Anonymous

18 Apr 2019

∙

Hello, any thoughts about being part of Co-operatives to build your savings?

I read online at this link https://dollarsandsense.sg/how-co-operatives-ca... and recently, http://www.sgbudgetbabe.com/2018/07/is-it-worth... about how these co-ops can actually build your wealth in terms of savings and term deposits. Is anyone part of it? Any idea if it is protected by SDIC?
Seems like a good alternative to SSB- it is liquid too!

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Yang Teng

25 Dec 2018

You can only benefit from the co-op if you're part of the entity (for most cases), similar to memberships; SGSSC for civil servants. SDIC only covers bank deposits and in some cases insurance as well, and so you will have to check on the scheme whether principal and/or interest is guaranteed. Personally, I find co-op will be more useful for loans and spendings (savings) but wouldn't be a significant portion of investment portfolio.

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