30 sec) in the singlife account.

 

[IronMan123]

Assuming policy start date is 1 Jan 2019 and no additional premiums and withdrawals are made over the year;
i) Single Premium of SGD 10,000 ii) Single Premium of SGD 15,000
Account Value (Start of Policy Month)
Month
1 SGD 10,000.00
2 SGD 10,020.96
3 SGD 10,039.90
4 SGD 10,060.90
5 SGD 10,081.23
6 SGD 10,102.25
7 SGD 10,122.62
8 SGD 10,143.68
9 SGD 10,164.76
10 SGD 10,185.18
11 SGD 10,206.29
12 SGD 10,226.74
Account value at Start of Year
Interest Earned
SGD 20.96 SGD 18.95 SGD 20.99 SGD 20.33 SGD 21.03 SGD 20.37 SGD 21.06 SGD 21.08 SGD 20.42 SGD 21.11 SGD 20.45 SGD 21.15

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[Babadook]

How do I transfer from POSB to the Singlife DBS account by FAST ? There is no option for FAST from POSB to DBS

 

[BBCWatcher]

How do I transfer from POSB to the Singlife DBS account by FAST ? There is no option for FAST from POSB to DBS

The same way you would for any other transfer to another DBS/POSB account.

 

[Squaredot]

Assuming policy start date is 1 Jan 2019 and no additional premiums and withdrawals are made over the year;
i) Single Premium of SGD 10,000 ii) Single Premium of SGD 15,000
Account Value (Start of Policy Month)
Month
1 SGD 10,000.00
2 SGD 10,020.96
3 SGD 10,039.90
4 SGD 10,060.90
5 SGD 10,081.23
6 SGD 10,102.25
7 SGD 10,122.62
8 SGD 10,143.68
9 SGD 10,164.76
10 SGD 10,185.18
11 SGD 10,206.29
12 SGD 10,226.74
Account value at Start of Year
Interest Earned
SGD 20.96 SGD 18.95 SGD 20.99 SGD 20.33 SGD 21.03 SGD 20.37 SGD 21.06 SGD 21.08 SGD 20.42 SGD 21.11 SGD 20.45 SGD 21.15

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Thanks for the schedule.
So after one year, account value is 10,226.74+21.15=$10,247.89?

 

[sleepingcat]

So gain around 250 per year...

The transfer seem to take effect immediately

Just transferred 500, and its already in the singlife account within 10 seconds.

 

[PongRareRare]

So gain around 250 per year...

The transfer seem to take effect immediately

Just transferred 500, and its already in the singlife account within 10 seconds.

Withdraw is different. Sometimes immediate, sometimes 2 hours.

 

[IronMan123]

Thanks for the schedule.
So after one year, account value is 10,226.74+21.15=$10,247.89?

Yup, correct.

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[IronMan123]

Deposit 10k, saw earning of $0.67 on 2nd day.

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[Squaredot]

Thanks for the schedule.
So after one year, account value is 10,226.74+21.15=$10,247.89?

Yup, correct.

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But this is not 2.5% p.a. on first 10k, though close to it after compounding monthly interest

Vested

 

[silverbomb]

Withdraw is different. Sometimes immediate, sometimes 2 hours.

though the transfer takes about 5 mins to 2 hours, not a big bother to me.

there was a time before FAST was invented when bank transfers takes 3 working days across different banks. i don't miss those days...