Singlife Account

[Hwsemb]

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

Thats right. Wondering if their interest rate accrual system is done manually or something (vs banks fully automated).

 

[peppermint7]

Thats right. Wondering if their interest rate accrual system is done manually or something (vs banks fully automated).

seems like 2nd time already..

 

[lim.tina]

this singlife account looks like a great alternative now that all the other interest rates have been adjusted... but the 2.5% is not guaranteed right?

 

[cassowary18]

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

It's guaranteed by SDIC Policy Owner Protection Plan. don't spread fake news leh.

 

[andregoiano]

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?

Hi exterminazn, just for clarity on how this works, your interest accrued is credited monthly into your balance. Once in your balance, you can freely withdraw it.

 

[andregoiano]

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

Hey yoha03, currently we actually don't allow that, for compliance reasons. There are a myriad of forgery risks involved when file upload is allowed. Thanks for the feedback on the flash, though. We are aware of that issue.

 

[andregoiano]

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

Hey Captain89, we did detect an isolated case of delay in interest calculation yesterday. Rest assured that not only we are aware of it, but it will also be fixed soon.

 

[addict951]

Anyone got interest? How much yield?

2.5% p.a. on $10,000, are you expecting EXTRA?

 

[cassowary18]

How to do nomination for this account, since it's technically an insurance plan?

 

[Wokhey]

technically, since this is an endowment. Should i track this insurance inside my agent consolidated excel sheet, or my policypal app?

 

[lim.tina]

technically, since this is an endowment. Should i track this insurance inside my agent consolidated excel sheet, or my policypal app?

ohh.. i've seen policypal before!! not bad leh, can upload all your insurance policies so it's easy for you to track. since it's endowment, i think can try policypal app. excel sheet is too troublesome la...

 

[Wokhey]

this is quite a good question, how ar?

 

[losthope00]

Hi all. I just got my account and funded too.

 

[TiedInsurer]

This is an endowment plan isn't it? How long before can take out the money? And how to take out? Can withdraw directly to a bank account?

 

[1993newbie]

macam savings acc actually. Can take out any time. Money will be in less than 30min.

Received my first month interest lo. Tried to withdraw and it’s smooth. Minimum withdrawal is $100. Direct into ur bank account u keyed in.

This is an endowment plan isn't it? How long before can take out the money? And how to take out? Can withdraw directly to a bank account?

 

[TiedInsurer]

This is an endowment plan isn't it? How long before can take out the money? And how to take out? Can withdraw directly to a bank account?

Have anyone tried to withdraw money yet? How long do they need to transfer the cash?

Also, noticed on their website that they say:
"Returns are not guaranteed and may change in future."

So i read the terms and conditions closely, and it seems that "Any revision in the crediting rates will take immediate effect". Meaning if they decide to change the crediting rates, it will be an instant change. So it's effectively the same as regular endowment plans with non-guaranteed interest, which may or may not materialise. Upside is that you can monitor the interest they give very closely, and jump ship the moment it looks like they are going to kill the interest rates. Regular endowment plan, you will only find out that they shafted you on the non-guaranteed interest, after a full year have elapsed. Then you will also find that you can't leave, because of early withdrawal penalties.

 

[peppermint7]

Thats right. Wondering if their interest rate accrual system is done manually or something (vs banks fully automated).

They solved the issue already. Go check your amount

 

[peppermint7]

Have anyone tried to withdraw money yet? How long do they need to transfer the cash?

Also, noticed on their website that they say:
"Returns are not guaranteed and may change in future."

So i read the terms and conditions closely, and it seems that "Any revision in the crediting rates will take immediate effect". Meaning if they decide to change the crediting rates, it will be an instant change. So it's effectively the same as regular endowment plans with non-guaranteed interest, which may or may not materialise. Upside is that you can monitor the interest they give very closely, and jump ship the moment it looks like they are going to kill the interest rates. Regular endowment plan, you will only find out that they shafted you on the non-guaranteed interest, after a full year have elapsed. Then you will also find that you can't leave, because of early withdrawal penalties.

True la. Apart from that, there's this SDIC PPF part we do not fully understand..

+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.

 

[TiedInsurer]

True la. Apart from that, there's this SDIC PPF part we do not fully understand..

Seems quite straight forward to me. The SDIC will guarantee your account value. Your account value (For this SingLife account) is the total amount of premiums that you paid, plus any interest already paid out to you, less any monies that you have withdrawn.

Anyway, I'm sold. Funded $10k.

 

[peppermint7]

Seems quite straight forward to me. The SDIC will guarantee your account value. Your account value (For this SingLife account) is the total amount of premiums that you paid, plus any interest already paid out to you, less any monies that you have withdrawn.

Anyway, I'm sold. Funded $10k.

Really ah
Comforting to hear that.