Singlife Account

[IronMan123]

Received this email:

You are a smart saver, now be a smart spender
You have started earning up to 2.5% p.a. returns on your Singlife Account balance - good on you!

So the first 20k application still available. This product still unheard for many people.

Posted with iPhone HardwareZone Forums app

 

[TiedInsurer]

Received this email:

You are a smart saver, now be a smart spender
You have started earning up to 2.5% p.a. returns on your Singlife Account balance - good on you!

So the first 20k application still available. This product still unheard for many people.

Posted with iPhone HardwareZone Forums app

Or they never intended to keep to the 20k people in the first place. Might be just a hook to get people to act fast.

 

[IronMan123]

Perhaps marketing gimmick for 20k account only..?!!
This Singlife rate is better than Malaysia FD which currently only 1.9% for 1 month tenure.

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[eD|t|0n]

Received this email:

You are a smart saver, now be a smart spender
You have started earning up to 2.5% p.a. returns on your Singlife Account balance - good on you!

So the first 20k application still available. This product still unheard for many
people.

Posted with iPhone HardwareZone Forums app

I think most ppl here more interested in how many more before we reach 20k...so they can get set, on the mark, get ready to withdraw from this account once they announce interest decease...

 

[oceanicmanta]

I think most ppl here more interested in how many more before we reach 20k...so they can get set, on the mark, get ready to withdraw from this account once they announce interest decease...

just the 20001st & beyond may not be offered the 2.5%

first 20k shld remain status quo until things changed

besides i dont think its a hard 20k

regardless, when everyone withdraws, that's when the real test comes ... sekali they do a citibank

not surprised

 

[peppermint7]

just the 20001st & beyond may not be offered the 2.5%

first 20k shld remain status quo until things changed

besides i dont think its a hard 20k

regardless, when everyone withdraws, that's when the real test comes ... sekali they do a citibank

not surprised

Wat happen to Citibank?

 

[oceanicmanta]

Wat happen to Citibank?

"technical issue" on the day Citi nerfed the Maxigain TnC, as everyone was withdrawing, system only allow FAST transfers below 1k, full trial & error mode, tikam tikam the amount, multiple fails & refunds

had to do over hundred of transactions over hours just to zero out

when system "recovered", some folks did 50k FAST which was processed as normal Interbank transfer instead we now know this is how Citi does it

 

[peppermint7]

"technical issue" on the day Citi nerfed the Maxigain TnC, as everyone was withdrawing, system only allow FAST transfers below 1k, full trial & error mode, tikam tikam the amount, multiple fails & refunds

had to do over hundred of transactions over hours just to zero out

when system "recovered", some folks did 50k FAST which was processed as normal Interbank transfer instead we now know this is how Citi does it

..... champion

 

[yiron]

You can dream. They are already burning their money with the current offer because there's no way they can keep 2.5% guaranteed interest with current global interest rates levels (between 0 and 1% short term). Especially if most people don't put more than 10k.

Better to pray they don't cut it too soon.

Lol that’s why it’s a wish.

Actually I don’t mind if they up it to $75k with a lower rate of like 1.8% but not gonna happen in this low rates regime...

 

[IronMan123]

I think most ppl here more interested in how many more before we reach 20k...so they can get set, on the mark, get ready to withdraw from this account once they announce interest decease...

Err. Maybe.

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[android]

Understand that this plan is protected by SDIC. But may I know what is the max amount that is protected? Also, how do we make a nomination?

 

[twinbaby]

The early bird catches the worm

 

[eD|t|0n]

Understand that this plan is protected by SDIC. But may I know what is the max amount that is protected? Also, how do we make a nomination?

It’s lucky that you ask this question which has been throughly discuses and debated in the last few posts (see perhaps 3 pages back) and start reading....don’t be lazy ok...
I’m saying lucky because it’s just being discussed and quite fresh. At least it’s not >10pages back right...

You will have your answer...

 

[sleepingcat]

I checked with SDIS whether i will be compensated if i put 10k inside and something happen to the insurance company...

This is their reply.

For individual life policies, the Policy Owners' Protection (PPF) Scheme protection limit of S$500,000 for the aggregated guaranteed sum assured and S$100,000 based on aggregated guaranteed surrender value per life assured per insurer would apply. Please note that the coverage is not based on the total premiums paid.

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.

The minimum amount that you can expect to receive under the PPF Scheme in a termination scenario will be the adjusted guaranteed surrender value, capped at S$100,000. The actual amount payable depends on the valuation of the policies. In a transfer/run off scenario, the actual amount to be transferred / run off will depend on the valuation of the policies and negotiations between the buyer and the failed insurer.

You may refer to the following link to SDIC’s website under the heading “PPF Entitlement” for more details:-
https://www.sdic.org.sg/calc/pop_calc

Please do not hesitate to contact us if you have further questions.

Means what ah?? First time buying such things i have no idea what is a aggregated guarantee sum and surrender value... meaning is will get back money or not?

 

[peppermint7]

meaning is will get back money or not?

Means u are like me. Ask liao also donno what are they trying to say. Lol

Ended up is the knowledgable bros here say in layman term. Yes. Covered. That gives me confidence

 

[Calthron]

Just made first transfer, appeared most immediately in singlife. Just check , how to transfer money out?

 

[peppermint7]

Just made first transfer, appeared most immediately in singlife. Just check , how to transfer money out?

Click withdraw

 

[Calthron]

Ok. Weird. I can't see withdraw in the App.

Click withdraw

 

[Calthron]

Oh. Now I see it already. Thanks

Ok. Weird. I can't see withdraw in the App.

 

[peppermint7]

Oh. Now I see it already. Thanks

It may take a while for your fund to b in. Just in case u wonder why your fund isn't in after 5 mins