Singlife Account

[saintgtril]

Anyone received the "Grow’s 1% Bonus Return Campaign (By Invite-Only)"?
Whats this?

I got..but dunno what is it...

Can someone share more details please. Thanks!

 

[Mr.Canberra]

So far fund transfers in and out no more issues right?

For depositing I can confirm is instantly reflected in account. As for withdrawals have not tried yet!

 

[reddevil0728]

So far fund transfers in and out no more issues right?

For depositing I can confirm is instantly reflected in account. As for withdrawals have not tried yet!

I don’t think anyone will dare to say “no more issue”

It’s temperamental

 

[ekardo]

Can someone share more details please. Thanks!

no idea...dunno what $5k for 1%...but i thot anything more than 10k already 1% ?

 

[S1mpleGuy]

no idea...dunno what $5k for 1%...but i thot anything more than 10k already 1% ?

you get 1% bonus interest on top of the amount you will earn by investing in the grow account

 

[ekardo]

meaning, on top of what I am earning in singlife, if I transfer this to this grow account, I will get +1% ? but lockdown for 6 months?

 

[idiosyncrasy]

meaning, on top of what I am earning in singlife, if I transfer this to this grow account, I will get +1% ? but lockdown for 6 months?

so locked in the 10K for 6mths to get 3%?

Is it like that say?

 

[maumu]

so locked in the 10K for 6mths to get 3%?

Is it like that say?

the product sheet is just bad. not clear and doesn't explain much about how they derive at 1% bonus.

for someone say with $20k already ($10k @ 2% and next $10k at 1%), how much does putting in another $10k into this 'grow' portfolio earn? is it 1% (which makes it pointless)? 2% (which means it's above existing balance)? or 3% (which means it's assuming a 'new' account with 2% + 1% bonus)?

no examples to illustrate too.

 

[ekardo]

I think it's something like this.

assume only 10k
10k - 2%

if you choose to grow, and dump all 10k into the grow, you will get 1% extra for the 6 mth. (means, u are getting 3% for 6 mths)

BUT

the 10k is up to singlife/aberdeen to do investment during the 6 mths period..and investment have up and down...

that's why they cannot illustrate...

 

[Mickey01]

I think it's something like this.

assume only 10k
10k - 2%

if you choose to grow, and dump all 10k into the grow, you will get 1% extra for the 6 mth. (means, u are getting 3% for 6 mths)

BUT

the 10k is up to singlife/aberdeen to do investment during the 6 mths period..and investment have up and down...

that's why they cannot illustrate...

1. Singlife GROW is an ILP, it is not related to your Singlife Account (2% for first 10k and 1% for balance up $100k)

2. For GROW, you decide to invest in either 3 options - Conservative, Balanced, Dynamic. The returns are never guaranteed. It depends on the performance of the funds managed by Aberdeen within the portfolio

3. At the end of the 6 months, Singlife award you 1% bonus. For example, you invest $5k in GROW, at the end of 6 months, they credit you $50 bonus into your GROW

4. However, do note that they is a management charge of 0.25% per quarter of account value. For example, if your GROW account becomes $5,500 after 3 months due to good investment returns by Aberdeen, you will be charged $13.75 as management charges. And the charges are applied every 3 months based on your account value. The 1% bonus after 6 months will help offset your management charges for the 1st year. This is probably to entice you to try out GROW.

5. You can only fund your GROW ILP by transferring funds from your Singlife Account

 

[uncleC]

$100K but do note that this falls under the PPF scheme, not the Deposit Insurance scheme that your bank accounts are covered by.

Helo, whats the difference between the bank scheme and the PPF scheme? Our captial is still protected up to 100k if Singlife close shop?

 

[dontsearchforme2010]

Withdrawal value

To those who have withdrawn, may I confirm there is no penalty for withdrawing the fund? for example deposit $1000, interest $100 and I can withdraw all $1,100?

 

[reddevil0728]

To those who have withdrawn, may I confirm there is no penalty for withdrawing the fund? for example deposit $1000, interest $100 and I can withdraw all $1,100?

erm. no penalty.

u can put in $1k now and take out $1k the next month. but you need to have at least $500 to earn interest.

your example is suggesting a 10% interest which isn't the best example.

Interest credited on monthiversary. so you can only take out interest after it gets credited

 

[haikallp]

How do I go about terminating my account?

 

[reddevil0728]

How do I go about terminating my account?

under account.

 

[ashethen]

So far fund transfers in and out no more issues right?

For depositing I can confirm is instantly reflected in account. As for withdrawals have not tried yet!

Just deposited 10 mins ago. Haven't reflect

Posted from PCWX using SM-N960F

 

[SuperDecker]

Just saw Singlife fb page that Singlife account will be closed on 15 Dec for new signups until 2021.

 

[idiosyncrasy]

Just saw Singlife fb page that Singlife account will be closed on 15 Dec until 2021.

For new sign ups...

Existing accounts as per normal

 

[silverbomb]

So whoever wanna apply go apply now. They got too much application cos every other bank reduce interest. Otherwise got to wait till next year tranche and they may review the interest rates by then, likely dropping at this market rate.

Posted from PCWX using SM-G965F

 

[healthymi]

For new sign ups...

Existing accounts as per normal

Thanks for the information.