Singlife Account

[reddevil0728]

Let's exclude banks and interest rate since it is irrelevant. I mean, doesn't anyone else feel something amiss for Singlife to drop rate so often? No other insurance company drops so often.

Which insurance company provide the same feature as Singlife account?

 

[dappermen]

i all along knew it coming , but when it droppedfrom initial till 2% tht time, still not too bad, but 1.5% ....so now really have to move on


Sorry insurance is Insurance, to be they are just like Financial institutions sucking $ using "fund"mgt

 

[demoforce1]

Just to add, Syfe cash+ is non guaranteed .

who safe is this Syfe cash+?

 

[cassowary18]

Let's exclude banks and interest rate since it is irrelevant. I mean, doesn't anyone else feel something amiss for Singlife to drop rate so often? No other insurance company drops so often.

Which company offers an equivalent product?

 

[tesarise]

Let's exclude banks and interest rate since it is irrelevant. I mean, doesn't anyone else feel something amiss for Singlife to drop rate so often? No other insurance company drops so often.

why is it irrelevant? both are risk free no lock-in cash/cash-equivalent account

 

[KenQuek]

why is it irrelevant? both are risk free no lock-in cash/cash-equivalent account

Singlife is not and cannot be compared with a bank but maybe it is exactly what they want people to believe and compare with.

Returns are based on economy and market conditions. My primary concern is the rate drop, especially today's which is not justified when market is still on a bull run.

 

[tesarise]

Singlife is not and cannot be compared with a bank but maybe it is exactly what they want people to believe and compare with.

Returns are based on economy and market conditions. My primary concern is the rate drop, especially today's which is not justified when market is still on a bull run.

Their goal is to make money, not to share their investment returns with account holders.
As long as the interest they are offering is comparable with other products of similar nature (i.e. risk-free place to park cash), their product team can and will bring down the interest so that they can keep more of the returns for themselves instead of sharing it with account holders.

You can be pissed about them lowering the interest, but this in no way implies that "something is amiss" or "they are not doing well"

 

[lzjlee]

Dash easyearn 1.8% 20k
Gigantiq 1.8% 10k
Syfe cash+ 1.75% no limit

I also put into these after DBS multiplier drop rate. But I hold back on syfe cash+ after reading more abt it and realise it is quite a different product. This is like an investment portfolio already. The 1.75% is only a projected return and may fluctuate based on the performance of the underlying funds. So there can be certain days the return is higher and certain days lower.. The portfolio value may also drop below the amount put in.. In the end I invest in other product since this is already like investment..

 

[KenQuek]

Their goal is to make money, not to share their investment returns with account holders.
As long as the interest they are offering is comparable with other products of similar nature (i.e. risk-free place to park cash), their product team can and will bring down the interest so that they can keep more of the returns for themselves instead of sharing it with account holders.

You can be pissed about them lowering the interest, but this in no way implies that "something is amiss" or "they are not doing well"

And allow yourself to get exploited?

Well hope your post opens up more eyes.

Funny, i am also an account holder and at the same side as you guys, but felt otherwise.

 

[BinaryLord]

Let's exclude banks and interest rate since it is irrelevant. I mean, doesn't anyone else feel something amiss for Singlife to drop rate so often? No other insurance company drops so often.

They started high to attract people now they have the customer base they lower to meet standard rates offered by others

What’s amiss?

 

[KenQuek]

They started high to attract people now they have the customer base they lower to meet standard rates offered by others

What’s amiss?

To me this is untrue and almost felt kind of abused to "our crediting rates on the Singlife Account are non-guaranteed and subject to market conditions."

Perhaps i should just stick to my investments.

 

[reddevil0728]

Singlife is not and cannot be compared with a bank but maybe it is exactly what they want people to believe and compare with.

Returns are based on economy and market conditions. My primary concern is the rate drop, especially today's which is not justified when market is still on a bull run.

Let's keep things simple.

If there is only Singlife + Banks out there and nothing else. Singlife offering 1% interest rate while banks offer 0.05% interest rate. You will not choose Singlife just because it isn't a bank? Not like you will lose your capital with this.

Actually I don't think they ever advertised themselves as a bank because they can't. Is people (similar to your type) likes to conflate stuff hence they thought it is a bank.

I still don't see the linkage tbh. What makes you think cut interest = they aren't doing well on the investment front? Why can't it be they are just doing what a saint businessman will do, if your competitors are reducing their offering, you should to, by just not as much, and you will still have the upper hand?

don't get your logic.

 

[IronMan123]

I think they are flooded with lots of cash and thus what u see is they push new customers on the waiting list recently. Since no competitors can offer such high rates, they can lower it to maximise the return. Remember this is not a charity company.

Posted with iPhone HardwareZone Forums app

 

[reddevil0728]

And allow yourself to get exploited?

Well hope your post opens up more eyes.

Funny, i am also an account holder and at the same side as you guys, but felt otherwise.

exploit about what? still don't get you?

To me this is untrue and almost felt kind of abused to "our crediting rates on the Singlife Account are non-guaranteed and subject to market conditions."

Perhaps i should just stick to my investments.

I am not sure if we are talking about the same thing. I think people who wants to put money into Singlife aren't actually "investing" i am not referring to their "GROW" product, i am just talking about the normal account.

So please enlighten me a bit more about the "concern".

To me 1.5% is always better than 1% no?

 

[tesarise]

And allow yourself to get exploited?

Well hope your post opens up more eyes.

Funny, i am also an account holder and at the same side as you guys, but felt otherwise.

I'm only explaining to you the logic behind their change. I made no comment whether someone should or should not hold or continue holding a Singlife account, nor how someone should feel about the change.

 

[tesarise]

To me this is untrue and almost felt kind of abused to "our crediting rates on the Singlife Account are non-guaranteed and subject to market conditions."

Perhaps i should just stick to my investments.

Singlife soon-to-be 1.5% account is not an investment though? If you want market returns along with the corresponding risks, then you absolutely 100% correct that you should stick to your investments.

 

[Barbarblacksheep]

Quote wrong?

Just copy/paste from their email

 

[DenOOO]

if the interest drop of 0.5% which translates to around $3.90 hurts you that bad to withdraw/close your account, please go ahead.

My experience so far with Singlife has been good with no problems faced, don't see why a drop of 0.5% would affect my monies inside, still the highest compared to others.

 

[reddevil0728]

Just copy/paste from their email

yes but you quoted me wrongly? cause unrelated

 

[Barbarblacksheep]

yes but you quoted me wrongly? cause unrelated

Oops sorry