Singlife Account

[zenify.me]

Technically:
$10k - 2.5%
$20K - EIR 1.75%
$30K - EIR 1.5%
$50K - EIR 1.3%

If your deposits can't earn this rate, you can consider increasing your deposits with Singlife.

However, close monitoring required. Unlike bank deposits, this is an insurance plan, they are not obliged to inform you if they have reduced interest rates. They have already told u the rate is not guaranteed and can change anytime. Very likely will be reduced in this low interest climate.

If got 20k it seems that other product like Etiqa's elastiq is a better deal? Assuming the 90 days lock in period is acceptable of course.

 

[TiedInsurer]

Technically:
$10k - 2.5%
$20K - EIR 1.75%
$30K - EIR 1.5%
$50K - EIR 1.3%

If your deposits can't earn this rate, you can consider increasing your deposits with Singlife.

However, close monitoring required. Unlike bank deposits, this is an insurance plan, they are not obliged to inform you if they have reduced interest rates. They have already told u the rate is not guaranteed and can change anytime. Very likely will be reduced in this low interest climate.

I don't get this line of logic.... Why are you averaging out the interest earned beyond your first $10k? The EIR of your first $10k is 2.5%. The EIR on all subsequent amounts is 1%. If you have any deposit accounts that can earn more than 1%, you should move any excess money above $10k from Singlife, to that deposit account, if you want to maximise your interest earned.

 

[chopra]

I don't get this line of logic.... Why are you averaging out the interest earned beyond your first $10k? The EIR of your first $10k is 2.5%. The EIR on all subsequent amounts is 1%. If you have any deposit accounts that can earn more than 1%, you should move any excess money above $10k from Singlife, to that deposit account, if you want to maximise your interest earned.

mayb he jus wan to an overall average sensing of things

 

[TiedInsurer]

mayb he jus wan to an overall average sensing of things

But he said "If your deposits can't earn this rate, you can consider increasing your deposits with Singlife."

Which is false. If your current deposits earn more than 1%, you should still keep your current deposits.

 

[flyboy]

sigh i opened my account last month, i read that there is an early account closure fee of $50 if the account is less than 6 months. Can i just leave $1 inside while i transfer away the remainder to another bank?

Not to worry. I believe CIMB has no minimum balance. You leave zero dollar also no penalty.

 

[blurpandasg2014]

Singlife customer support is non existent. Their number is uncontactable. Want to change OTP so mafan

 

[josc36]

But he said "If your deposits can't earn this rate, you can consider increasing your deposits with Singlife."

Which is false. If your current deposits earn more than 1%, you should still keep your current deposits.

Thanks for pointing out.
I've edited the post.
Rates are just for reference.

 

[harky]

Maybe email?

Singlife customer support is non existent. Their number is uncontactable. Want to change OTP so mafan

 

[Squaredot]

Maybe email?

their email equally lousy, either no reply or no follow up.

 

[DOINK1]

their email equally lousy, either no reply or no follow up.

Why don't you watsapp them? They will reply during office hours.

 

[yzyang91]

their email equally lousy, either no reply or no follow up.

I emailed them before, quite responsive actually

 

[DenOOO]

Singlife customer support is non existent. Their number is uncontactable. Want to change OTP so mafan

went to pm their fb yesterday and got a reply within minutes

 

[bicycleming]

Meaning if they bankrupt, I still able to get back my 10k as it was insured by Singapore government?

 

[Shutterfly]

Meaning if they bankrupt, I still able to get back my 10k as it was insured by Singapore government?

Hmm.. I don't think anyone has an answer yet.

 

[duhduhduh]

Anyone know how are they able to get the 2.5% returns?

I mean... our deposits interest rates are low....

 

[Hwsemb]

Meaning if they bankrupt, I still able to get back my 10k as it was insured by Singapore government?

Their website specifically point out that Singlife Account is under PPF protection, if it helps.

"All Singlife policies, including the Singlife Account are covered under the Policy Owners’ Protection (PPF) Scheme administered by Singapore Deposit Insurance Corporation (SDIC). The PPF Scheme protects policy owners in the event a life insurer which is a PPF Scheme member fails."

singlife.com/manage

 

[yongsaver]

Anyone know how are they able to get the 2.5% returns?

I mean... our deposits interest rates are low....

insurers invest the premiums collected. Their investments can easily generate more than 2.5% return.

 

[Squaredot]

I emailed them before, quite responsive actually

Good for u.

They reply me after 5 days but did not answer my question, just a cut and paste reply. A second email took another few days to reply, equally unsatisfactory, no follow up. Dead.

 

[bicycleming]

Their website specifically point out that Singlife Account is under PPF protection, if it helps.

"All Singlife policies, including the Singlife Account are covered under the Policy Owners’ Protection (PPF) Scheme administered by Singapore Deposit Insurance Corporation (SDIC). The PPF Scheme protects policy owners in the event a life insurer which is a PPF Scheme member fails."


singlife.com/manage

If they want to scam you, they can said any thing they want

 

[limster]

its true that you should only invest your money in a manner consistent with your risk profile

it seems that some investor find putting money with SDIC protected, MAS-regulated insurer is still too risky.

like that the only investment available for them seems to be cash in milo tin or maybe gold bar under mattress