Singlife Account

[reddevil0728]

Hi there,

May i check that 2.5%pa is applicable for the first 10k. Is there a lock in period? Do i have to keep the 10k for a specific no of days? If i would like to withdraw the cash and close the account anytime, is it allowed? Thanks in advance.

no lock you. u can withdraw anytime. u just don't get the interest. because only credited at the end of the month

 

[AnTiLooP]

no lock you. u can withdraw anytime. u just don't get the interest. because only credited at the end of the month

Interest is calculated based on policy start but credited every month the 1st ? Or will it be based on policy start date as well?

 

[1993newbie]

Based on the monthsary u started.

I started 21 Feb 2020. My interest credit in every 21st.

Interest is calculated based on policy start but credited every month the 1st ? Or will it be based on policy start date as well?

 

[DenOOO]

Interest is calculated based on policy start but credited every month the 1st ? Or will it be based on policy start date as well?

The date when you transfer funds in to activate the policy will be the date you get your monthly interest credited.

Account created on 1st, funded on 8th, monthly interest will be credited on the 8th in the following months.

 

[sleepingcat]

So "protected up to specified limits" is how much?
The way they don't make things clear is kinda fishy...

 

[benqdell]

So "protected up to specified limits" is how much?
The way they don't make things clear is kinda fishy...

Nothing is protected la, scared just take the cash, put into a tin can and use as pillow.


Simplest method is to put 10k in and withdraw the interest every mth.

 

[kram62]

Why all the scaremongering?

The singlife account is under PPF scheme.

The PPF scheme cover surrender value up to 100k

The surrender value is the account value (clearly stated in the terms and conditions that you should have read)

So up to 100k of account value is covered.

What is so hard to understand?

 

[limster]

Why all the scaremongering?

The singlife account is under PPF scheme.

The PPF scheme cover surrender value up to 100k

The surrender value is the account value (clearly stated in the terms and conditions that you should have read)

So up to 100k of account value is covered.

What is so hard to understand?

anyone know why Singlife deleted reference to 100k in their website and replaced it with specific limits?

Singlife account is not the same as the traditional insurance product, so people want to be sure I guess.

I also have the Singlife 3% 3 year endowment - that one I'm 100% sure it falls within the specified limits

https://www.straitstimes.com/busine...insurance-coverage-for-newly-launched-account

 

[BlueRobin]

anyone know why Singlife deleted reference to 100k in their website and replaced it with specific limits?

Singlife account is not the same as the traditional insurance product, so people want to be sure I guess.

I also have the Singlife 3% 3 year endowment - that one I'm 100% sure it falls within the specified limits

https://www.straitstimes.com/busine...insurance-coverage-for-newly-launched-account

If you read the PPF pages here: https://www.sdic.org.sg/calc/pop_calc

There are caps based on different scenarios, my guess is that Singlife wanted to be careful not to promise $100K for this case as one of the scenario is that the 100K cap is per life assured per insurer. So if you have 100K in Singlife account plus another 100K in another policy or any other combination of future policies from them, it will be hard for them at this point to say this particular account is good for 100K protection.

This is my guess, I do not speak for Singlife.

If anyone is worried, a simple chat with Singlife probably resolved the doubts?

 

[a4973]

hello, i have the Singlife account with 10k for 2 months + & have already withdrawn the full month's interest twice via FAST & with no issues at all.
i am now considering to deposit extra say 30k above the existing 10k & treating the Singlife account like a daily driver savings account.
so for the interest calculation is it :
1. 10k = 2.5%
2. 30k = 1%

and say on a day i FAST out say $500 to my POSB account so that i can withdraw at POSB ATM then that day the interest calculation is :
1. 10k = 2.5%
2. 29.5k = 1%
which is pretty much like a savings account only slightly inconvenient to FAST out to an ATM account then withdraw from that ATM.
thank you

 

[Drawstring_Bag]

How is this Singlife good? The 2.5% returns is NOT fixed.

 

[limster]

How is this Singlife good? The 2.5% returns is NOT fixed.

this thread is 87 pages long, so I guess a lot of people find it good, or they are spending 87 pages to curse the account.

its a great place to park spare $10k. some people find it so good that they even put more than 10k!

Super convenient - account opening no need to visit a branch.

No lock-in; can withdraw anytime if you are not happy with the interest earned or when something better comes along.

 

[reddevil0728]

How is this Singlife good? The 2.5% returns is NOT fixed.

When it isn't 2.5% anymore then withdraw la. Also since you say it’s not good means you know something better? Please share

 

[bossjiaksai]

if i withdraw a portion before interest credited at the end of that month, will the accumulated interest be gone?

 

[Shutterfly]

if i withdraw a portion before interest credited at the end of that month, will the accumulated interest be gone?

I believe you will still get it but better to double check with them.

 

[maumu]

How is this Singlife good? The 2.5% returns is NOT fixed.

Nothing is fixed in this world. Enjoy it while you can.

 

[Drawstring_Bag]

Just comparing with the fixed 2.0% for Dash EasyEarn. Although it’s lower but at least fixed la

When it isn't 2.5% anymore then withdraw la. Also since you say it’s not good means you know something better? Please share

 

[reddevil0728]

Just comparing with the fixed 2.0% for Dash EasyEarn. Although it’s lower but at least fixed la

Then why don’t put in singlife until it gets revised downwards then draw it out immediately and put it in dash????

 

[limster]

Then why don’t put in singlife until it gets revised downwards then draw it out immediately and put it in dash????

I'm sure some are doing $10k in Singlife, $20k in Dash.

Dash 2% only guaranteed for 1 year only anyway. from the Dash official thread, seems like some are complaining about the withdrawal charge? But if you treat it as a 1 year 2% $20k FD with $0.70 charge, doesn't seem too bad...

 

[reddevil0728]

I'm sure some are doing $10k in Singlife, $20k in Dash.

Dash 2% only guaranteed for 1 year only anyway. from the Dash official thread, seems like some are complaining about the withdrawal charge? But if you treat it as a 1 year 2% $20k FD with $0.70 charge, doesn't seem too bad...

apparently that chap ain't