Singlife Account

[peppermint7]

How can withdrawal be initiated? Through app or website or both?

I have never used website so im not sure about web. I downloaded the app from Google playstore and start my singlife journey from there. After everything is properly set up, withdrawal button is right on the main page that shows the amount of $ u have and daily accrued interest

 

[TiedInsurer]

I thought they mentioned no FX fees, so the rate is comparable to cards like YouTrip or Revolut?

No FX fees does not necessarily mean they will give you a good foreign exchange spread.

 

[rkesin]

No FX fees does not necessarily mean they will give you a good foreign exchange spread.

The FX rate that will be applied is Visa’s FX rate which means it’s basically the same as YouTrip which uses MasterCard’s FX rate. Both have no additional fees or charges.

 

[idwish]

Is this safe at all to place a $10k there? Any risk?

 

[Conor McGregor]

Is this safe at all to place a $10k there? Any risk?

There’s always a risk for everything

No fool proof but SDIC guarantees up to 75k

Of course it’s up to you to believe and do your due diligence right?

If majority of people say it is not safe and minority say it is safe or vice versa, will you blindly follow?

 

[Shutterfly]

There’s always a risk for everything

No fool proof but SDIC guarantees up to 75k

Of course it’s up to you to believe and do your due diligence right?

If majority of people say it is not safe and minority say it is safe or vice versa, will you blindly follow?

I think the main concern is whether this particular saving insurance plan is protected by SDIC. Seems like no clear answer yet.

 

[Extremme]

I think the main concern is whether this particular saving insurance plan is protected by SDIC. Seems like no clear answer yet.

As per their Singlife, it is so I think they will not publicly violate the regulations without first getting approved. They are toying with their licence with MAS if so which I dont think anyone dares

Also they are not under DI but PPF scheme of SDIC which I have mentioned on #661"

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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.

 

[Extremme]

There’s always a risk for everything

No fool proof but SDIC guarantees up to 75k

Of course it’s up to you to believe and do your due diligence right?

If majority of people say it is not safe and minority say it is safe or vice versa, will you blindly follow?

75K is for DI scheme. SingLife is PPF as mentioned on Singlife Website

 

[cassowary18]

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.

Since the surrender value is equal to your account value, wouldn't you be able to essentially get back, at minimum, the amount of money that's deposited inside?

 

[DenOOO]

Anybody using Vivid Savings Account ?

https://vividcard.sg/

1.3% for 10k-20k.

 

[crystalnox]

Anybody using Vivid Savings Account ?

https://vividcard.sg/

1.3% for 10k-20k.

Not that great, for a full sum of $20k you only get <1.2%. Deposit with OCBC 360 with salary crediting already can get 1.2%.

If you have overflowed 360, then CIMB 1% quite a comparable choice.

 

[DenOOO]

Not that great, for a full sum of $20k you only get <1.2%. Deposit with OCBC 360 with salary crediting already can get 1.2%.

If you have overflowed 360, then CIMB 1% quite a comparable choice.

Based on some feedback, it seems that for 20k, 1.3% applies to the entire balance of 20k.

 

[Shutterfly]

Anybody using Vivid Savings Account ?

https://vividcard.sg/

1.3% for 10k-20k.

Looks interesting. Is there a thread for this? Does it earn daily interest which can withdraw at anytime?

 

[crystalnox]

Based on some feedback, it seems that for 20k, 1.3% applies to the entire balance of 20k.

It's quite clearly shown on their site though.

 

[crystalnox]

Looks interesting. Is there a thread for this? Does it earn daily interest which can withdraw at anytime?

Technically all bank accounts earn interest based on your daily account value. It's just that Singlife displays it to you daily, but you're still unable to withdraw it till the end of the month. A bit of a gimmick really.

 

[Shutterfly]

Technically all bank accounts earn interest based on your daily account value. It's just that Singlife displays it to you daily, but you're still unable to withdraw it till the end of the month. A bit of a gimmick really.

That's true. Haha.

 

[DenOOO]

It's quite clearly shown on their site though.

Yup, but you mentioned <1.2% when it's clearly shown as 1.3%

 

[Extremme]

Since the surrender value is equal to your account value, wouldn't you be able to essentially get back, at minimum, the amount of money that's deposited inside?

thats what I thought and I wanted SDICto confirm. I called and emailed them but they refused to confirm and gave me that reply. They asked me to ask the insurer and the insurer dont want to comment and asked me to check with SDIC

 

[DenOOO]

Looks interesting. Is there a thread for this? Does it earn daily interest which can withdraw at anytime?

Looks like no thread on that, that's why i just pump it here in hopes of finding someone using it can shed some light.

 

[DenOOO]

StanChart's JumpStart Account is a good one too, 2% for 20k.

Only requirement is must be between 18-26 years old.