Singlife Account

[Extremme]

But CIMB only protect till 75k?

I have this concern as well..during peace time less worrying..

so I think deposit in banks covers up to 75k by SDIC under DI scheme. Maybe can consider HL isavings too...the prevailing rate is at 1.1x% while CIMB is 1.3x (100k) pa

I still dont know what is the protection by SDIC on this under PPF scheme in terms of calculation. I tried calling SDIC and they said PPF calculation is not as straightforward as DI scheme. It depends on when the insurance firm collapse and some other factors.

the PPF Scheme coverage for individual life policy is S$500,000 for the aggregated guaranteed sum assured and S$100,000 based on the aggregated guaranteed surrender value. The protection limit would be applied on a per life assured per insurer basis. 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.

 

[Shutterfly]

I have this concern as well..during peace time less worrying..

so I think deposit in banks covers up to 75k by SDIC under DI scheme. Maybe can consider HL isavings too...the prevailing rate is at 1.1x% while CIMB is 1.3x (100k) pa

I still dont know what is the protection by SDIC on this under PPF scheme in terms of calculation. I tried calling SDIC and they said PPF calculation is not as straightforward as DI scheme. It depends on when the insurance firm collapse and some other factors.

the PPF Scheme coverage for individual life policy is S$500,000 for the aggregated guaranteed sum assured and S$100,000 based on the aggregated guaranteed surrender value. The protection limit would be applied on a per life assured per insurer basis. 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.

Too risky to put everything in the same bank especially during this time. Will check out HL iSaving.

 

[Extremme]

Too risky to put everything in the same bank especially during this time. Will check out HL iSaving.

Many ppl thought its always covered by that magical figure of 75k... there is DI and PPF.

 

[Squaredot]

U log out each time issit?

The trick is don't log out at all. After each use just swipe away

Go try it!

CSO check on my question for a few days then came back with your reply
The app no auto time-out?

I always logout after each session, don't like to keep the app on.

The funny thing is the CSO said they also advise customers to logout after use. Then what is the PIN for ??

 

[simon_84]

But CIMB only protect till 75k?

https://www.sdic.org.sg/faq/di_faq

every bank only covers up to 75k under sdic list.

 

[peppermint7]

CSO check on my question for a few days then came back with your reply
The app no auto time-out?

I always logout after each session, don't like to keep the app on.

The funny thing is the CSO said they also advise customers to logout after use. Then what is the PIN for ??

Mayb CSO check this thread and give you my reply. HAhahaha

I learn this trick from another bro who shared earlier in this same thread

True that other banks app is usually log out. When log back in use fingerprint or pin. But this app got to leave it on in order to work as it should

 

[Shutterfly]

https://www.sdic.org.sg/faq/di_faq

every bank only covers up to 75k under sdic list.

Yup, it might be risky to save more than 75k there.

 

[Squaredot]

Mayb CSO check this thread and give you my reply. HAhahaha

I learn this trick from another bro who shared earlier in this same thread

True that other banks app is usually log out. When log back in use fingerprint or pin. But this app got to leave it on in order to work as it should

Hwz real power!

 

[testingabc]

I saw some promo online recently, anyone checked it out? is it legit ah?

Legit, Put for 2 months + alrdy for $10K, got near to 2.5% IR.

 

[1993newbie]

Yeap it’s legit. I got my 3rd month interest Yesterday

Legit, Put for 2 months + alrdy for $10K, got near to 2.5% IR.

 

[Shutterfly]

Legit, Put for 2 months + alrdy for $10K, got near to 2.5% IR.

Yeap it’s legit. I got my 3rd month interest Yesterday

You guys just put 10k? If so, do you plan to put more?

 

[1993newbie]

Nope. No plan to put more. $10k. Every month withdraw interest

You guys just put 10k? If so, do you plan to put more?

 

[Shutterfly]

Nope. No plan to put more. $10k. Every month withdraw interest

Thanks for sharing.

 

[DOINK1]

You guys just put 10k? If so, do you plan to put more?

I do put more than 10k as my multiplier acc has reach the limit amount. Unless there are better place to park the money for more than 1%

 

[Shutterfly]

I do put more than 10k as my multiplier acc has reach the limit amount. Unless there are better place to park the money for more than 1%

Alternative I guess would be CIMB but also should not take put too much money in one single bank.

 

[DOINK1]

Alternative I guess would be CIMB but also should not take put too much money in one single bank.

I only keep my emergency fund on Singlife/multiplier/SSB. Rest I will invest it instead.

 

[Extremme]

how much is the I/r for that ah?

A separate thread for that CIMB Fastsaver

 

[Shutterfly]

is it cause the interest only up to 10k?

No. Interest up to 100k but after 10k dropped to 1%.

 

[Shutterfly]

ohh they credit monthly? directly to ur Singife acct?

Yes, credit monthly.

 

[fairylord]

How long it takes for deposit to appear? Just now tried to deposited 10sgd in, after 30min still no show... Scare leh