Singlife Account

[testingabc]

Like that why don’t put FD May bank better?

Got 2.05% right?

Sorry not a fan of locking the cash for few months, let alone couple of years

 

[popime]

CIMB Fastsaver, fuss free and no minimum balance. No criteria except at least $1K to get interest, pm me if interested for referral

what's the referral about?

 

[Shutterfly]

Sorry not a fan of locking the cash for few months, let alone couple of years

Me too. Unless it is a very short one like 1-3 months.

 

[gazar1]

CIMB Fastsaver, fuss free and no minimum balance. No criteria except at least $1K to get interest, pm me if interested for referral

Oh bro so meaning fast saver and sing life basically is the same, your money can transfer and withdraw out as and when you like just by using the app.

 

[testingabc]

what's the referral about?

If you does not have a CIMB Fastsaver, can PM me. I refer you, we both will have $10.

 

[testingabc]

Oh bro so meaning fast saver and sing life basically is the same, your money can transfer and withdraw out as and when you like just by using the app.

Yes but Singlife ideal for $10K while CIMB ideal for $100K. Yes both can deposit and withdraw with not much criterias

 

[Singleton]

I have just withdraw $19.63 for my $10k capital today, it havent credit to my posb saving account yet. interest is around 2.36% ( i did a rough calculation: 19.63/10000 * 100= 2.3556%)

This is my first time withdraw... the same as other folks...once interest drop will find other option to park the $.

 

[rkesin]

Yes but Singlife ideal for $10K while CIMB ideal for $100K. Yes both can deposit and withdraw with not much criterias

If you can only have 1 account, Singlife interest is better for amounts below $78,125, and CIMB interest is better for amounts above $78,125.

If depositing $78,125, the interest you’d get from both accounts is exactly the same

 

[gazar1]

If you can only have 1 account, Singlife interest is better for amounts below $78,125, and CIMB interest is better for amounts above $78,125.

If depositing $78,125, the interest you’d get from both accounts is exactly the same

Thanks for the advice bro, but CIMB is a proper bank.

Singlife is consider as what? Is it a reliable company any body know.

 

[rkesin]

Thanks for the advice bro, but CIMB is a proper bank.

Singlife is consider as what? Is it a reliable company any body know.

Singlife is considered a life insurance company and the account they provide is technically an insurance savings plan, but it differs from most others in that you can top up and withdraw when you want without penalties, and it comes with an optional debit card.

If liquidity is a priority for you, Singlife should be fine.

It is regulated by MAS and there has been some discussion about the protection of the deposited amount already in this thread.

If you would feel more comfortable with an established bank, and value liquidity (i.e. no FDs), CIMB should fit well for a condition-free account, but the interest is lower at lower quantums.

 

[gazar1]

Singlife is considered a life insurance company and the account they provide is technically an insurance savings plan, but it differs from most others in that you can top up and withdraw when you want without penalties, and it comes with an optional debit card.

If liquidity is a priority for you, Singlife should be fine.

It is regulated by MAS and there has been some discussion about the protection of the deposited amount already in this thread.

If you would feel more comfortable with an established bank, and value liquidity (i.e. no FDs), CIMB should fit well for a condition-free account, but the interest is lower at lower quantums.

Okay sure thanks, I just deposited $20k with singlife yesterday.

Since it’s quite hassle free.

 

[jupiter]

If you can only have 1 account, Singlife interest is better for amounts below $78,125, and CIMB interest is better for amounts above $78,125.

If depositing $78,125, the interest you’d get from both accounts is exactly the same

Just curious, how the $78,125
Come about.

 

[rkesin]

Just curious, how the $78,125
Come about.

For singlife,
2.5% on first $10k and 1% on subsequent $68,125 gives a total of $931.25

For CIMB,
1% on $50k and 1.5% on subsequent $25k and 1.8% on further $3,125 gives a total of $931.25.

Avg interest is 1.192%.

Any amount above 75k for CIMB pays 1.8% compared to 1% at singlife - Both with a cap of 100k for interest earning amounts. If you had close to $78,125, CIMB would probably be better because once your monthly interest payment comes in, it’s likely to bring you above that amount.

Obviously if you really wanted to maximize the interest you could earn, you’d put 10k in singlife and the complete remainder in CIMB.

 

[addict951]

I have just withdraw $19.63 for my $10k capital today, it havent credit to my posb saving account yet. interest is around 2.36% ( i did a rough calculation: 19.63/10000 * 100= 2.3556%)

This is my first time withdraw... the same as other folks...once interest drop will find other option to park the $.

You haven't complete the full month is it
That's why less than 2.5%
Once full month liao you will see you have earn $0.00
On the day you see $0.00 then you transfer mah

 

[jupiter]

For singlife,
2.5% on first $10k and 1% on subsequent $68,125 gives a total of $931.25

For CIMB,
1% on $50k and 1.5% on subsequent $25k and 1.8% on further $3,125 gives a total of $931.25.

Avg interest is 1.192%.

Any amount above 75k for CIMB pays 1.8% compared to 1% at singlife - Both with a cap of 100k for interest earning amounts. If you had close to $78,125, CIMB would probably be better because once your monthly interest payment comes in, it’s likely to bring you above that amount.

Obviously if you really wanted to maximize the interest you could earn, you’d put 10k in singlife and the complete remainder in CIMB.

Good maths. Thanks.

 

[gazar1]

Hi guys, I do the transfer and it is immediate and let’s say one day I need the money and decided to withdraw out.

Is it immediate as well?

 

[DOINK1]

Hi guys, I do the transfer and it is immediate and let’s say one day I need the money and decided to withdraw out.

Is it immediate as well?

Get the money within minutes for me.

 

[gazar1]

Get the money within minutes for me.

Okay, since it is so hassle free I will transfer more in rather than keep it inside saving accounts.

 

[Shutterfly]

For singlife,
2.5% on first $10k and 1% on subsequent $68,125 gives a total of $931.25

For CIMB,
1% on $50k and 1.5% on subsequent $25k and 1.8% on further $3,125 gives a total of $931.25.

Avg interest is 1.192%.

Any amount above 75k for CIMB pays 1.8% compared to 1% at singlife - Both with a cap of 100k for interest earning amounts. If you had close to $78,125, CIMB would probably be better because once your monthly interest payment comes in, it’s likely to bring you above that amount.

Obviously if you really wanted to maximize the interest you could earn, you’d put 10k in singlife and the complete remainder in CIMB.

Thanks for doing the Math for us. While CIMB is a proper bank, it might not be wise to just pump all the money in i.e more than the protected 75k by SDIC thus I think SingLife is a good alternative at the moment.

 

[Shutterfly]

Okay, since it is so hassle free I will transfer more in rather than keep it inside saving accounts.

I plan to put in more too after one of my fixed deposit with CIMB expires next month.