Singlife Account

[eD|t|0n]

The main difference is that Deposit Insurance Scheme, will insure all the money you deposit inside, while the Policy Owners' Protection Scheme only insures the Surrender value of the insurance policy.

For traditional endowment plans, the money you pay in does not equal to the surrender value. In fact, the surrender value is very likely to be much much lesser than the value of the monies you paid in, right up til the maturity date of the endowment plan. So for traditional endowment plans, you're very likely to lose a portion of your money if the insurer goes bankrupt.

However, for this particular product, the money you put in is equal to the surrender value of the plan. For all intents and purposes, this is covered the same way as a Deposit Insurance Scheme.

That’s assuring to know. Thanks for the clear concept explanation...

 

[eD|t|0n]

Then in this case, one can also deposit more than 10k right ?

Even it’s 20k cause it’s the guaranteed amount.

You have no other places to earn the interest for the additional 10k isit? I believe there is you know...

 

[cassowary18]

You have no other places to earn the interest for the additional 10k isit? I believe there is you know...

None which doesn't require you to jump through any hoops. There's CIMB Fastsaver, but that's 1% interest rate, same as this account.

 

[juelim]

Note that the 2.5% p.a. for the $10K is not guaranteed. Once they have signed up enough accounts, they might just do a Grab and reduce the interest rates.

 

[eD|t|0n]

None which doesn't require you to jump through any hoops. There's CIMB Fastsaver, but that's 1% interest rate, same as this account.

StashAway? 1.9% No need jump hoops...

 

[OnePunch!!]

How is the fund transfer if u want to take the funds or interest back and how fast is it?

 

[peppermint7]

StashAway? 1.9% No need jump hoops...

1.9% is just projected. It is also not insurance protected.

"This is an investment into a money market fund and an enhanced liquidity fund, so there is a level of risk, but it’s incredibly low. The StashAway Risk Index for StashAway Simple™ is 1.7%. That means you have a 99% chance of not losing more than 1.7% of your funds"

With this statement it means there's a 1% chance of not getting back full principal sum put in?

 

[saintgtril]

StashAway? 1.9% No need jump hoops...

How does this work? Care to share please. Thanks!

 

[peppermint7]

How does this work? Care to share please. Thanks!

Just Google and it's there

https://www.stashaway.sg/simple

Don't think I'll take this up.
Please do your own research before commit

 

[peppermint7]

How is the fund transfer if u want to take the funds or interest back and how fast is it?

I remember saw somewhere it states give them 3 hours
But lately I transfer it only took less than 15 mins. It improves a lot as compared to the past

 

[Panerex]

I put in $10k a month ago. They paid out interest at 2.5%, exactly 1 mth later. And i was able to withdraw the $20+ interest into my chosen bank account, instantaneously.

My greatest reservation about this thing was that withdrawal may be difficult or take a long time, but that didn't happen. This is good stuff.

Great to know this

 

[silverbomb]

The only thing I don't like is DBS intermittently sends letter to me to inform of withdrawal whenever there's withdrawal done. Sometimes have, sometimes don't have letter.

 

[TiedInsurer]

Note that the 2.5% p.a. for the $10K is not guaranteed. Once they have signed up enough accounts, they might just do a Grab and reduce the interest rates.

In which case you take your money and leave, immediately.

I don't like non-guaranteed interest for traditional endowment plans, because the stated non-guaranteed interest is from government regulations. The government forces insurers to use 3% and 5% non-guaranteed interest, when explaining/selling the product. You know what this means? It means that the stated interest is not derived from any informed or reliable metric. It's entirely derived from an arbitrary rule somebody set, and at no point does the insurer actually intends to use those rates as a benchmark when deciding how much interest to pay.

When the insurer says, "At year 10, we will give you back your guaranteed capital plus non-guaranteed 5% interest", what he really means is "At year 10, we will give you back your guaranteed capital, and if we manage to make money investing that capital you gave us, we'll give you a cut of that too, at a rate entirely at our discretion."

This Singlife policy is different from traditional endowment non-guaranteed interest, in that their 2.5% is actually grounded in reality. That's the amount that they actually do intend to pay out, and have actually paid out. It's not an arbitrary number pulled out of somebody's ass. And also, because they pay out interest every month, and there's no penalty for terminating at any time, you can leave immediately at virtually no cost to you, the moment you see that the 2.5% interest is going away. You can't do that for traditional endowment.

 

[Stefanie.]

Any cap amount if the withdrawal per day or per time?

The daily card limits enables up to 15 transactions per day and a daily spend limit of up to $5000.

 

[Stefanie.]

Anyone knows if the first 20k customers hit alr? Still got chance?

You would still be able to enjoy the 2.5% p.a returns when you in-force your policy now. What is valuable to note is that there are no lock-ins of your funds, so if the rates are eventually revised and proves to be unfavorable to you, you are able to withdraw your funds via Fast transfer quite effortlessly.

 

[Stefanie.]

How to open second account??

According to the Singlife FAQ each person is assigned only one Singlife Account per lifetime. If you have terminated and wish to re-apply, the application will be considered as a reinstatement of the Singlife Account.

Not possible to own multiple Singlife Accounts.

 

[ApexMan]

According to the Singlife FAQ each person is assigned only one Singlife Account per lifetime. If you have terminated and wish to re-apply, the application will be considered as a reinstatement of the Singlife Account.

Not possible to own multiple Singlife Accounts.

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

 

[celtosaxon]

Sometimes you have to ask yourself, is it really worth the effort chasing teaser rates?

 

[weiming41]

Singlife evidently has an account at DBS, but SDIC coverage doesn't extend downstream that way. TiedInsurer answered correctly.

There's no reason to place more than S$10,000 with Singlife since it's only that amount that earns the currently attractive 2.5% interest. Thus you'll easily be under SDIC coverage limits.

Yes, very much agree.

 

[Stefanie.]

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

Possible, but it is subjected to the company's approval.